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The G-20 Between Future Promises and Immediate Needs to Reform the Global Economic System

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ECIA Briefing - 22 November 2008

by Alfonso Giordano
ECIA Managing Director

The essential role played by the G-20 in solving economic and financial crises is turning to be at risk due to the critical global economic situation and the consequential people’s lack of confidence in the world market. The paper focuses on the outcomes of the G-20 summit held in Washington, highlighting the potential threats resulting from the crisis, such as the risk of recession (or, even worse, depression) and the possible Member States’ decision to return to protectionism. Nevertheless, the principles and the agenda set in the Washington Declaration show the States’ concurrence of wishes to support the global economy and the stabilization of the financial international market through an indispensable reform of the financial markets. But, as the author underlines, the real challenge will consist in putting the theoretical principals into precise plans.