The G20 is now the apex of economic cooperation,the leaders of the 20 most prominent economies agreed at their Pittsburgh summit last week.This represents the triumph of globalism over the old country club of the G8,which consisted only of the developed nations.The G20 summits set forth broad frameworks which shape and coordinate the work of national governments as they grapple with the economic issues of the day.The G8 will be folded into the G20 summits as dinner meetings.It will deal mainly with security and donor issues.
At Pittsburgh,the G20 promised to develop tougher capital requirements for banks;crack down on financial executives' compensation;elevate the status of developing countries;and resist the threat of protectionism to economic stability.These promises could be handled elsewhere,but a summit gives world leaders a chance to develop personal rapport.
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