How the G20 responds to the challenges it faces will have an important bearing on future global economic prospects, argues this report.
- Many are worried that the G20 ‘s agenda is expanding too widely and covering too many unrelated issues. It needs to get ‘back to basics’.
- Russia, as chair of the G20 in 2013, will need to focus on the critical issues confronting the global economy. Given a weak, unbalanced and vulnerable global economy, it is essential that the G20 give top priority to reinvigorating global growth. The economic ‘to-do’ list must include strengthening the process by which G20 members make policy commitments and are then held accountable for implementing these commitments, resisting protectionist pressures, and maintaining and expanding the multilateral trading system.
- Some see the priority for the G20 being on strengthening the role and resources of the IMF, enhancing the role of the financial stability Board and cementing accountability under the Mutual Assessment process. Another view is that there is a gap in the international governance architecture in the area of energy security and that this should be a focus of the G20.
- The view from non-G20 members is that the forum is not sufficiently representative but these countries are would be prepared to trade off inclusiveness for effectiveness. But G20 members are not acting in a way consistent with their role of providing global economic leadership.
Authored by Mike Callaghan, Colin Bradford, Barry Carin, Dr David Skilling, and Mark Thirlwell.