Analysis

What Cannes Couldn't

14 Nov 2011
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Region: 
Multilateral

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Summary

  • The G20 Summit in Cannes last weekend told us a lot about the state of global economic diplomacy at the end of 2011. The sweeping French agenda for their Presidency was slimmed down not just by events, but by the hugely difficult reality of consensus building in a group as eclectic as the G20.
  • The decoded Summit Communiqué suggests that any early ambitions that the G20 might become a platform for global rule-making – as opposed to a global political forum - look far-fetched.
  • Under the rhetoric, on the questions of their freedom to control capital flows and currency policy, strengthening the rules-based trading system and buying in to a Western-dominated IMF there is little on which the emerging economies are willing to limit their freedom of manoeuvre.

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Authors

The views expressed in this note can be attributed to the named author(s) only.