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Middle powers’ role for the development of the G20

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Frame of Image  forum for international economic cooperation and came to be regarded as the core mechanism for global governance on the economic front. Furthermore, it has sought to make a transition from simply a crisis management body to a steering committee which facilitates sustainable and balanced development of the world economy. The eight summits convened since 2008 have proved the G20 to be a major vehicle for reorganization of global governance and consolidated its role as an important forum for dealing with pending global economic issues. It receives criticism, however, for having failed to fully realize the transition to steering committee.
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Meanwhile, as the international community’s expectations for the G20’s role have dimmed after the worst phase of the global economic crisis ended, the financial crises in Europe and the U.S. led these countries to prioritize domestic economic operation, weakening the foundation of global financial cooperation. Thus, the G20, five years after its inception, came to face the choice between development and stagnation. A new driving force is deemed necessary for revitalization of the institution. The course of the G20’s development can largely be divided into three stages. The first stage is the “period of overcoming crisis.” The early years of the G20 were dedicated to managing the imminent crisis; the first G20 summit in Washington and the second summit in London belong to this period. The next stage may be named the “period of exploring trans


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Title Middle powers’ role for the development of the G20
Similar Titles
Material Type Reports
Author(English)

Lee, Dong Hwi

Publisher

[Seoul]:Korea National Diplomatic Academy

Date 2013-12
Series Title; No IFANS Brief / 2013-31
Pages 7
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Government and Law < International Politics
Holding IFANS