When the leaders of the Group of 20 nations gather in April, they will have one policy instrument available to address the financial crisis co-operatively, concretely and credibly. They should make a commitment to an immediate, one-time allocation of $250bn in special drawing rights by the International Monetary Fund to its 185 member countries.

The summit statement will contain pledges to adopt expansionary policies, avoid protectionism and mobilise the IMF and multilateral development banks to help the weakest countries. A large, one-time allocation of SDR would do most to address these issues.