Europe's WorldAutumn, 2009With policymakers increasingly aware of the dictum “never waste a good crisis”, OECD’s Deputy Secretary General Pier Carlo Padoan sets out his proposals for global architectures that would create a more resilient world economy. Most crises are drivers of change because they are deep and prolonged, they often lead to the breakdown of key mechanisms and so create the need for new ones. The crisis that started in the U.S. sub-prime mortgage market is the most severe in eight decades and is also truly global. When it is over, the international economy will never be the same again.
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