Not Heard at the G-20
If the G-20 wants to play a major role in the post-crisis global decision-making process, the issue of legitimacy vis-a-vis the smaller emerging countries needs to be addressed now. The best solution would be to allow these countries to take a rotating seat at the G-20 table.
BOGOTA, LIMA, SANTIAGO – International economic coordination is as necessary as it is elusive. During the global financial crisis, the G-20 became the primary forum to agree on basic principles in areas such as the fiscal-policy response and the role of the International Monetary Fund. By underscoring the need to avoid trade protectionism and other beggar-thy-neighbor policies, it also put some pressure on governments concerning what not to do. In these respects, the G-20 was clearly a step forward.
BOGOTA, LIMA, SANTIAGO – International economic coordination is as necessary as it is elusive. During the global financial crisis, the G-20 became the primary forum to agree on basic principles in areas such as the fiscal-policy response and the role of the International Monetary Fund. By underscoring the need to avoid trade protectionism and other beggar-thy-neighbor policies, it also put some pressure on governments concerning what not to do. In these respects, the G-20 was clearly a step forward.