IG’s Peace Blog

Peace and its many aspects

G-20, the continuing story

I’ve written a couple of times about the impact of the economic crisis on global governance, and specifically about what might or might not happen among the so-called G-20 countries when they meet next month.  Well, we are on the final countdown toward the summit, and it is clear that there are forces pulling in all sorts of directions–both positive and negative.  I just came across this story from the New York Times.

On the one hand the finance ministers who just had their preparatory meeting for the Summit “…committed to take “whatever action is necessary” to revive consumer demand and regulate global markets.”

Also they:

“…did agree on Saturday to commit more money to help developing countries and the emerging markets of Eastern Europe, where the downturn has spilled into street protests. They also pledged to step up efforts to revive bank lending and regulate hedge funds.”

but, on the other hand:

“…the vagueness of the commitment meant that it will be up to President Obama — and the leaders of China, Russia and European nations, among others — to convince the markets that they have a coordinated strategy as they prepare to meet in London on April 2.”

I would encourage you to read the whole article, since it succinctly explains the “push me/pull you” nature of all efforts by so many diverse countries to come to an adequate collective response.  Again, the challenges, vested interests and inertia should not be underestimated.

The article also mentions that President Obama is taking into consideration the national security concerns associated with the crisis.

The plot thickens!

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March 15, 2009 - Posted by | Uncategorized | , ,

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