by Calculated Risk on 9/26/2009 01:47:00 AM

From the NY Times: Group of 20 Agrees on Far-Reaching Economic Plan

The leaders pledged to rethink their economic policies in a coordinated effort to reduce the immense imbalances between export-dominated countries like China and Japan and debt-laden countries like the United States, which has long been the world’s most willing consumer.

The United States will be expected to increase its savings rate, reduce its trade deficit and address its huge budget deficit. Countries like China, Japan and Germany will be expected to reduce their dependence on exports by promoting more consumer spending and investment at home.

... for the first time ever, each country agreed to submit its policies to a “peer review” from the other governments as well as to monitoring by the International Monetary Fund.

Imagine an export led recovery in the U.S. (as opposed to the typical recovery with consumer spending and housing leading the way). I'll believe it when I see it.