First published at Triple Crisis.
“The amounts of money are not significant, but it is symbolic of a spirit of cooperation, and symbolic of the arrival of [emerging] countries,” says CIGI Senior Visiting Fellow Manmohan Agarwal, commenting on emerging economies pledging additional funds to the International Monetary Fund (IMF) in order to limit the effect of the euro zone debt crisis on the global economy.
CIGI Senior Fellow Colin Bradford explores the increase in IMF funding by emerging market economies, announced during the G20 Los Cabos Summit 2012, and if this funding is a good thing for other nations.
CIGI Distinguished Fellow Andrew F. Cooper discusses the shifting role of the G20 as both a "crisis committee" and a "steering committee." Cooper notes that the legitimacy of the G20 has improved; however, achieving progress on deliverables remains a challenge.
In the run-up to the Los Cabos G20 Summit, there were expressions of concern in several circles in various countries that the G20 is running out of steam, as the world economy is losing momentum, given slower growth in Europe, the United States and China. This skeptical view derives from a number of dimensions: lots of words, little action; more discord than concord; and a poor track record of implementing commitments.
Senior Fellow Colin Bradford comments from the Los Cabos G20 Summit on the implications for the global economy of a proposed $30 billion currency swap between Brazil and China.
G20 Rapid Response: Progress Slow, But Los Cabos Keeps Innovation in Global Governance Moving Forward
Did the G20 in Cabo San Lucas resolve the euro zone crisis? No. Doesn’t that just underscore what a waste of money these summits are? No. The world is far more complicated than that. With today’s non-stop news cycles, it is almost inevitable that expectations for summits are so high that they can never be met. In fact, substantial progress is being made in the G20 in a number of areas, most of which never is reported.
CIGI Senior Research Agata Antkiewicz comments on issues related to the Los Cabos G20 Summit for Poland's largest daily newspaper Rzeczpospolita. (Please note: This article is only available in Polish.)
James A. Haley explains the financial instability in the Euro zone and discusses the importance of reports that European G20 members will agree to introduce measures to strengthen the institutional gaps in the European banking system through the creation of a banking union.
Progress on addressing climate change at the Los Cabos G0 Summit was disappointing — the “G20 Leaders Declaration” made only desultory references to the issue. There is, however, an opportunity for Mexico to use the rest of its presidency to put in place the building blocks for serious action on climate change.