The Role and Effectiveness of the G20
This chapter describes the evolution of the G20, which was heavily marked by crisis events. It zooms into how the G20 has recently evolved from an abrupt global response to the global financial crisis to a forum for international cooperation in multiple policy areas, in other words from a “crisis committee” to a “steering committee”. This has implications for the G20’s objectives. Although initially preoccupied with financial regulation reforms and balanced economic growth, the G20 has experienced a noticeable expansion of its objectives to issues such as corruption, climate change, aid and development. Against this background, this chapter describes the institutional design and effectiveness of the G20 with the goal being to position the G20 as an essential part of the changing global order. This chapter provides a detailed account of the institutions’ main strengths and weaknesses, as well as threats and opportunities as one of the world’s most important diplomatic mechanisms for international economic governance.
KeywordsG-20 Global order Institutional design Permanent members International organizations Legitimacy Informality Intermediaries Summit Compliance
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