The G20 yesterday planned to approve a greater voice for Asian and Latin American countries in a historic shift that recognizes the rising influence of both regions.
The leaders of the world’s 20 largest economies began a two-day meeting on Thursday dedicated to fostering a healthy global economic recovery, and European leaders were expected to secure a priority of their own: limit on bankers’ bonuses.
But economic developments were overshadowed yesterday by news that US President Barack Obama, French President Nicolas Sarkozy and British Prime Minister Gordon Brown demanded that Iran fully disclose its nuclear ambitions “or be held accountable.”
They threatened new sanctions after the disclosure of a secret Iranian nuclear facility.
On the economy, the leaders decided the G20 will serve as the board of directors on global economic cooperation, a function that for more than three decades had been performed by a smaller club: the US, Japan, Britain, Germany, France, Italy, Canada and later Russia. The G20 includes such developing economies as China, Brazil and India.
The G8 will, however, continue to meet on matters of common importance such as national security. Obama initiated the move, to be announced yesterday, the White House said.
The measure underscores how the world’s balance of power has shifted since a small group of wealthy, industrial countries began meeting in the mid-1970s in an effort to respond to oil shocks, stagflation and other economic crises of that period.
The Pittsburgh meeting marked the third G20 leaders summit in less than a year as the countries continued to grapple with a debilitating economic downturn that has resulted in millions of unemployed around the world, the loss of trillions of dollars in wealth and massive amounts of government stimulus spending.
The leaders trickled into Pittsburgh throughout Thursday — most of them in from New York, where they attended the opening of the UN General Assembly. Later, they gathered with their spouses for a welcoming reception before parting for separate banquets on Thursday night.
The Pittsburgh G20 meeting did have one thing in common with recent G8 meetings: protesters seeking to demonstrate unhappiness with global capitalism. Police fired canisters of pepper spray and rubber bullets at several hundred demonstrators who had tried to march toward the convention center.
RSS