As concerns mounted about possible devaluations of the US dollars because of the Fed's massive plan of buying the country's government bonds to fund stimulus projects, the Obama administration should convince the world of the dollar's strength not only with words but also with actions.

The global financial crisis also exposed the perils of the western financial regulatory idea that "minimal regulation is the best regulation." The followers of a laissez-faire economy should learn the ugly side of the market force: greed can destroy the market's ability of self-recovery, which was proved by the consequences of unchecked development of financial derivatives driven by profit seeking.

In addition, the easy spreading of the crisis should also prompt other countries to readjust their economic restructures that made them prone to the crisis impact. For example, oil-rich countries should act more aggressively to make their economies less dependent on crude while big exporters like China to shift growth model to rely more on domestic demand.

As the big summit nears, it remains uncertain how much common understanding can be reached or what concrete results will be achieved by leaders of the 20 rich economies and developing countries at the London gathering.

The United States has urged bigger stimulus spending and Europe wants more focus on financial regulation, while emerging economies like China seek a bigger say in the international financial system. There may be common ground in avoiding trade protectionism. but current international rules allow a large room for protectionism by the back door.

One thing is for sure: to end and avoid a replay of an economic turbulence of such scale and depth, all sides need a rational rethinking of their policies -- and that takes courage.

(Xinhua News Agency April 2, 2009)