A route map for the seven summiteers

Increased signs of economic nationalism are deeply distressing to many experts in the financial and diplomatic community. This is exemplified by the Omnibus Trade Bill in the US, as well as continued protectionist sentiment in Europe and Japan. In addition, economic nationalism breeds retaliation, setting the stage for a downward spiral in the world economy. Thus, the G-7 leaders need to coordinate fiscal and monetary policies more effectively than has been done in the past. While the US has been politically unable to reduce its budget deficit, Japan has been similarly unwilling to reduce its balance of trade surplus. Public indignation over losing one's economic independence ignores the benefits that economic interdependence has produced in the past. Consequently, today's leaders have only 2 choices: to accept the reality of interlocking markets and the benefits they bring, or to return to the failed legacy of economic nationalism. Coordinated action also must be taken to reduce the Third World debt crisis.