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Twelve months ago as Lehmans collapsed, people all over the world were staring into the abyss

It would, I believe, be an error of historic proportions if we were to repeat the mistakes of the 1930s
- when premature tightening prolonged the great depression
- or if we failed to learn the lessons from Japan’s experience of stagnation in the 1990s.
The Prime Minister Gordon Brown, speech to G20 Finance Ministers in London on 5 September 2009, ahead of the Pittsburgh Summit.

Twelve months ago as Lehmans collapsed, people all over the world were staring into the abyss of a collapsing banking system, and the domino effect of this across the world’s capitals. It is true to say that people feared for their savings as bank after bank threatened to fall.

Even six months ago, people were still talking about the real possibility of a great depression like the 1930s.

The risks still very much remain. All countries have moved swiftly to support domestic demand through fiscal and monetary policy - in total G20 countries will inject 5 trillion dollars into their economies through fiscal expansion

First - making the recovery sustainable means avoiding unsustainable imbalances between countries.
No country can achieve this on its on its own.

World growth has been driven by consumers in the US and other deficit countries.

To help ensure there is a smooth transition path to what one might call the mature phase of globalisation we need the world now to come together with careful and co-ordinated action.
Without such action collectively in face of this new global challenge, we face a continuing shortfall in global demand.

Full text

Både penningpolitiken och finanspolitiken bör vara expansiv under både 2009 och 2010.
Det sa finansminister Anders Borg vid en presskonferens på fredagen inför G20-mötet för finansministrar.
"Vad gäller ekonomin så står vi fortfarande i askan, och det är inte rätt tid att kalla tillbaka brandkåren.
Jag tycker det är rimligt att under både 2009 och 2010 behålla en expansiv penningpolitik och finanspolitik"
Anders Borg, DI 2009-09-04

– I valrörelsen står arbetslinjen mot bidragslinjen, var Fredrik Reinfeldts slutord till moderatstämman 2009.