Rescuing our jobs and savings: What G7/8 leaders can do to solve the global credit crisis

Richard Baldwin, Barry Eichengreen, 9 October 2008

Without rapid and coordinated action by G7/8 leaders, this financial crisis could turn into a jobs crisis, a pension crisis and much more. This column introduces a collection of essays by leading economists on what the G7/8 leaders should do this weekend. The dozen essays present a remarkable consensus on a few points: we need immediate, coordinated global action that includes recapitalisation of the banks.

Edited by Barry Eichengreen and Richard Baldwin

Published 9 October 2008

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Contents

INTRODUCTION

THE G7/8 FINANCE MINISTERS MEETING: AN OPPORTUNITY

REMARKABLE DEGREE OF CONSENSUS: STABILISE THE BANKING SYSTEM

STABILISING THE BANKING SYSTEM: OPTIONS

THE ESSAYS: WHAT G7/8 LEADERS CAN DO TO SOLVE THE GLOBAL CREDIT CRISIS

COORDINATING INTERNATIONAL RESPONSES TO THE CRISIS
Klaus F. Zimmermann

CALMING THE PANIC
Alberto Alesina, Guido Tabellini

HOW TO SAVE THE EUROPEAN BANKING SYSTEM
Daniel Gros

WHAT IS TO BE DONE – AND BY WHOM? FIVE SEPARATE INITIATIVES
Avinash Persaud

WHAT NEXT?
Douglas W. Diamond, Anil K Kashyap, Raghuram G. Rajan

A STRATEGY EMERGES: THE RIGHT POLICIES TO DEAL WITH THE CRISIS
Richard Portes

THE NEED FOR A COMPREHENSIVE AND GLOBAL SOLUTION
Stijn Claessens

THE CONTENT OF COORDINATION
Barry Eichengreen

WHY GOVERNMENT RESPONSES NEED TO BE COMPREHENSIVE AND COORDINATED
Charles Wyplosz

A PROPOSAL TO TACKLE THE CRISIS IN EUROPE
Luigi Guiso, Marco Pagano

GOVERNMENTS SHOULD BUY STRAIGHT PREFERRED STOCK IN THEIR BANKS
Charles Calomiris

AN EFFICIENT RESCUE PLAN
Roger Craine

THE WRONG FINANCIAL CRISIS

J. Bradford DeLong

WHAT EUROPE SHOULD DO IN THE SHADOW OF THE FINANCIAL MELTDOWN
Michael Burda

NO MORE DITHERING
Angel Ubide

URL: http://www.voxeu.org/index.php?q=node/2327
Topics: Financial markets
Tags: rescuing jobs and savings, subprime crisis

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