In reality, the world is as diversified and polarised as ever. There are just no global leaderships after this economic crisis. The United Nations has have failed miserably. All the world institutions like World Bank and IMF, the leadership is anaemic at best. Regional groupings European Unions, APEC, ASEAN, OPEC, OECD are just too preoccupied with the problems facing its own members. And internal disagreements and squabbles can be a hindrance rather than cooperation.
G7, the most prestigious rich man club who use to dictate economic directions for the world has chosen to be silent. In a recent meeting, even the great photo opportunity of who is who was quietly forgotten. This meeting ended with a whimper with nothing solid on measures to overcome this global financial mess. It appears to me that this rich man club has surrendered it moral authority to set new standards and formulate economic strategies
As this is a crisis global in nature, there must be a global solutions and the best forum to address the failure of banking system, monetary policies, protectionism and so forth has to be defaulted to the G20.
G20 is a group of 19 countries and European Union. I checked with Wikipedia, it is
“The G-20 (more formally, the Group of Twenty Finance Ministers and Central Bank Governors) is a group of finance ministers and central bank governors from 20 economies: 19 of the world's largest national economies, plus the European Union (EU). It has also met once at heads of government level, in November 2008. Collectively, the G-20 economies comprise 90% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.[2]
The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization”...........Wikipedia
In Asia, the countries included are China, India, Indonesia, Japan, South Korea and Saudi Arabia. Indonesia has agreed to represent Asean. This means Singapore will be represented by our neighbour.
This meeting will be attended by all the heads of the states including Obama and Hu Jintao in London next month. The meetings of the finance ministers and Head of States will present an ideal opportunity for world leaders to implement a new financial architecture and formulate strategies acceptable to majority to overcome the current global economic meltdown. The European and American should also use this platform in improve cooperation and reduce political tensions, stop scoring political points with democratic ideals and human rights records. It has to be agreed that economic solutions and cooperation must trump over any other issues at this time and work together to overcome the global recession. It must remained focus and not distracted. Failure is not an option and consequences will be unimaginable.
Other important matters like the environment issue too have to be discussed and work out long term solutions. Security issues like terrorism, nuclear proliferation involving Iran and North Korea would have to take the back seat for the moment. The Palestinian, Sudan and Tibet problems should be discussed in another forum.
The security apparatus in London need to do a good job to keep out unnecessary demonstrations to hijack the agendas or distract the G20
participants from concentrating their effort to come out with a comprehensive solution to weather this global recession.
Let’s watch out the outcome of G20 meeting next month and let read the commentaries from major media preceding this summit.
-----------------------Living to see the world------------------------------
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