Вклад «Группы двадцати» в реформу международных финансовых институтов
If you build the present in the image of the past you will miss out entirely on challenges of the future. The first meeting of the G20 leaders originally set up as the finance ministers’ forum at the initiative of the G8 leaders2 more than a decade ago in 1999 after the Asian financial crisis, launched a new phase of development both of the international financial architecture and the global governance system. The EU participation in the G20 has been full scale from its birth, unlike gradual inclusion of the EU into the G7 processes. The reasons are clear. The internal factor defining the EU influence in the G20 was the beginning of the third stage of EMU and adoption of the single currency. Success of the euro as the single and a second reserve currency, its establishment as a factor of the global economic and monetary system, defined the EU role in the G20.
The G20 has proved that it can respond to crises. It has to live up to the expectations that it can prevent global risks, break dead locks other institutions responsible for resolving critical issues were unable to break. Challenging a plethora of skeptics G20 is now a long term process in motion. The G20 leaders’ decisions on the Mexican 2012 Presidency’s five priorities, which are broadly shared across the G20 members and beyond, are expected to advance global financial and economic stability; promote growth and jobs creation through structural reforms; make progress towards international financial institutions reform; strengthen financial regulation; enhance food security and mitigate commodity price volatility. The summit commitments and their implementation by the G20 and relevant international institutions will show how much the expectations held would prove to be the expectations met.