Saturday, 14 November 2020

g20

Held on this weekend in 2008 in host capital Washington, DC at the urging of EU and Australian leadership to expand the coordinated response and recovery for the 2008 financial crisis, the summit, inviting for the first time the twenty most powerful world economies to meet again a month after the G7 had convened at the same venue, achieved its stated goal to reform global financial institutions and articulate areas of contention as well as cooperation.
Framed as a Bretton Woods II—the system of monetary management created in the aftermath of World War II but seen as increasingly ineffective as signatories withdrew, it seemed like a hopeful and promising development with all parties agreeing on the causes and appointing a diverse troika of economies as a steering committee (South Korea, Brazil and the UK), it remains to be seen if world markets are more robust and adaptable for the measures instituted.