Knowledge@ASB - International Relations: How Much Power Does the G20 Really Hold?
Channel: UNSW Community
Date: 2011-11-21

Is the seemingly powerful G20 all talk and no action? With no executive power to deliver on policies, the impressive group of 20 developed and developing countries relies on its members to follow through at a national level. Although the group was not close to finding an urgently needed solution for bailing out indebted European nations at its recent Cannes meeting, help may be provided voluntarily. Clearly, global financial architecture needs a rethink, says Fariborz Moshirian, a professor of finance at the Australian School of Business. He calls for a mechanism that obliges G20 member nations to enshrine internationally agreed policies in law.