In that case, Greece s geopolitical position would be weakened, its economy would sink further into recession, and social tensions would rise. Moreover, instability would become chronic, because the eurozone would no longer offer a backstop for fiscal and financial laxity.

France and its European partners, in particular Germany, with which we worked in tight collaboration, will suggest all these points to the G 20. Indeed, just as a national fiscal stimulus is less efficient than a coordinated effort, strengthening financial regulations without combating the laxity that prevails elsewhere makes no sense in a globalized world.

Across virtually all the major indicators including equity and housing price runs ups, trade balance deficits, surges in government and household indebtedness, and pre crisis growth trajectories red lights are blinking for the US. Simply put, surging capital flows into the US artificially held down interest rates and inflated asset prices, leading to laxity in banking and regulatory standards and, ultimately, to a meltdown.

Governments that pursue policies whether US fiscal laxity or China s exchange rate peg that create unsustainable imbalances do so for what they regard as important political reasons. Appeals to them to change their policies, and thus contribute to the common global good of financial stability, are fruitless unless others are seen to change their policies, act responsibly, and so contribute to the common good as well.

Access to the US from many countries in Latin America is much easier than from Europe or Asia, owing to the volume of traffic, the number of flights, the comparative laxity of exit controls, and the porousness of borders. If the US, as its leaders clearly believe, will be threatened for years to come by terrorist groups, the latter will inevitably conclude, as millions have done before, that the easiest way into the US is through Latin America.