The world is changing dramatically and political governance is at stake.
The U.S. subprime loan fiasco spawned a global financial crisis and the world economy is assailed by a recession comparable to the Great Depression of the 1930s. At the financial summits of November 2008 and April 2009, and at this year’s Group of Eight summit in July in L’Aquila, Italy, the world’s leading industrialized nations committed to taking on the economic challenges jointly. They have taken all available fiscal and financial measures to stabilize the global economy, and revive demand.
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