The real news from Pittsburgh's G-20 meet (take 2)
Friday, October 16, 2009 at 1:22AM WORLD NEWS: "IMF Gets New Role Of Serving the G-20," by Bob Davis, Wall Street Journal, 5 October 2009.
The IMF is drafted as the G-20's staff organization: that's the big outcome of Pittsburgh, in my mind, and it's a big step forward on global governance (the peer reviewing that will go on as G-20 members strive to live up to promises made at the meetings).
Yes, the 2B people who do not belong to the G-20 are shut out from direct proceedings, but this is hardly some tiny elite running the global show. We're talking two-thirds-plus of humanity and 85% of the global GDP at the table.
In sum, given the light protectionist bent we've seen so far, I'm very pleased to see the Core (basically the G-20) emerge from the recent crisis with such a strong step forward in cooperation.
New rules, indeed.
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