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On the Modalities of Macroeconomic Policy Coordination

In: The UN and the Bretton Woods Institutions

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  • John Williamson

Abstract

The economic imbalances of the mid-1980s spawned a disillusion with laissez-faire in macroeconomic policies, which was reflected in the attempt to correct the dollar exchange rate agreed at the Plaza, the indicators exercise initiated at the Tokyo summit, and the reference ranges adopted at the Louvre. Unfortunately these tentative moves toward macro-economic policy coordination among the G-7 were allowed to atrophy once the initial team that negotiated them (Baker, Miyazawa and Stoltenberg) moved on. The subsequent performance of the world economy, notably the depth and length of the world recession of the early 1990s, does not inspire confidence that the virtual abandonment of policy coordination by the G-7 was a wise non-decision.

Suggested Citation

  • John Williamson, 1995. "On the Modalities of Macroeconomic Policy Coordination," Palgrave Macmillan Books, in: Mahbub ul Haq & Richard Jolly & Paul Streeten & Khadija Haq (ed.), The UN and the Bretton Woods Institutions, chapter 10, pages 140-153, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23958-0_11
    DOI: 10.1007/978-1-349-23958-0_11
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