Only history will judge whether last week's meeting of the Group of 20 nations did in fact provide a floor to the worst economic crisis since the Great Depression. Equally uncertain is whether the conclave marked the emergence of a new economic order, as British Prime Minister Gordon Brown declared upon its conclusion.
Mr. Brown certainly deserves credit for forging a remarkable consensus that could steer the world out of this recession. Success, however, depends on national governments making good on their pledges: Empty words will guarantee that this meeting fails and the economy continues its plunge.
Expectations surrounding this meeting were high. U.S. President George W. Bush first called a G20 meeting to deal with the crisis last November, but that get-together merely provided rhetorical support for joint efforts, most notably a pledge — often honored in the breach — to avoid protectionism. The presidential transition in the United States and a desire to get a better grip on economic dynamics meant that real action would be put off until the London meeting. Recognizing the importance of this conference for the world and his career, Mr. Brown pressed to reconcile divergent positions among G20 nations that threatened to derail an effective response.