Will G-20 Counter Power of Uncertainty?

By Alexander Mirtchev

In 2009, G-20 leaders met in Pittsburgh and emerged with a mandate ‘to be the premier forum for international economic cooperation,' endowing the G-20 with a leading economic role on the global stage. It appeared at the time that the leaders of the G-20 had successfully defeated pessimism. However, the rising tide of global economic turmoil and problems ranging from sovereign indebtedness to consumption and saving imbalances have created a ‘perfect storm' that is far from abating.

The question before the G-20 summit in Cannes this year is whether to just distribute life jackets or endeavor to overcome political differences and set forth a concrete, viable roadmap that genuinely addresses the range of outstanding global economic security risks. Such a roadmap could go a long way towards countering the uncertainty that has gripped the global economy.