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| Edited By: |Source: DNA |Updated: Jul 08, 2017, 08:13 AM IST
Like major international summits, which end on the high note of group photos and grand pronouncements, the G-20 is a lot about optics and sound bytes. Following the Lehman Brothers collapse in 2008, triggering a worldwide crisis in the banking system, the international forum has largely been occupied with reshaping the governance of global finance, strengthening the international financial regulatory system, and cracking down on the shadow banking system.
But, how far have these measures worked on the ground or benefitted member-countries, and the world at large? More importantly, since a meeting between PM Narendra Modi and Chinese President Xi Jinping is ruled out at the current two-day summit in Hamburg, should it leave New Delhi flustered? The answer is a resounding ‘No’. The G-20’s objective of bringing world leaders together to work in a concerted manner with a view to foster growth in mutually supportive ways has met with limited success.
In the current economic climate, bilateral association and regional economic councils are considered more beneficial than a huge umbrella of nations where diverse interests and priorities often hinder meaningful progress. That explains why much of G-20 work takes place on the sidelines and in informal meetings — not at the annual summit, which is characterised by pomp and splendour. To put things in perspective, G-20 is an international body trying to avoid another global depression, but doesn’t have the clout to prevent a financial catastrophe of the 2008-10 magnitude.
Like the Paris climate summit, the G-20, despite a semblance of equality and its stated aim of accommodating the wider interests of both developed and emerging economies, has followed a typical trajectory, which “ends in agreements long on principle and short on detail that allow all sides to chalk up a result”. This time in Hamburg, the usual suspects will air their usual concerns: UK PM Theresa May wants the world to deliver a technology that can prevent lone-wolf attacks and terror funding; German Chancellor Angela Merkel’s push for climate change, free trade and migration will face stiff resistance from US President Donald Trump.
However, what the world is looking at with breathless anticipation is the first ever meeting of Trump and his Russian counterpart Vladimir Putin. Doesn’t that say a lot about this congregation of heads of state who purport to give the world a new direction in a matter of two days, but inspire little other than speculations?
