The Governance Response to the Great Recession: The "Success" of the G20

Jakob Vestergaard and Robert Wade

Journal of Economic Issues, 2012, vol. 46, issue 2, 481-490

Abstract: Since its upgrading to heads of government level in late 2008, the G20 claims to be the steering committee for the world economy. It claims three specific big successes: stronger international financial regulation, including the Basel 3 Capital Accord; more effective macroeconomic coordination; and governance reforms of the Bretton Woods organizations. This paper challenges all three claims, but concentrates on the Basel 3 Accord. The modesty of the achievement leaves the world vulnerable to more multi-country financial crises, and testifies to the ineffectiveness of the G20 as presently constituted.

Date: 2012
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DOI: 10.2753/JEI0021-3624460223

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