Dealing with the financial crisis

Whilst we won't see the full effects of the agreements for several months at least, what is clear is that the world's leaders have sat up and paid attention, and have agreed a plan of coordinated action to help countries '“ all countries, not just rich ones '“ through the global economic downturn.

Whatever happens, no matter how much state investment, how many tax breaks, bail-outs or job guarantees are given, there will be further job losses, there will be more money lost and the effects of the financial crisis will continue to be felt for a while yet. But there is no denying that a lot has been achieved in the past few weeks. Increased development aid, clampdowns on tax havens, strengthened financial supervision and regulation are huge steps forward.