East Asian fingerprints on the G20

Discussion in 'Indo Pacific & East Asia' started by alexalex159, Jul 25, 2012.

  1. alexalex159

    alexalex159 New Member

    Jul 25, 2012
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    Author: Alan S. Alexandroff

    G20 Summits often capture the headlines for the wrong reasons: a currency war declaration at the Seoul Summit in 2010; a euro crisis at Cannes in 2011 and again at Los Cabos in June.

    While these clashes are important, they hide the real changes taking place in the global governance system. The G20 summits are emerging as an incubator for new policy in international relations, and have become a platform where new ideas are considered and multilateral coalitions are born. It is too easy to miss these actions, which the media and experts have often done.

    G20 summits are becoming anchors for a bigger, largely subterranean process for the development of norms and rules that proceed along at and also between summits. Today, the G20 is the key laboratory of global summitry for global governance reform.

    So, how significant was the latest Los Cabos Summit in advancing the global governance agenda and bringing about economic and political coordination? Did the Summit help stabilise the global economy? And if it did, how significant were the roles of the large East Asian states?

    The Los Cabos Summit confirmed the G20’s net positive impact on multilateralism and delivered two unexpected shifts: a growing Chinese leadership, particularly within the BRICS grouping, and a still timid, yet unprecedented, Sino–Japanese cooperation in global economic affairs.

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