The Role of the Emerging Countries in the G20: Agenda-Setter, Veto Player or Spectator?
- 1.4k Downloads
Sometimes it takes a crisis to change. The upgrade of the G20 to the level of the heads of state and government was one of the major institutional outcomes of the recent global financial and economic crisis. The development depicts a dramatic turnaround: In 2007, the G8 invited large emerging countries within the “Heiligendamm Process” on a restricted number of topics. A year later, the G20 convened for the first time at leaders’ level, thereby making emerging countries such as China, India and Brazil permanent members. In 2009, the G20 was established as the “premier forum of global economic coordination”, and South Korea was the first emerging country holding the presidency for a G20 leaders’ meeting in 2010.