SINGAPORE — Finance ministers and central bank governors from the Group of 20 advanced and emerging economies have been meeting regularly for nearly a decade. But the decision to convene a summit of the G20 heads of government in Washington the weekend of Nov. 15 marked an important turning point in the way global economic problems are handled. The summit agreed on a plan for tackling the financial crisis and the deepening slump.
This is an opportunity for Asia to increase its influence in managing the world economy, provided leading players — China, India, Japan and South Korea — can put aside long-standing geopolitical rivalry and intensify coordination.
As a forum for consultation and cooperation, the G20 seems set to become a prominent feature of the global economic landscape. Its leaders will meet again by the end of April to review their ambitious action plan, which ranges from reform of banking, accounting and credit-rating standards to stimulating economic recovery, sustaining world trade and investment flows, and ensuring that the International Monetary Fund and the World Bank have enough resources to cope with future challenges.
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