The first Group of 20 summit in November 2008 proclaimed a new era of “global solutions to global problems”. Less than two years later, with the economic crisis barely contained, the partners are at odds. Reaching agreement was not the main challenge in Toronto this weekend. They knew that was not going to happen. Mainly, they hoped to put the best face they could on disunity.

How much do these divisions matter? The main bone of contention in Toronto was fiscal policy. Here, I would argue, simple ineptitude seems to be a bigger problem than disinclination to co-operate.

In 2008 and 2009 it was obvious that powerful fiscal and monetary stimulus was necessary everywhere. When everybody wants the same thing, co-operation is easy. How easy? You would have got the same result without it. Last year, co-operation cost nothing and, as compared with the alternative, achieved nothing. In 2010 circumstances have changed. Some countries still have room for fiscal manoeuvre. Others have less and some have none. Co-operation is therefore more difficult – and, you could argue, more necessary.