Summary

This note, prepared ahead of the G20 Summit (November 15), builds upon the points laid out
in the Managing Director’s letter to the Heads of State and Government (November 9). It
lays out two tasks ahead for policy makers. Policies for now should cover: (i) implementing
and coordinating policies to sustain demand; (ii) providing liquidity support to emerging
economies; and (iii) protecting low-income countries. Longer term reforms of the financial
architecture should touch upon: (i) the design of financial regulation; (ii) a better way of
assessing systemic risk; and (iii) mechanisms for more effective actions for crisis prevention
and resolution.