The Great Debate UK
-Paola Subacchi, Research Director, International Economics, Chatham House, London. The opinions expressed are her own.-
The G20 summit in Toronto is not expected to create much excitement, and it never was. It comes after an intense summitry year and two meetings – held in 2009 in London and Pittsburgh – that are difficult acts to follow.
At the London Summit the G20 leaders agreed on a number of reforms designed to head off future crises. By increasing the resources available to the IMF they created a critical crisis-resolution mechanism.
Furthemore, the London Summit set the pace for the reform of the international economic institutions, notably the IMF, and for a more inclusive governance of the world economy. In Pittsburgh the U.S. administration made a further step towards better economic governance and recognised the G20 as the forum for global economic and financial affairs.