The G20 Leaders’ process five years on: an assessment from an Asian perspective
One of the most significant developments in global economic leadership in recent years has been the development of the G20 Leaders’ Summit.
After a positive start, particularly with the 2009 London G20 Leaders’ Summit, the G20 has more recently been criticized as losing focus and making little headway in dealing with major global economic issues. Hence, this is an opportune time to ‘take stock’ and assess the performance of the G20 — to identify what has worked and what has not.
This is important if the G20 is to be strengthened such that it can live up to its self-appointed role as ‘the premier forum for international cooperation.’
This was the objective of the ‘Regional Think 20 Seminar’ jointly hosted by the G20 Studies Centre at the Lowy Institute, the Asia Development Bank Institute (ADBI) and the Korea Development Institute (KDI), from May 22-24 at the Lowy Institute in Sydney.
This regional seminar was an extension of the ‘Think 20’ initiative that was launched by Mexico in 2012, where a number of think tanks from G20 countries convened in order to provide input and analysis to the G20 Chair on the G20’s agenda.
However, economic developments in Asia have not featured prominently in the G20. Emphasizing a regional perspective is therefore important because much of the discussion and policy initiatives coming from the G20 have been influenced by economic developments in Europe and the US. The objective of the regional Think 20 seminar was to commence a process that will help correct this situation.
The papers presented and discussed at the seminar will serve as important inputs to Australia’s preparation for chairing the G20 in 2014.
Executive Summary
Introduction
- Hugh Jorgensen, Research Associate, G20 Studies Centre, Regional Think 20 seminar summary
Opening Remarks
- Gordon de Brouwer, Deputy Secretary Economic, Department of the Prime Minister and Cabinet, Views from the Australian Sherpa
Session 1: Part I: Overview Assessment of G20 — what has worked, what has not?
- What are the lessons from the performance of the G20 since 2008?
- What is the regional perspective on the G20, what is its relationship with regional organisations?
Chair: Mike Callaghan PSM, Lowy Institute
Speakers:
- Dr Chetan Ghate, Indian Statistical Institute, Delhi Center: Assessing the G20 Macro policy response and the G20 as a model for global economic governance
- Dr David Skilling, Landfall Strategy, Singapore: The G20: A small advanced economy perspective
- Dr Stephen Grenville AO, Lowy Institute: G20 and the regions
Session 1: Part II: A look back at the Seoul G20 Summit
Chair: Mike Callaghan PSM, Lowy Institute
Speakers:
- Dr Heenam Choi, Ministry of Strategy and Finance, Korea: A look back at the Seoul G20 Summit
- Dr Junkyu Lee, Asian Development Bank
Session 2: Are we on track to achieve strong, sustainable and balanced growth?
- Is the Framework and MAP delivering intended results?
- Can the Framework and MAP be strengthened?
- Is the Framework relevant to regional surveillance?
- Is the Accountability Framework effective?
- How can the Russian priorities on financing for investment and public debt management be incorporated?
Chair: Mark Thirlwell, Lowy Institute
Speakers:
- Dr Rajat Kathuria, Indian Council for Research on International Economic Relations: Are we on track to achieve strong, sustainable and balanced growth?
- Paul Blustein, Brookings Institution and Center for International Governance Innovation: The Framework and the MAP — We have seen this movie before
Session 3: How much progress has been made in reforming the international financial architecture?
- Has the focus on reforming IMF quota and governance been appropriate? Is it contributing to an enhanced performance by the IMF?
- What is the state of play on strengthening safety nets? What are the lessons from the experience of the IMF in European programs?
- What are some of the lessons from managing volatile capital flows?
- Where do we stand in efforts to enhance the effectiveness of the international monetary system?
- Are there lessons from Europe for the operation of safety nets, both global and regional?
- What are we missing?
Chair: Barry Sterland PSM, Australian Treasury
Speakers:
- Dr Masahiro Kawai, Dean, Asian Development Bank Institute: Reforming the international financial architecture
- Dr Yoon Je Cho, Sogang University: International monetary system reform and the G20
- James Roaf, International Monetary Fund: International monetary system reform and the G20
- Dr Ye Yu, Shanghai Institute for International Studies: IMF’s role in a regionalizing world: A 'knowledge fund'
Session 4: Financial Regulation – what progress has been made towards a safer and more efficient financial system?
- Is the regulatory response too complex? Will the regulatory changes make a real difference?
- Has sufficient attention been given to ensuring that the financial system is serving the needs of the real economy?
- Do the reforms meet the requirements of all countries, particularly emerging markets and developing countries?
- Does the relationship between the G20 and FSB need to be clarified?
- Are the regulatory changes altering the scope of financial regulation?
- What are some of the longer-term trends in financial intermediation and will there be implications for the region?
Chair: Dr Junkyu Lee, ADB
Speakers:
- Dr Jae Ha Park, Asian Development Bank Institute: Financial regulatory reforms after GFC: Analysis from Asian perspectives
- Professor Ross Buckley, University of NSW: The G20's performance in global financial regulation
- Mike Callaghan PSM, Lowy Institute: Financial regulation and the G20: Is there a gap in the governance structure? [PowerPoint]
Session 5: Trade and Investment- a success or a failure for the G20?
- How effective has the G20 been in resisting protectionist pressures and promoting trade liberalization?
- Where to with the Doha round; what contribution can the G20 make?
- Implication of growth in global value chains?
- Consistency between regional trading agreements and the multilateral system?
- Is there a case for a multilateral investment agreement?
Chair: Dr Masahiro Kawai, Dean, Asian Development Bank Institute
Speakers:
- Professor Yong Wang, Peeking University: Trade liberalization for global growth: Agenda for WTO and G20
- Mark Thirlwell, Lowy Institute: International trade: What can the G20 do? [PowerPoint]
- John Ballingall, New Zealand Institute of Economic Research: The G20 and regional integration: An opportunity to re-focus the G20 trade and investment agenda?
- Professor John Ravenhill, Australian National University: Global value chains: Implications for trade, investment and development policies [PowerPoint]
Session 6: Sustainable Development — has the G20 got the right priorities?
- What contribution has the G 20 made to the development agenda?
- What more can the G20 do?
- What can be done to advance investment in infrastructure in developing countries?
- Do we have the infrastructure in place to effectively promote green growth?
Chair: Dr Heenam Choi, Ministry of Strategy and Finance, Korea
Speakers:
- Dr Maria Monica Wihardja, Centre for Strategic and International Studies, Jakarta: Looking at the G20 initiatives on infrastructure investment from a developing country's perspectives: Indonesia [PowerPoint]
- Dr Susan Harris-Rimmer, Australian National University: Coherence and humility: Development for the G20 / Sustainable development: Has the G20 got the right priorities? [PowerPoint]
- Dr Wonhyuk Lim, Korean Development Institute: The G20 leaders' process five years on: An assesment from an Asian perspective
