G20 to replace G8 by Claudia Sonea

These days the future of the world is being planned by a group of 12 finance ministers and central bank governors. Some would argue that the G-20 is solely a forum for cooperation and consultation and that it should not be entitled to take decision regarding the international financial system because the members are not chosen on a merit-base. In fact, the G20 will replace the G8, thus becoming the main economic council of wealthy nations with a great influence on the global financial system. Indeed, the G20 is raising many questions related to the legitimacy of establishing rules and restrictions. The fact! that the meetings are taking place in private without any access from the public further deepens worries about possible biased decisions. For instance, this week the G20 countries is debating on matters such as a global bank tax, tougher policies for the banks, China's currency exchange at a meeting held in South Korea. There is little information on what the ministers actually discussed and the arguments used for/against taking certain measures like a global bank tax. The 20 finance ministers and central bank governors will release a statement at the end of this week with a summary of the subjects debated. Up to now, the word is on the streets that the G20 ruled out the idea of a global bank tax and that the determinant factor in applying restrictions is whether the countries registered bank bailouts following the financial crisis of 2007–2010. Stay connected and find out what they have threaded on these days and how they will af! fect us.

related story (sgx17508): http://www.france24.com/en/20100605-G20-bank-bailouts-public...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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