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The G20 Meetings: No Common Framework, No Consensus

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The G20 Meetings: No Common Framework, No Consensus, Michael Pettis, Nonresident Senior Associate, Carnegie China Program, Policy Brief No. 79, May 2009

  • “Participants in the recently completed G20 meeting in London agreed on a number of measures, some substantial and some merely symbolic, but they sidestepped the real issues dividing the major economic powers and, in so doing, failed to address the root causes of the global trade and investment imbalances. This was almost inevitable. China, Europe, and the United States have incompatible conceptual frameworks for understanding the causes of the global financial crisis; furthermore, their conflicting domestic political constraints make agreement on solutions hard to reach.”
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