Every credible economic forecaster anticipates a global slowdown. The final communique from the Group of 20 summit last month in Osaka noted that “growth remains low” and “risks remain tilted to the downside.” The dangers are many: trade wars, real wars, geopolitical risk, real estate bubbles, mounting government debt and rising inequality with the associated political instabilities that it creates.
In this environment, the world needs a strong and capable economic management. Rarely are prime ministers and presidents economists, but it is not too much to require that background of finance ministers, central bankers and economic advisors. The top positions at international financial institutions should be similarly occupied.
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