G-20 Summit Will Address Global Financial Crisis

World Leaders in D.C. to Find Solutions for Struggling Economies

Nov 13, 2008

G-20 world leaders meet in Washington, D.C. to discuss the global financial crisis and potential financial bailouts on a large scale, without Barack Obama in attendance.

What is the G-20?

Known as the G-20 (or G20), the group name is an acronym for Group of Twenty. The list of names included on this roster are countries of both advanced status as well as nations for whom solid status as "advanced" countries is still emerging.

Since 1999, the G-20 has convened annually to discuss economic matters of global importance. The group's ultimate goal is to provide constructive, comprehensive representation for the world's financial players in a forum where leaders can address issues that directly influence global financial stability.

This year, Minister of France, Guido Mantega will work with the Central Bank to organize the event. The United States has yet to serve as chair of the event, and next year's Summit will see British leadership.

The following is the list of countries slated to participate in the 2008 G-20 Summit.

What Will the G-20 Summit Discuss?

The Global branch of the Brookings Institute recently released a list of recommended talking points for leaders at this weekend's conference. The Brookings institute is a U.S. think tank not directly connected to the G-20.

Their assessment of which issues demand discussion at the conference include the role of the WTO (World Trade Organization) in future revitalization of international trade; reforming the funding structure of the IMF (International Monetary Fund); establishment of solid policy measures that would assist in counteracting falling commodities prices; and stabilization of emerging economies.

Why a Global Economic Conference is Critical Now, More Than Ever

Days before the Summit, Senior White House officials indicated the importance of the role the G-20 meeting will play in stabilizing U.S. and other national economies. In a recent press conference, the Bush Administration released the following statement.

"We expect that leaders will want to come to an agreement on an action plan identifying specific implementation measures." A British official echoed that sentiment, stating, "We believe it is right to have this meeting now. We know its a difficult time for the United States but we think the issues are too important to wait."

That comment illustrates that the elephant in the room for the United States is the impending transfer of power from President-elect Barack Obama and current President George Bush. The U.S. economy, however, doesn't seem to be able to wait for that transition to take full effect.

The copyright of the article G-20 Summit Will Address Global Financial Crisis in International Financial Affairs is owned by Cheron Taylor. Permission to republish G-20 Summit Will Address Global Financial Crisis in print or online must be granted by the author in writing.