The trade union movement believes that both are needed and for a co-ordinated fiscal stimulus to prevent the recession becoming a prolonged slump. As we've stated here before, much tighter regulation of the global markets is needed to prevent such huge inequalities and wealth divides that led to such a big crash in the first place.

'Governments should listen to their unions who all want to see a fiscal stimulus, action on tax havens and effective regulation, whichever side of the Atlantic or Pacific they come from. And unions are clear that we need not just a short-term stimulus, but action to make sure the world emerges as a fairer and greener place from the recession.

A fairer and greener world requires radical rethinking and a tremendous shift in the political values that underpin our policy making structures, across the world. It takes most of our world leaders out of their comfort zone, and would force many of them to relinquish a level of power that they have become accustomed to exercising. How easily are they going to do that? I don't think the situation is dire enough yet for leaders to put the global interests above their own.

I also think that despite bursts of outrage and fear on the part of the public, the situation is largely one of acquiesence. There isn't going to be a revolution yet. Just some more marches and legitimate dissent.

The five key points of the international statement are:

1. Implement a co-ordinated international recovery and sustainable growth plan with maximum impact on job creation focussing on public investment, active labour market policies, protecting the most vulnerable through extended social safety nets, and 'green economy' investments that can shift the world economy onto a low-carbon growth path.

2. Give developing and emerging economies the resources and policy space to undertake counter-cyclical policies.

3. Nationalise insolvent banks immediately so as to restore confidence and lending in the financial system and beyond this establish the new rules and mechanisms to control global finance with full stakeholder engagement.

4. Combat the risk of wage deflation and reverse the growth of income inequality by extending the coverage of collective bargaining and strengthening wage setting institutions so as to establish a decent floor in labour markets.

5. Prepare the ground for a far-reaching and ambitious international agreement on climate change at COP15 in Copenhagen this December.

So, what are the chances?