"The brute fact is that after five days of intense discussion and debate, we are still at a loss as to why contagion has continued to spread. Nor do we seem to have achieved clear and effective measures to contain the crisis." —Yashwant Sinha, Finance Minister
IN two sentences India's finance boss captured what happened—and what did not—at the semi-annual meeting of the World Bank and the IMF, a Washington DC jamboree that brings together the world's economic leaders.
Sinha, in trying to offer his own diagnosis of the contagion, added: "I wonder if our apparent ineffectiveness in coping with this new global crisis could be due to the limitations of the Bretton Woods institution in handling crises spawned by massive reversals of private capital flows in a highly integrated global capital market."
After five days of discussions—over oysters and lobsters with plenty of wine—when global leaders failed to find a way to stem the crisis, a frustrated Sinha warned: "We may be at the edge...