From G8 to G20

The White House released today an statement announcing that the G20 leaders -the group of 19 countries and the European Union- had agreed that the body should permanently replace the G-8 as the world’s main economic forum. This decision gives more influence to emerging economies that include India, China and Brazil and other fast growing countries. The United Kingdom has been pushing for a permanent expansion since 2005. as a British diplomat said yesterday, “We realized that if you wanted an organization that covered a significant portion of the global economy it would be crazy not to include the big emerging economies.” The White House statement said: “Today, leaders endorsed the G20 as the premier forum for their international economic co-operation. This decision brings to the table the countries needed to build a stronger, more balanced global economy, reform the financial system, and lift the lives of the poorest.”
After the financial crisis the world has been through, much is expected of all the leaders of these countries. Not just words. We shall see.