• Current fx tensions illustrate resistance to relative price changes needed for successful rebalancing
• Protectionism is only matter of time unless need for collective action recognised
• Talks should focus ion disagreement about spped of adjustment to real pattern of spending, reduction of thosec imbalances
• Many changes in addition to changes in fx rates will be needed to reduce imbalances
• If agreement no reached, global growth will be weak at best, at worst seeds sown for future crisis