Now is time to take stock of the G-20. Just over five years ago, during the free fall of the global financial crisis, representatives from 20 of the world’s leading economies agreed to gather twice a year in order to develop a more sustainable regulatory framework for financial institutions. In this CEPS Essay, Karel Lannoo highlights many signs of promise, for example, the group has agreed on a new framework for regulatory standards for each country’s most important financial institutions and tasked a Financial Stability Board (FSB) with monitoring adherence to them. At the same time,however, he notes that the G-20 has fallen short of some expectations and continues to show serious flaws.
Karel Lannoo is Chief Executive Officer and Senior Research Fellow at CEPS. This paper was originally prepared for the Lowy Institute Think 20 Meeting, Sydney, 11 December 2013. An abridged version of this Essay was published in Foreign Affairs.com, “G-20 Plus Five: The Economic Forum's Mixed Record”, 27 February 2014 (www.foreignaffairs.com/articles/140972/karel-lannoo/g-20-plus-five).
