Asia has come of age. When leaders from the Group of 20 nations converge in London, Asia’s rising powers – China, India, Korea and Indonesia – will be sitting at the global high table to decide on ways to reshape the world’s financial and economic order.
There are expectations that the meeting will include concrete steps to revive economic growth, a boost in funding for the International Monetary Fund, and an understanding on the new financial architecture to restore trust in the financial system.
Asian policy makers are looking for two other critical assurances from the meeting: one, that the developed countries will keep their markets open; and two, that global capital flows needed to finance trade and investment will remain unchecked.
No one doubts the difficulty of reaching consensus. But the stakes have never been higher.