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6 views

G 20

G20 information

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sms025225
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Other financial institutions with a view to avoiding a new crisis in the

future.

Federico Steinberg, an economist at the Real Instituto Elcano in


Madrid, told BBC Mundo that only at the G-20 will it be possible to
agree on answers to current needs.

“We need regulatory change and that change requires sufficient


legitimacy to gain the acceptance of all countries. The G-20 is an ideal
forum because it brings together the major economies and can be a
catalyst for reforms to be adopted by the IMF, the World Bank and
other institutions,” said Steinberg.

What is the role of emerging countries?

Emerging countries, including Argentina, Mexico and Brazil, account


for a significant share of international trade and output and have a
very important role to play in resolving the crisis.

“No decision will have sufficient legitimacy if it does not have the
support of the emerging countries because they make up an
increasingly significant portion of the world’s gross domestic product,”
said Fedrico Steinberg.

On the other hand, many of these economies, especially China and


India, are considered to be important growth poles and can help other
countries to emerge from the crisis by stimulating world demand.

What proposals are emerging countries bringing to this summit

Although there are differences in approach, there are points in


common among these countrsumm

Most of them are calling for greater representation in international


economic decision-making bodies.

In particular, they are expected to call for a reform of the quota and
voting system in institutions such as the IMF and the World Bank in
order to have more weight in their international decision-making
bodies.

Economist Steinberg also points out that these countries will ask for
greater responsibility in the working groups that will analyze the
proposals for reforming the international financial system.

What is the difference between the G-20 and the G7?

The G7 was established in 1976 as an informal forum of the seven


major industrialized economies: Canada, France, Germany, Italy,
Japan, the United Kingdom and the United States.

Its objective is to seek common solutions and strategies to address


the problems identified in the world, always according to the interests
of each country.

The G-20 was created in 1999 and seeks to reflect the emergence of
new and important players in the world economy. Its advocates claim
that in this way fairer and more balanced solutions for the global
economic system can be achieved.

Does the other G-20 have anything to do with it?

No. One is the G-20 made up of the group of industrialized countries


and emerging nations. The other is the Group of 20, which emerged in
2003 and represents the developing countries in the negotiations
within the framework of the World Trade Organization.

http://www.bbc.co.uk/mundo/lg/economia/2009/03/

The G20 Leaders’ Summits have taken place in:

Washington, USA, 2008

London, UK, 2009

Pittsburgh, USA, 2009


Toronto, Canada, 2010

Seoul, South Korea, 2010

Cannes, France, 2011

Los Cabos, Mexico, 2012

St. Petersburg, Russia, 2013

Brisbane, Australia, 2014

Antalya, Turkey, 2015

Hangzhou, China, 2016

Hamburg, Germany, 2017

The G20 addresses a broad thematic agenda that includes traditional


topics such as Global Economy, Financial Markets, Fiscal Affairs, Trade,
Agriculture, Employment, Energy, Fight against Corruption, and others
of recent incorporation, such as, Women’s Participation in the Labor
Market, Agenda 2030 for Sustainable Development, Climate Change,
Global Health, Fight against Terrorism, Inclusive Entrepreneurship and
Refugees and Migrants, among others. Argentina will have to decide
which are its priorities within the framework of this agenda, and even
include new topics, without losing sight of the need to focus the work.

Traducido con DeepL https://www.deepl.com/app/?


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