Readings: G20 Summit

Nov 14th, 2008 11:49 AM UTC
By Chris Scott

Here are a handful of articles we rounded up about this weekend’s G20 summit:

The Economist looks at this weekend’s G20 meeting, saying that while the rules of the global financial system cannot be rewritten in a five-hour powwow, some useful things can come out of the meeting, such as commitments on trade and on reforming the IMF.

Ban Ki-moon has appealed to leaders meeting at a financial summit in Washington this weekend not to let the global crisis become a “human tragedy” for people in poor countries. In a letter to leaders of the G20 Ban said, “The poorest and most vulnerable everywhere, but particularly in the developing countries, will be the most affected” by the world growth slowdown now being predicted. We need most of all to join forces to take immediate action to prevent the financial crisis from becoming a human tragedy.”

In Great Britain, Gordon Brown has called for a new international financial architecture, citing the Bretton Woods conference in 1944 as an example. The Bretton Woods agreement, which resulted in the creation of the IMF and World Bank, is particularly relevant today as we address the “need for global policy co-ordination in tackling” this financial crisis.

The New York Times editorial board today examines some of the challenges that confront the G20 during America’s presidential transition. The Times champions the need for all the participating 20 of the world’s leading economies to reach fundamental agreements as a platform to “begin a serious discussion about the roots of the financial crisis and set the stage for future meetings to discuss substantive reforms.”

-Steve Wilson and Chris Scott

TAGS: G20, IMF, IMF WB Spring Meetings, ONE, Policy News, Prime Minister Gordon Brown, U.N. Secretary General Ban Ki-moon, World Bank