G20 seeking workable solutions to keep momentum alive

G20 seeking workable solutions to keep momentum aliveThe G20 members have a grave task of promoting globally harmonized economic prosperity. Many acknowledge that partisanship and national selfishness could lead to a worldwide economic disaster, as seen in the ongoing debate about a “currency war.” 

Though the rhetoric is obviously exaggerated by politicians and the media, the essence of the debate is clear. The G20 needs to do something to quell the protectionism movement. A big deal may be needed for major economies with conflicting interests, such as on exchange rates and asset bubbles. The International Monetary Fund needs to be reformed. On top of all of these issues, the G20 itself should seek a new identity as a permanent fixture with due legitimacy and influence.