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The Global Citizen: G20
As major players accompanied their respective heads of state to the beach-laden shores of Los Cabos, Mexico for this year's G20 Summit Monday, those of us remaining were left to question and comment on the body's legitimacy as well as on its unfolding proceedings.
New Rules for Global Finance in partnership with Heinrich Böll Stiftung, envisioned a way to seize this opportunity. In holding their event, "Promises of the G20 Process: Prospects for Enhanced Transparency and Accountability" , on June 18, 2012, the same day as the opening of the G20 Summit, it provided a platform for such debate. Event Chair and New Rules for Global Finance Executive Director, Jo Marie Griesgraber, sought to highlight this significance.
Among the panelists in attendance, a wide array of concerns was noted. Each participant sought to highlight their grievances with the economic super-committee, while some remarked on its advantages.
Currently, 65% of the world is in recession, an amount greater than at any time since 1960. The International Monetary Fund [IMF] recently stated that the downturn is likely to be “unusually severe and long-lasting.” The recession is likely to starve developing countries of their resources and the Fund predicts that these fledgling economies may face shortages of investments for many years to come.
While diplomats do not save praise for the G20 summit, economists are complaining. Journalists and reporters lamented over the fruitless discussion on the November 15th meeting of presidents and prime ministers in Washington, too. Interestingly, BBC, the New York Times, and the International Herald Tribune labeled the outcomes of the G20 summit as "a plain-vanilla stuff ," a term coined by Simon Johnson, a former chief economist of the International Monetary Fund.
This upcoming weekend, statesmen from twenty different countries will meet in the White House and intensively discuss solutions for the financial crisis. After the summit of the EU in Brussels and G-20 in Brazil last week, this November 15 the highest political representatives are heading to the U.S. capital at the initiative of the U.S. President. George W.
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