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Rethinking Global Economic Governance in Light of the Crisiswithin the euro – and also because of the depreciated real exchange rate of China andother East Asian countries.All this means that Europe may wish to see the opposite outcome from that desired bythe US – a lower real exchange rate for Europe against both the US and East Asia, inorder for growth in the European periphery to resume. The LTRO of the ECB appears tobe pushing the euro in such a direction. There is, in short, a genuine possibility of policyconflict over monetary policy, and exchange rates among China, the US and Europe.Protectionism in trade is another possible response to this problem (Eichengreen andIrwin 2009). Plainly there is a pressing need for international macroeconomic policycooperation.3 The G20MAP and international macroeconomiccooperationThe G20MAP is in the process of producing a group of policymakers from G20countries who come to share the ownership of an international cooperative process.That is, it is creating policymakers who are concerned with the global problem (suchas those mentioned above), rather than being concerned only with national objectives(IMF 2011a). The aim is to produce something much better than what was achievedin the IMF’s previous process of multilateral surveillance process, or MSP. Thegovernance structure of the IMF meant that the US was able to ensure that the IMFmade no criticism of the US as part of the MSP – and was able to ensure that theIMF did not exercise any sanction on the US – as a response its large current-accountdeficit. The Fund was also unable to exercise any sanction on China as a response to itsundervalued exchange rate.The G20MAP was established at the Pittsburgh G20 summit in 2009. G20 leaders thenagreed that their aim would be to pursue growth collectively. At that meeting, and atthe Seoul summit in 2010, there was an agreement that the objective was a ‘Frameworkfor Strong Sustainable and Balanced Growth’ where ‘sustainable’ included the need20