increased power in setting the policies of the international monetary fund. these forums should be used by advanced economies and emerging economies alike to meet their respective responsibilities to the global economy in a spirit of cooperation. so, what lessons can we draw about the washington consensus and, more generally, about the experience of the dynamic emerging market economies over the past decades? ultimately, the principles that john williamson enumerated two decades ago have much to recommend them. macroeconomic stability, increased reliance on market forces, and strong political and economic institutions are important for sustainable growth. however, with the experience and perspective of the past 20 years, we can see that williamson ’ s recommendations were not complete. reforms must be sequenced and implemented appropriately to have their desired effects. and a successful development framework must take into account that activities such as the adaptation of advanced technologies and the harnessing economies of scale are often critical to economic growth and depend on a host of institutional conditions, such as an educated workforce, to be fully effective. indeed, advanced economies like the united states would do well to re - learn some of the lessons from the experiences of the emerging market economies, such as the importance of disciplined fiscal policies, the benefits of open trade, the need to encourage private capital formation while undertaking necessary public investments, the high returns to education and to promoting technological advances, and the importance of a regulatory framework that encourages entrepreneurship and innovation while maintaining financial stability. as the advanced economies look for ways of enhancing longer - term growth, a re - reading of williamson ’ s original washington consensus, combined with close attention to the experiences of successful emerging market economies, could pay significant dividends. references alesina, alberto, and lawrence h. summers ( 1993 ). “ central bank independence and macroeconomic performance : some comparative evidence, ” journal of money, credit and banking, vol. 25 ( 2 ), pp. 151 – 62. altschuler, glenn c., and stuart m. blumin ( 2009 ). the gi bill : a new deal for veterans. new york : oxford university press. bis central bankers ’ speeches barro, robert j. ( 1990 ). “ government spending in a simple model of endogenous growth, ” journal of political economy, vol. 98 ( 5, part 2 ), pp. s103 – 25. barro, robert j., and xavier sala - i - martin ( 2004 ). economic growth, 2nd edition. cambridge, mass. : mit press

threatening global financial stability with self - reinforcing effects. on the opposite, prompt and clear policies can limit risks and help countries attracting the resources needed to finance their low - carbon transition. most studies suggest that the economic impact of the “ green transformation ” will be positive in the long run. the short run, however, will see a significant reallocation of labour across sectors and regions. the transition will be especially tough for developing economies, as they face an increasing thirst for energy, driven by industrialisation and rising consumption. these difficulties add to those caused by the pandemic crisis, which is already reversing the progress made over the last few years in the fight against extreme poverty and energy poverty. i believe that a lot, therefore, needs to be done to ensure not only a transition to netzero, but also a just transition. adequate investment in skills, active labour market policies and modern social protection systems will be crucial to make sure that nobody is left behind. the progressive phasing out of fossil - fuel subsidies – often regressive in nature – can increase the fiscal space of developing countries and provide them with fresh resources, which can then be directed to improving the energy access of the most vulnerable. the recourse to innovative financial instruments such as debt - for - nature swapscould help to reduce the debt of developing economies and to raise funds for conservation projects and increasing the stock of carbon dioxide natural removals. in moving towards a greener world and a safer planet we must not repeat the mistakes made when globalisation took place : the impact on the most fragile workers and vulnerable segments of the population should be always accounted for in the design of climate policies. this will not be forgotten by the g20, whose finance ministers and central bank governors recently stated that shaping the recovery from the pandemic “ provides a unique opportunity to develop forward - looking strategies investing in innovative technologies and promoting just transitions toward more sustainable economies and societies, with particular attention to the most affected segments of the population and in line with the paris agreement ”. 7 / 7 bis central bankers'speeches