South Korea’s G-20 Challenge
When South Korea takes over the G-20 chairmanship from the United Kingdom on January 1, it will gain considerable agenda-setting power over global economic policy. At the top of its agenda should be financial-sector reform, greater progress on global rebalancing, and institutional efforts to boost the G-20's legitimacy and strengthen the influence of emerging-market members.
BERKELEY – On January 1, South Korea takes over the G-20 chairmanship from the United Kingdom. Korea is not the first emerging market to chair the G-20, but it is the first to do so since the global financial crisis. And it is the first to do so since the G-20 emerged as the steering committee for the world economy.
G-20 chairs can have considerable influence. They coordinate the group’s work. They organize its meetings. Like most committee chairs, they have significant agenda-setting power.
During the UK’s year chairing the G-20, Gordon Brown had a clear agenda. He saw the G-20 as a vehicle for building consensus on coordinated monetary and fiscal stimulus and financial regulation. He also viewed it as a forum to address the problems created for the poorest countries by the global financial crisis. And he used the chairmanship to elicit commitments to resist protectionism.
BERKELEY – On January 1, South Korea takes over the G-20 chairmanship from the United Kingdom. Korea is not the first emerging market to chair the G-20, but it is the first to do so since the global financial crisis. And it is the first to do so since the G-20 emerged as the steering committee for the world economy.
G-20 chairs can have considerable influence. They coordinate the group’s work. They organize its meetings. Like most committee chairs, they have significant agenda-setting power.
During the UK’s year chairing the G-20, Gordon Brown had a clear agenda. He saw the G-20 as a vehicle for building consensus on coordinated monetary and fiscal stimulus and financial regulation. He also viewed it as a forum to address the problems created for the poorest countries by the global financial crisis. And he used the chairmanship to elicit commitments to resist protectionism.