Those who expected path-breaking decisions or dramatic resolutions from the G-20 meet may be disappointed at its rather innocuous conclusion; those who had more limited expectations, like these columns, would be rather more satisfied. Reform a la Bretton Woods takes years to achieve. For now, perhaps most importantly, countries managed to maintain unity and common purpose despite the inevitable gaps in perception between major players?the US obviously thinks differently from Europe which thinks differently from developing countries. Still, the unity on an issue like desisting from trade protectionism and a renewed urgency to complete the Doha Round were very heartening. As was the full participation of emerging economies, in not just this summit, but also the future design of any alternative global financial/regulatory architecture?for once, everyone accepts the necessity of more inclusive structures of global governance. There was also no knee-jerk reaction to over-regulate the global economy and clamp down on finance, something which may have been counterproductive under the circumstances. In the current scenario, global markets needed their political leaders to send out a signal of confidence?the

G-20 probably did enough to assuage fears. But perhaps the more critical meeting will be the one which is now scheduled for April 30, 2009?that?s where the fine print will be discussed with more preparation from all quarters. Expect that to be more contentious and indeed more crucial to the medium-term future of global governance in general and the international financial architecture in particular.

India needs to prepare well for that meeting. It is worth noting that like the US now, India will be in the midst of a political transition at that time?general elections are due to take place in April 2009. It thus becomes necessary and prudent to start building a non-partisan dialogue and consensus on India?s vision for a new system of global governance. In any case, a matter like this?with long-term implications?deserves cross-party support and must be pursued by whichever government takes office after the next general elections. It is incumbent on the UPA, as the coalition in power, to reach out across the political spectrum?the current crisis has proved beyond doubt that no one really has a monopoly on knowledge about what has happened and how to respond to an unprecedented crisis and so, diverse views should be welcome. The focus of internal discussion will obviously be what sort of reform we?d like to see in international institutions like the World Bank and IMF. Some of the discussion should also centre around our view of global finance and its role in growth and development. While on finance, we should also start talking about how to manage our own currency and the broader question of how exchange rates should be best ?managed? at the global level. The issues are many and complicated. Let the debate begin now.