Financial Regulatory Forum

ANALYST VIEWS: G20 ends reign of G7 in Pittsburgh

U.S. President Barack Obama leaves a news conference at the end of the G20 Summit in Pittsburgh, Pennsylvania September 25, 2009. REUTERS/Jim Young (UNITED STATES POLITICS BUSINESS) PITTSBURGH (Reuters) – Group of 20 leaders on Friday designated themselves as the new forum for steering the world economy, ending the long reign of the G7 as the preeminent committee for guiding global growth:

The G20 leaders said their representatives would report back to them at the next meeting “on how to maximize the effectiveness of our cooperation”, and agreed to have a G20 summit in Canada in June 2010 and in Korea in November.
Meetings thereafter will probably be held annually, and France will be the host in 2011.

Following is a selection of analyst reactions:


G20 upbeat on economy, pledges financial reforms

The leaders of the Pittsburgh G20 Summit sit around the summit meeting table in the midst of the second plenary session of the summit in the Pittsburgh Convention Center in Pittsburgh, Pennsylvania, September 25, 2009. REUTERS/Jim Bourg (UNITED STATES POLITICS BUSINESS) By Sumeet Desai and Chris Buckley

PITTSBURGH (Reuters) – The Group of 20 rich and developing nations declared their crisis-fighting efforts a success on Friday and promised to give rising powers such as China more say in rebuilding and guiding the global economy.