Olivier Jeanne, 03 March 2009

This column proposes the organisation of a round of "multilateral consultation", under the auspices of the IMF, on how to avoid worldwide deflation. Ineffective fiscal and financial policies mean that attention will inevitably return to monetary policy – policymakers should be prepared. Getting the main central banks to agree on a basic set of principles would reduce the fog of Knightian uncertainty prolonging the crisis.

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