Executive Council Statement
The Global Crisis
… in trouble, and nations generating 40 percent of the world’s output are in recession. Japan’s decade-long slump threatens to turn into full-scale collapse, the Asian tigers are decimated, the Russian economy has imploded, and the contagion threatens to spread even further. Our economy is not immune and is already paying the price of global turmoil. The loss of … and floating currencies create tidal waves of short-term financial flows that level real economies. President Clinton is right, "new financial architecture" is needed, but cosmetic reform is not enough. The global economy must be rebuilt from its …