All eyes on G-20The G-20 summit to be held in London in April has come under the global spotlight as the meeting is expected to help the world come up with measures to tackle the ongoing economic crisis.
It has already been confirmed that this crisis cannot be relieved through the efforts of individual countries. It is also certain that existing global financial organizations such as the International Monetary Fund can’t help resolve the current situation whereby crises sprout across the world simultaneously.
The G-7, a forum for the finance ministers from a group of seven industrialized nations, doesn’t seem to be capable of easing the crisis, either.
This is the primary reason that the G-20, whose member countries account for 80 percent of global trade, has decided to join hands to propose an appropriate solution.
Should the turmoil persist, world trade is expected to shrink by 5 percent and economic growth will fall into minus figures.
Unless countries free themselves from the net of globalization, no country will be able to escape the economic crisis.
In other words, without international coordination, no single country can get out of this crisis alone, which is why the measures the G-20 summit will produce are receiving unprecedented degrees of attention.
The key subject of discussion at the summit will be how each country focuses on boosting the economy, comes up with a new financial regulation system and blocks the spread of protectionism.
However, some of the major participating countries are already showing signs of disagreement ahead of the summit. The United States and Europe are engaged in a war of nerves over expanding government spending to prop up the economy, and different countries have varying interests over the adoption of a financial regulatory system.
In addition, major economies spearheaded by the United States are rushing to introduce protectionist policies. If this situation continues, there seems no real way out despite the best intentions of the G-20.
What counts the most now is forming a consensus that without international cooperation, the world could crash. In addition, we need leadership that stands back from mere egotistical posturing.
In the meantime, the G-20 members should mobilize every possible means to overcome the crisis, deep in the knowledge that they have to save the world.
As one of the co-chairs, Korea’s role has become all the more serious.
with the Korea JoongAng Daily
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