A WORLD IN THE WOODS

It would be easy to dismiss last Friday's statement on global economic reform by the Group of Seven leading industrial nations as a mere rehash of proposals that had already won support at the annual meetings of the Bretton Woods institutions in Washington a month ago. But this would be to underestimate its significance. The document from finance ministers. and central bank governors accompanied by a parallel statement from heads of government - underscores the political momentum behind the reform agenda. This is important at a time when critics lament a lack of global leadership and when financial markets need reassurance as a multi-billion dollar rescue package for Brazil nears completion. Policymakers remain very nervous about the prospects for Latin America, let alone the aftershocks of the crises in Asia and Russia.