(2003-06-02) G8 Meeting

The G8 meeting is happening right now. While G8 summits traditionally assess the health of the global economy and recommend measures to boost growth, this year's gathering - despite fears over the sliding dollar and the spectre of Deflation - will also need to heal the wounds over the US-led war on Iraq.

The "shadow G8" economists are focusing on restoring economic growth. European countries should reform labor markets sand pension systems and take further steps to end barriers to competition, the report suggested, while Japan should take aggressive action to head off deflation and "completely deregulate and privatize, particularly in the services sector." The United States was advised to avoid "any new Tax Cut-s that are not aimed at immediate stimulus" and work with other countries to limit damage to the world economy from the decline in value of the dollar.