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The current crisis is not only systemic, but global: it involves the advanced countries, emerging market countries, and poor countries. There is no decoupling, and solutions must involve reciprocal commitments and actions. The G20 process and the London Summit process offer the prospect of concrete, implementable results that can restore confidence and lead the way to recovery. The essays in this e-book, first presented at a seminar with the G20 Deputies on 31 January, analyze a range of reform proposals: • Address global imbalances by creating insurance mechanisms for countries that forego reserve accumulation and stimulate domestic expansion; and by accelerating the development of financial systems in emerging markets, in particular local currency bond markets and foreign currency hedging instruments. • Use macroeconomic policy to meet any threat of deflation promptly, with a zero interest rate policy and quantitative easing, and an inflation target to avoid expectations of deflation. • Design fiscal stimuli cooperatively, so that they internalise the effective deman