In May President Reagan will meet in Bonn with the leaders of the six other major Western industrialized nations: France, Great Britain, Italy, Canada, West Germany, and Japan. Such meetings have been held annually in recent years to aid in the coordination of economic policy. Although little of substance is usually accomplished, they do afford an opportunity to discuss the prominent economic issues facing the free world's leading economic powers. It is important that President Reagan take this opportunity to focus world attention on the key economic problems facing the West and especially on the correct solutions to those problems. The president should urge the allies to pursue sound domestic and international economic policies and should resist efforts to harm the American economy in a futile attempt to aid other countries. The following is a brief discussion of some key economic issues that will be, or should be, on the agenda of the economic summit.