What the G20 Summit in Rome has shown the world
Annual meetings of G20 leaders are sometimes compared to UN Security Council meetings. In both cases, the world’s most powerful nations sit together at the same table. In both cases, there is frank discussion ...
... order to be an effective crisis manager at the global level, it is too large and heterogeneous.
So, we need to look for other means and other platforms for making decisions that correspond to the specifics of the moment that we are all experiencing. The G20 may become one of the important nodes of the complex new global governance mechanism, but it is incapable of replacing the whole mechanism.
First published in the
Valdai Discussion Club
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... breathing room to countries like Spain and Italy to engage in structural reforms, which are necessary for long-term fiscal sustainability. But it is not going to be easy, because Europe is not going to listen to the IMF, unless it has no other choice.
The G20 supplanted the G8's diminishing power and relevancy. On one hand, this is an example of institutional flexibility and resilience during the financial crisis. On the other hand, the G20 faces serious disagreements among its members and lacks macroeconomic ...