The first G20 summit to be held in an emerging country, How was it organized?
Unlike G7 and G8 summits, which were attended only by the world's most powerful countries, the G20 Seoul Summit drew particular attention because it attested to the growing presence of emerging nations in G20. Korea did its utmost to ensure the success of the summit, which was held without any mishaps. By becoming the first emerging country to host a G20 summit, Korea was able to enhance its status in the global arena.
What expectations were placed on the G20 Seoul Summit?
The financial crisis that began in the U.S. affected not only the G8 nations but other nations as well. The world needed a new economic entity. The group of 20, which includes many emerging economies, was created as a result, helping the global economy tame the crisis. Emerging economies played an important role in that process. Korea drew the global spotlight for acting as a mediator between emerging and industrialized countries. But after overcoming the crisis, the involved nations embarked on protecting their own interests, resulting in a standoff over the currency issue, which was largely blamed for trade imbalances. At the previous G20 summit, which was held in Toronto, Seoul was mentioned eight times as the host-city of the next debate on the most contentious G20 issues. The G20 needed a new agenda and solidarity.
Agenda of Seoul G20 Summit
Korea was expected to act as a mediator between emerging and industrialized countries based on its experience of successfully overcoming a financial crisis. To that end, Korea suggested new issues for the agenda of the summit, such as bolstering the financial security network and the discussion of development issues, to let emerging economies have their say at the summit. How successfully has Korea fulfilled its role? We take a look at the results achieved by Korea as the host-nation of the G20 Seoul Summit.
Limitations of Trade Balance Guidelines and Results of IMF Reforms
The currency issue topped the agenda of the G20 Seoul Summit. All eyes were on the discussion of trade balance guidelines, which were regarded as a solution to the currency issue. Compromise between the U.S. and China was crucial. But the result fell short of expectations. The G20 nations only agreed to discuss trade balance guidelines in more detail next year. Some say the result was impressive given the fierce confrontation over the issue. Meanwhile, the summit produced notable results with regard to IMF reforms. We take a look at the outcome and limitations of the G20 Seoul Summit.
G20 Seoul Summit: Tasks Lying Ahead
The next G20 summit, which will be held next year in France, will tackle the agenda of the G20 Seoul Summit from a new perspective. French President Nicholas Sarkozy lauded the outcome of the Seoul Summit but he also showed his determination to solve economic problems through key currency reforms. His remarks presage changes in the status of the dollar, which has remained an international currency for many decades. We take a look at the tasks lying ahead, the future role of G20 and the role-making of emerging economies.