Published on The CEO Game, 24 Sept. 2009.
… More importantly, what should we expect from the Pittsburgh Summit? Since many prime economies are slowly recovering from the recession, there is no need (nor could it be fulfilled) for another round of big spending pledges, instead the summit will concentrate on the ones its members already committed to. The center stage will focus on regulation and reform, with the topic of the day being dealing with banker’s bonuses; there is a good chance to see an agreement on that. Another hot item, is making sure that all countries are on the same page and don’t mess around with staggering companies. Will India and China be presented better in the International Monetary Fund? The IMF, The UN’s agency that facilitates international commerce and aids developing countries, will also be under discussion. Obama also claimed that we must stay clear of the asset bubbles by setting up a path for “sustainable growth while steering clear of the imbalances of the past”. Hence that’s going to be a key part of the agenda as well. Although the recovery is in progress, the fact that many people are still unemployed, should and probably will be a noticeable subject.
In conclusion, as financial crises fear no international boundaries, these meetings offer an opportunity to discuss economic problems and maybe even agree on the appropriate actions that need to be taken in response. As the conductors of the world’s largest economies, these leaders have a responsibility to work together in order to insure this kind of crisis won’t happen again. “The Pittsburgh Summit is an important opportunity to continue the hard work that we have done in confronting the global economic crisis, and renewing prosperity for our people”, said Obama on the eve of the summit’s jumpstart. Prior to Obama’s election, critics said that after the campaign ends, Obama will be tested by major-hard-to-cope-with events and by his reactions to them. Now it’s up to him and his administration to deal with the crisis in order to prove themselves. Now is the time to see whether the Pittsburgh Summit will be remembered as an important milestone or a complete disaster in terms of financial pace making and use of the tax payer’s cash. Will it be a prestigious achievement, one that may prove that Obama’s administration is better than his predecessor’s Or will the summit be just another brick in the wall of history? (full text).
Links (last update morning 28 sept. 2009):
G-20 major economies on wikipedia (last modified on 28 September 2009 at 07:29 h);
Power in international relations on wikipedia;
Google Video-results for G20, 28.9.09;
Google News-result for G20 summit, 28.9.2009;
G20 Pittsburg summit on wikipedia (last modified on 28 September at 07:44 h).