On November 15, world statesmen are gathering in Washington, DC to debate about global recession and a much needed change in the global financial architecture. This fall's summit, which should impose a new Bretton Woods order, is not the first international response to the financial crisis. Much has already been discussed in the UN, the IMF, the World Bank, the Financial Stability Forum, the Basel Committee for Banking Supervision, G7, and G20. Besides negotiating, actual measures showing international generosity and solidarity have been taken. Just during the last month, the IMF poured millions of dollars into various parts of the globe - $2.1 billion in Iceland, $16.5 billion in Ukraine and $15.7 billion in Hungary. Pakistan and Belarus might receive a financial boost in upcoming days too.
Solutions are being sought on the international level, because the problems are also international. Many prominent economists, including Nobel Prize laureates Joseph Stiglitz and Paul Krugman, have asked how to cope with almost unprecedented economic slowdown. Their message is clear; the world needs a working international body which should warn us about the next crisis in advance. Despite some differences, all their suggestions have one thing in common; they contain the word "global".