The 2007–2009 global financial crisis demonstrated that the world required a much stronger framework for cooperation on financial and economic issues. In September 2009, G20 heads of state responded to this need at the Pittsburgh G20 Summit with the “Framework for Strong, Sustainable and Balanced Growth.” The Mutual Assessment Process (MAP) was created to both monitor and support G20 countries in their follow-through on commitments made under the Framework.
Although progress has been made, ongoing strains in the international economic system show that renewed commitment to the Framework and strengthened cooperation mechanisms are crucial to achieving the G20’s growth objectives. CIGI Junior Fellows Kevin English, Xenia Menzies, Jacob Muirhead and Jennifer Prenger identify five areas where changes would help to strengthen the MAP: increasing accountability; reinforcing G20 ownership of the MAP; institutional strengthening; improving analytical and economic modelling capacity; and building additional mechanisms for deeper policy trade-offs.
About the Author
The CIGI Junior Fellows program at the Balsillie School of International Affairs provides masters level students with mentorship opportunities from senior scholars and policy makers. Working under the direction of a project leader, each junior fellow conducts research in one of CIGI’s program areas. This series presents those policy briefs that met CIGI’s publications standards.