布鲁盖尔-The-group-of-G20_-Trials-of-global-governance-in-times-of-crisis_30页_352kb

G20: Trials of Global Governance in Times of Crisis Summary

Core Content

The Group of 20 (G20) is a global forum for economic and financial cooperation, created in response to the 2008 financial crisis. It represents a significant evolution in international governance, combining political leadership with economic expertise. The G20 was initially established in 1999 as a forum for finance ministers and central bank governors, but it was elevated to the level of heads of state and government in 2008, following the collapse of Lehman Brothers. The paper reviews the G20's performance over three years, from its inception in 2008 to the Cannes summit in 2011, and assesses its role in global financial governance.

Main Viewpoints

• The G20 is not a world government, but rather a forum for cooperation among major economies.
• The G20 has played a crucial role in crisis management, particularly during the 2008 financial crisis and the subsequent eurozone debt crisis.
• While the G20 has been effective in some crisis situations, its performance in policy coordination has been less convincing, and its effectiveness has diminished over time.
• The G20 has the potential to become a standing world "economic governing board" due to its unique composition and structure.
• The G20's effectiveness depends on the willingness of its members to engage in meaningful cooperation and to internalise the new global power dynamics.

Key Information

G20's Purpose and Structure

• The G20 was created to coordinate economic and financial policies among major economies, with the goal of safeguarding global stability and prosperity.
• It includes 19 countries and the European Union, making it more representative than the G7/G8.
• The G20 has a unique structure, with political leaders participating directly, and a support system of specialised institutions, such as the IMF and the Financial Stability Board (FSB).

G20's Performance

• The G20 has had mixed results over the past three years. It has been effective in crisis management, but less so in policy coordination.
• The Washington summit (2008) was a success in stabilising financial markets and initiating a coordinated response to the financial crisis.
• The London summit (2009) continued the momentum, with significant progress in financial reform and a commitment to cooperation.
• The Pittsburgh summit (2009) marked a turning point, with the agreement on a macroeconomic policy framework and the establishment of the Mutual Assessment Process (MAP).
• The Toronto and Seoul summits (2010) focused on the rebalancing of the global economy, but the G20's role in addressing the euro crisis was limited.
• The Cannes summit (2011) was expected to be a major success, but it was marked by disappointment and a failure to reach a significant agreement.

Challenges and Opportunities

• The G20 faces challenges in terms of internal organisation, shared mission, and the internalisation of new global power dynamics.
• The G20 has the potential to become a more effective forum for global governance, but this requires greater commitment from its members.
• The financial crisis has highlighted the importance of international coordination in financial regulation, as the actions of major financial centres can have significant international repercussions.
• The G20 has been active in promoting financial reform, including the strengthening of capital requirements, liquidity buffers, and risk management practices.

Conclusion

Despite its shortcomings, the G20 remains a crucial forum for global financial governance. It has demonstrated its ability to respond to crises, but its effectiveness in policy coordination has been limited. The G20 has the potential to become a more effective forum for global governance, but this requires greater commitment from its members and a more coherent and unified approach to its mission.