Lessons For Policy Cooperation from the Crisis (2013-15)

The project aimed to foster discussion of challenges facing economic policy coordination in the new post-crisis environment.

It considered how the theory and practice of coordination are altered by changes to the global economy, with a particular focus on where policymakers should direct their coordination efforts in the coming years.

At this crucial time for the world economy, as unilateralism and imbalances are on the rise and policy cooperation is receding, this project provided both a comprehensive assessment of and recommendations on how to strengthen the analytical understanding of international interdependencies, how to build a framework for cooperation and how to deliver results.

It drew upon previous research on macroeconomic policy coordination by the International Economics Department. Research findings were included in a special issue of the Oxford Review of Economic Policy, “Managing Complexity: Global Economic Interdependencies and International Policy Coordination” (Autumn 2012) co-edited by Paola Subacchi, Chatham House, David Vines, University of Oxford, and Christopher Adam, University of Oxford.

The project was developed in partnership with the International Monetary Fund (IMF). The contribution of the Bank of England is also kindly acknowledged.