jorg asmussen : introductory statement for the panel discussion on “ the g20 and the future of global economic governance ” statement by mr jorg asmussen, member of the executive board of the european central bank, at the iif annual membership meeting, washington dc, 12 october 2013. * * * it is a pleasure to be on this panel today to discuss the g20 ’ s future. this is a topic to which i feel close : i have been involved in g20 meetings of finance ministers and central bank governors since this forum first met in berlin in 1999. i also had the honour to serve as the german chancellor ’ s sherpa in the leaders ’ summit in cannes in 2011. the elevation of the g20 as the premier forum for international economic cooperation in the pittsburgh leaders ’ summit was a welcome development in its own right. it reflects the recognition of the growing importance of emerging economies and the need to foster a continued informal dialogue between them and advanced economies. the g20 ’ s earlier achievements, especially at the washington ( 2008 ), london and pittsburgh ( both 2009 ) to the seoul ( 2010 ) summits, were quite impressive, both as regards the content and the time frame in which they were accomplished. they included inter alia a coordinated policy response to the cyclical downturn, the launch of the imf ’ s governance reform and an increase of imf resources, as well as political impetus to a broad financial reform agenda. questions about the g20 ’ s legitimacy were raised at times by countries not represented. but the group ’ s effectiveness in pushing ahead reforms provided the necessary backing in “ leading by example ” and what one could call the “ output legitimacy ” of the g20. more recently, however, the g20 seems to have lost its earlier momentum. the case for acting in unison has diminished now that the most acute phase of the global financial crisis is behind us. what we observe is a quite common phenomenon, however. while informal formats gain importance in times of crisis, there is a clear tendency to revert back to the “ input legitimacy ” of the more formal formats and gatherings of pre - crisis times. it is interesting to note that the imf world economic outlook this time speaks about increasing heterogeneity1 in countries ’ economic performance whereas only six months ago the talk was of a 3 - speed recovery and three years ago we had a one - speed economic cycle in the global economy. against the background of this changed global environment

##monic power but strong values : europe has also been in the in the 20th century a pioneering model of social progress, combining lower levels of inequality with a higher level of public services, and a social safety net. it is now forging a pioneering environmental model for the 21st century. the fragmented international environment definitively needs new institutional skills … and to quote robert schuman again “ the contribution which an organised and living europe can bring to civilization is indispensable to the maintenance of peaceful relations ”. x * * * we live in the decade of decisive choices. the global order is confronted with a destructive triangle of “ fragmentation / isolation / confrontation ”. let us build a more promising perspective with an alternative triangle of “ competition / solidarity / cooperation ”, using the words of jacques delors, “ we need competition that stimulates, cooperation that strengthens, and solidarity that unites ”. xi europe has shown that this triangle could be made reality, despite page 8 sur 8 its history of rivalry and – yes – imperfection. thank you for listening to these personal thoughts i wanted to share with you in marrakech. the economist, how paranoid nationalism corrupts, 2nd september 2023. schuman declaration, may 1950. iii g20 - new delhi leaders'declaration final adoption, 9 september 2023. iv european parliament, eprs ideas paper, the future of multilateralism and strategic partnerships, september 2020. v speech by the president of the republic at the conference of ambassadors, 28 august 2023. vi palais royal initiative, report, 8 february 2011. vii palais royal initiative, ibid. viii jean - claude trichet, the future of the international monetary and financial system, politique etrangere, ifri, 2019. ix consolidated version of the treaty on european union, article 2. x schuman declaration, ibid. xi jacques delors, “ the single market, cornerstone of the eu “, tribune, notre europe - jacques delors institute, 22 november 2012. i ii