Martin Wolfe suggests the following:
First, focus all attention on reversing the collapse in demand now, rather than on the global architecture.
Second, employ overwhelming force. The time for “shock and awe” in economic policymaking is now.
Third, make future normalisation of fiscal and monetary policies credible.
Fourth, act in concert. Even the US cannot solve its problems alone.
Fifth, avoid protectionism.
Sixth, strengthen the ability of global institutions to help the weaker.
Why Davos Man is waiting for Obama to save him
FT, February 3 2009 19:08