U.S. Economy
Why US multilateral leadership was key to the global financial crisis response
As the world begins to see signs of economic recovery, and the need for urgent crisis management fades, the future of the G-20 as the global steering committee for the world economy is uncertain. Will the policy coordination surrounding the London and Pittsburgh Summits carry on beyond the recovery phase of the global financial crisis? Participants underscored the significance of the upcoming summits, which are, in a sense, a litmus test for how the G-20 will succeed as a coordinating forum and whether it can demonstrate its functionality and legitimacy despite over 170 countries not having a seat at the table.
On April 21-22, 2010, the Global Economy and Development program at Brookings co-hosted a roundtable on the future of the G-20 Summit with the Korea Development Institute (KDI) and the Centre for International Governance Innovation (CIGI) in Canada. With upcoming summits in Toronto in June and Seoul in November, the private event provided a unique forum for policymakers, experts, opinion leaders and researchers from around the world to gather and exchange views on how best to cement the G-20 Summit as the premier forum for international economic cooperation. Approximately 50 high-level participants attended, including Changyong Rhee, G-20 sherpa to the President of the Republic of Korea, and Michael Froman, sherpa to the President of the United States.
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