Broader agendas became more common in the decade following the global financial crisis, when the G20 was able to turn its attention beyond acute economic crisis management. President Barack Obama and Chinese President Xi Jinping formally announced their countries’ accession to the Paris Agreement on climate.Įconomic and financial coordination remains the centerpiece of each summit’s agenda, but issues such as the future of work, terrorism, and global health are recurring focuses as well. Some agendas have had even less to do with macroeconomics: the 2016 summit in Hangzhou, China, was where U.S. The 2018 summit in Argentina focused on fair and sustainable development, while the previous summit in Germany drilled down on issues including corruption, money laundering, and international tax havens. The G20 initially focused largely on broad macroeconomic policy, but it has expanded its ambit. (Russia’s G7 membership was suspended indefinitely in 2014 following its annexation of Ukraine’s Crimea region.) For this reason, Patrick described the 2008 elevation of the G20 as a watershed moment in global governance and argued that the group was the best-suited forum for tackling the challenges of the COVID-19 pandemic. Several rising democracies, including Brazil, India, and Indonesia, belong to the G20, as do other influential autocratic countries, such as China, Russia, and Saudi Arabia. Kupchan called for a new concert of powers, contending that “fly-in, fly-out” G20 summits are often bogged down by “haggling over detailed, but often anodyne, communiqués.”īut many observers point out that the G20’s membership is still more representative of the current international balance of power than blocs of countries formed earlier, such as the G7. In 2021, CFR’s Richard Haass and Charles A. Geopolitical analysts Ian Bremmer and Nouriel Roubini have argued against the G20’s utility, saying that a “G-Zero” world is emerging instead-one in which countries go it alone or form ad hoc coalitions to pursue their interests. Since then, Patrick and other observers say, the G20 has struggled to achieve similar success on its goals of coordinating monetary and fiscal policies, achieving higher growth, and rooting out corruption and tax evasion. Many experts credit the G20 with quick action former CFR fellow Stewart Patrick said the group “ rescued a global financial system in free fall.” In 20, G20 nations agreed to spending measures worth $4 trillion to revive their economies, rejected trade barriers, and implemented far-reaching reforms of the financial system. A decade later, at the height of the global economic crisis, the G20 was elevated to include heads of state and government. The G20 was formed in 1999, in the wake of the Asian financial crisis, to unite finance ministers and central bankers from twenty of the world’s largest established and emerging economies.
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