G20

Question 1

When was the G20 created?

Answer 1

Created in 1999

Question 2

G20 membership

Answer 2

• Expanded the G7 to include the world’s 20 major economies - 19 individual and the EU (the European Commission and European Central Bank).
• Countries ollectively accounts for 80% of the world’s trade and 2/3 of the population.

Question 3

The chair of the G20

Answer 3

• Rotates annually among the members - selected from different regional groupings.
• Part of a revolving three-member management group, referred to as the “Troika” = role is to ensure continuity in the G20’s work and management across host years.
• Establishes a temporary secretariat for the duration of its term, which coordinates the group’s work and organises its meetings.

Question 4

What is the main aim of the G20

Answer 4

• Studying and promoting high-level discussions of policy issues, pertaining to the promotion of international financial stability.
• Considered more influential than the G7/8 regarding global governance - led the response of the global financial crisis in 2008.

Question 5

Balance between different types of powers

What are the factors that made the G20 more effective?

Answer 5

A balance between traditional economic powers (UK, France, USA), newly emerged economic powers (China and Brazil) and emerging economic powers (Argentina/Indonesia) makes G20 more effective as it’s not exclusive (G7) or comprehensive (WTO) to make decisions

Question 6

Membership of opposing states

What are the factors that made the G20 more effective?

Answer 6

• Includes more states that don’t always agree with each other.
• Made it more of a forum for dispute resolution, for the G7/8 members broadly agree w/ each other and even expelled Russia in 2014 whom the majority did not agree with.

Question 7

Bretton Woods system

What are the factors that made the G20 more effective?

Answer 7

G20’s inclusion and partnership with the major Bretton Woods economic IGOs has significant benefits - a dedicated means of coordinating action of economic action on economic matters between them and states.

Question 8

Widening of agenda to include non-economic matters

What are the factors that made the G20 more effective?

Answer 8

Provides world leaders another international forum to build personal relationships in and, occasionally, to make joint statements on issues ranging from the plight of refugees to global terrorism.

Question 9

Taking decisive action on economic and non-economic matters

What are the factors that made the G20 more effective?

Answer 9

Taken action to ensure that the wealthiest states and IGOs collaborate to prevent and more tightly regulate those bank accounts funding terrorists and states would inject significant amounts of government money into banks to ensure they did not collapse and could lend during a global financial crisis.

Question 10

Criticisms of the G20

Answer 10

• Criticis question transparency and accountability - no formal charter and the fact that most of the important meetings are closed door.
• In 2001, the economist Frances Steward proposed an UN Economic Security Council as an alternative - able to elect members by a general assembly based on their importance in the global economy and the contributions.
• Cost and extent of summit-related security in the hosting country - summits have attracted protestors (e.g 2010 Toronto).
• Summits conclude with a communique. Critics argue that outcomes are ‘watered down’, therefore, states cannot be held accountable for the decisions or agreements they make.