Financial stewards of the biggest economies in the world descend on the tropical island of Bali this week at a time when rapid inflation threatens to further destabilise populations and turn fragile recoveries into recession. The Group of 20 meetings of finance ministers and central bank governors Friday and Saturday in Indonesia will focus on a bevy of issues around soaring prices, threats of more sovereign defaults, and engineering soft landings for economies still in Covid recovery mode.
In April, during spring meetings of the International Monetary Fund and World Bank in Washington, the US Treasury convened a meeting of top international financial officials and food security experts to address the deepening crisis. Participants agreed to work out a set of common principles and a plan for action, but there has since been little visible progress.
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