Glimpses of the G20 Summit in Toronto, Canada: Achievements and Results: Fibre2fashion

The G20 leaders devised ahistoric agreement during the 2010 summit that has put the event at the centreof their efforts, attempting for a durable recovery and evading the financialfrailty.

Global economic crisis has madebusinesses realize the bitter fact that macro economic imbalances can cause enormoushavoc on the economies; all across the globe. Sputtering for recovery,countries attempt for actions that provide strong economic recovery, and jobgrowth. The G20 Summit was an agreement of framework for a balanced andsustainable growth for the revival of the overall economy of the countries. Thesummit was organized eclipsing the G-8 in Canada. While this was notappreciated in some circles, a few optimists believed that it would create aclose co-ordination between the G8 and the G20 presidencies.

Executed in Toronto, Canada, theG20 was planned with a perspective of focusing on three key issues; the view ofits members in relation to global development, the gain they acquire by actingas a group, and finally how they hold themselves accountable for thetransformation. Issues discussed at the summit require improvements to theglobal governance framework. Challenges of the society cannot be solved withouta dynamic and emergent private economy. Therefore, corporate responsibilityprograms were also addressed, which is expected to play a vital role inaddressing societal challenges.

Floating Clouds of Recession:

Recession gave a clear messagethat no one can be spared from its pangs. The collapse of the countries withadvanced economies sent tremors to every corner of the world. Global economicrecovery was the main focus in the summit. A general consensus was formulatedamong the members motivating the initiatives taken to sustain private demand. Thesummit planned on managing the obstacles to the current phase by cutting theirdeficits by 50% by the end of 2013; making major breakthroughs.

President Obama addressed thefriction between the US and EU, and elaborated over how to respond to theglobal recession. He observed that regulatory framework was drawn fromprinciples developed prior to the summit. The French President Nicolas Sarozyappreciated the American President in persuading China to publish lists of taxhavens.

The most substantial G20 actionwas the commitment into the international monetary fund. The members pledged$1.1 trillion in loans and guarantees to the indigent countries, and agreed tocrack down on tax havens and hedge funds. This money will prop up the worldspoorest countries. But, they failed to come up with a sweeping accord onstimulus spending that will batter the economic decline.

Towards a sustainable future:

With its roster of advanced andemerging economies, the summit was planned to address the burning question ofsustainability. Economist Sylvia Ostry positively asserted that sustainabledevelopment by a new institution with experts from a variety of backgrounds isthe best contribution, the G20 could make. This requires the reduction ofemission of greenhouse gases into the atmosphere, as well as greater energyefficiency.

Protests:

As is a coin with two sides, the G20 summit; brought in huge protests as well; leaving hundreds of protesters against the summit. The summit was encountered by apprehending protesters who disagreed on the issues, leaders, and meetings. The summit arena was enclosed by concrete barricades, and 10 feet metal fences ensuring security costing the Canada Government more than 1 billion USD.

The 2010 G20 is an instinctive sign of the rapid growth of countries like India and China with emerging economies gaining a permanent seat in the enlarged world body. The summit is positively declared as a success that is believed to be a turning point in pursuit of global economic recovery. It is too early to assess the G-20 performance. With the co-ordination of the IMF, the countries of the G-20 will formulate policies, and regulations to contribute to the global imbalance. The rhetorics of the summit must be backed with appropriate actions. The grand promises that are collectively taken at the interest of the countries worldwide would be taken seriously with an effective reinforcement mechanism.

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Fibre2Fashion

Published: Jul 2010

Glimpses of the G20 Summit: Achievements and Results

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Glimpses of the G20 Summit: Achievements and Results

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