G-20 Muscles G-7 Aside
Posted on Sep 25, 2009
It looks like the G-20 is set to permanently replace the G-7 as the world’s dominant economic forum, an indirect admission that there was something unfair about the world’s seven wealthiest countries deciding economic policy for the entire globe. Now, the world’s 20 wealthiest countries will decide global economic policy, a move that includes more (wealthy) voices from the global south, but still fails to address questions about why so few countries should decide the economic fate of so many. —JCL.
G20 leaders will today agree plans to reshape the world economy and give more say to developing nations such as China, India and Brazil when they conclude their summit in Pittsburgh.
The reforms will secure a seat at the top table of global economic policy for emerging nations, with world leaders agreeing that the G20 should become a board of directors on global economic co-operation, shifting the decades-old global balance of power away from Europe.
The G20 group, which includes Argentina, Indonesia, Saudi Arabia and South Africa, will replace the G7, which for more than three decades has dominated the world financial stage. The deal was thrashed out by Barack Obama, who is hosting his first major summit as US president.
EPA / Win McNamee
President Obama and Michelle Obama with the Indian prime minister, Manmohan Singh, and his wife, Gursharan, at the G-20 summit in Pittsburgh.