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N° 292 |
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| 21 September 2009 |
| The G20 is not Just a G7 with Extra Chairs |
Agnès Bénassy-Quéré
Rajiv Kumar
Jean Pisani-Ferry |
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| In the wake of the global crisis the G20 has largely substituted the G7 as the key forum for international economic
cooperation. However, G7 and non-G7 members of the G20 come to G20 meetings with different priorities. Developed
countries have taken a direct hit on their financial systems as a result of the crisis and they accordingly give priority to
strengthening financial supervision. Emerging economies have been primarily affected by the collapse of trade and (mostly in
emerging Europe) the outflow of capital. Their priority is thus to ward off the reemergence of protectionism. As newcomers,
the emerging countries are also focused on the distribution of power in international institutions. So far, the G20 agenda
has been dominated by the global turmoil and the rebuilding of financial regulation – a rather G7-like agenda. Meanwhile,
it has been silent on the issue of global imbalances, where it could have made a difference. In the future, the G20’s agenda
will have to evolve and better reflect the variety of concerns of its members. |
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