ID :
50514
Sat, 03/14/2009 - 15:43
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Shortlink :
https://www.oananews.org//node/50514
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(EDITORIAL from the JoongAng Daily on March 14) - All eyes on G-20
The G-20 summit to be held in London in April has come under the global spotlight as
the meeting is expected to help the world come up with measures to tackle the
ongoing economic crisis.
It has already been confirmed that this crisis cannot be relieved through the
efforts of individual countries. It is also certain that existing global financial
organizations such as the International Monetary Fund can???t help resolve the
current situation whereby crises sprout across the world simultaneously.
The G-7, a forum for the finance ministers from a group of seven industrialized
nations, doesn???t seem to be capable of easing the crisis, either.
This is the primary reason that the G-20, whose member countries account for 80
percent of global trade, has decided to join hands to propose an appropriate
solution.
Should the turmoil persist, world trade is expected to shrink by 5 percent and
economic growth will fall into minus figures.
Unless countries free themselves from the net of globalization, no country will be
able to escape the economic crisis.
In other words, without international coordination, no single country can get out of
this crisis alone, which is why the measures the G-20 summit will produce are
receiving unprecedented degrees of attention.
The key subject of discussion at the summit will be how each country focuses on
boosting the economy, comes up with a new financial regulation system and blocks the
spread of protectionism.
However, some of the major participating countries are already showing signs of
disagreement ahead of the summit. The United States and Europe are engaged in a war
of nerves over expanding government spending to prop up the economy, and different
countries have varying interests over the adoption of a financial regulatory system.
In addition, major economies spearheaded by the United States are rushing to
introduce protectionist policies. If this situation continues, there seems no real
way out despite the best intentions of the G-20.
What counts the most now is forming a consensus that without international
cooperation, the world could crash. In addition, we need leadership that stands back
from mere egotistical posturing.
In the meantime, the G-20 members should mobilize every possible means to overcome
the crisis, deep in the knowledge that they have to save the world.
As one of the co-chairs, Korea???s role has become all the more serious.
(END)
the meeting is expected to help the world come up with measures to tackle the
ongoing economic crisis.
It has already been confirmed that this crisis cannot be relieved through the
efforts of individual countries. It is also certain that existing global financial
organizations such as the International Monetary Fund can???t help resolve the
current situation whereby crises sprout across the world simultaneously.
The G-7, a forum for the finance ministers from a group of seven industrialized
nations, doesn???t seem to be capable of easing the crisis, either.
This is the primary reason that the G-20, whose member countries account for 80
percent of global trade, has decided to join hands to propose an appropriate
solution.
Should the turmoil persist, world trade is expected to shrink by 5 percent and
economic growth will fall into minus figures.
Unless countries free themselves from the net of globalization, no country will be
able to escape the economic crisis.
In other words, without international coordination, no single country can get out of
this crisis alone, which is why the measures the G-20 summit will produce are
receiving unprecedented degrees of attention.
The key subject of discussion at the summit will be how each country focuses on
boosting the economy, comes up with a new financial regulation system and blocks the
spread of protectionism.
However, some of the major participating countries are already showing signs of
disagreement ahead of the summit. The United States and Europe are engaged in a war
of nerves over expanding government spending to prop up the economy, and different
countries have varying interests over the adoption of a financial regulatory system.
In addition, major economies spearheaded by the United States are rushing to
introduce protectionist policies. If this situation continues, there seems no real
way out despite the best intentions of the G-20.
What counts the most now is forming a consensus that without international
cooperation, the world could crash. In addition, we need leadership that stands back
from mere egotistical posturing.
In the meantime, the G-20 members should mobilize every possible means to overcome
the crisis, deep in the knowledge that they have to save the world.
As one of the co-chairs, Korea???s role has become all the more serious.
(END)
