Twenty years of the G20: Has it changed global economic governance?

Abstract

The G20 has become the preeminent forum for international economic coordination. Twenty years after its creation, the paper reviews its performance with respect to the coordination of macroeconomic policies. The retrospective assessment focuses on two main questions: (i) Have the G20 summits succeeded in promoting macroeconomic policies with positive cross-border consequences, while preventing the opposite? (ii) To what extent has expanding the G7 to a diverse group of emerging and developing economies significantly changed the discourse and affected substantive outcomes? We argue that the G20 played a key role during the crisis of 2008, but policy coordination has been problematic since. Our review suggests that the G20 Presidencies of the emerging economies have made considerable efforts to shape the agenda toward issues of their interest, but have not always prevailed, notably on issues of global financial governance.

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“…as concerns fiscal consolidation programs). Similarly, [Bery, Biondi, Brekelmans, 2019] note that once the acute phase of the crisis was over, the willingness of G20 economies (especially advanced ones) for cooperation fell dramatically, and they turned to implementing fiscal and monetary policies based mainly on their narrow interests. On the other hand, [Larionova et al, 2019] regard G20 efforts as active and fruitful.…”

“…Note, however, that the preliminary results of that first round get very mixed assessments in the literature. Some experts regard G20 work to be quite successful [Larionova et al, 2019;Dupuis, Nahoum, 2017], while others contend that this work turns less and less prominent and effective as the time passes [Triggs, 2018, Bery, Biondi, Brekelmans, 2019. The aim of the current study is to assess the effectiveness of G20 work in controlling global economic risks and to develop corresponding recommendations.…”