It was meant to be a new beginning. One year after the U.S. investment bank Lehman Brothers went bankrupt, the heads of government and state of the leading 20 industrial and emerging nations met in Pittsburgh and agreed to nothing less than a new world financial order. The German finance minister at the time, Peer Steinbrück, was downright euphoric when he said “the community of nations is acting in concert.”
Eight years later, the fabric of a world so successfully woven is threatening to unravel. The new U.S. administration under President Donald Trump doesn’t seem particularly interested in international cooperation – on this or other issues. It is threatening a new wave of deregulation, acting on its own national interests and abandoning concerted action for a stable and secure global financial sector.
It is imperative that something is done to counter this.