The G-20 leaders officially declared the role of G-8 will be replaced by G-20. The decision was considered as a great and historic leap toward the establishment of a new world order, at least economically.
G-20 contributed 90 percent of world gross domestic product, about 60 trillion U.S. dollars. Diplomats said the G-8 still exist, but the focus noneconomic.
G-20 is an informal organization and not binding, but the effect is large enough to push the launch of a multilateral policy. G-20 will change the world elite, which previously dominated the rich countries become an elite group with a combination of a developing country with bright prospects as well as rich countries.
The White House, Washington, DC, Thursday (24 / 9), stated, “The decision was aimed at leading to the negotiating table the countries are required to create a global economy that is more balanced and stronger. The role that countries needed to design financial reform and liberate the poor. ”
Nearly all welcomed the decision except Japan, are disappointed that China is always jammed Japan become permanent members of the Security Council of the United Nations. Prime Minister of Japan Yukio Hatoyama not enthusiastic about the role of G-20 replaces the G-8.
However, political professor Shinichi Nishikawa from Meiji University in Tokyo, said, “It is unrealistic to discuss global issues without involving China or India. It describes the end of an era. The existence of Japan faded, and it was not inevitable. ”
Australian Prime Minister Kevin Rudd said, G-20 had already had to become an important agency to strengthen the global economy in the future. “G-20 now allows Australian voice in global economic management, which directly affect us,” Rudd said about the G-20, which officially became the main forum of the world economy.
The decision was an initiative of U.S. President Barack Obama, and approved by the leaders of G-20. This decision is a victory of Obama, who before becoming president was proclaimed the world a more listening to the aspirations of global citizens rather than just a small group dominated by developed countries. Obama recognizes the role of China and wanted reform of global financial architecture.
The voice in the IMF
Change the position of G-20 that contains many meanings, including admission to the developing countries are to move forward the global economy. “As one example, we can no longer expect the U.S. consumer economy can be a catalyst. We now can not help but to expect the economic role of Brazil, India, China and even Southeast Asia, “said World Bank President Robert Zoellick told CNN television.
Improving the status of G-20 has a sense of potential changes in the global financial architecture, which so far dominated the West through the International Monetary Fund (IMF) and World Bank, the economic prescriptions that instead helped plunge the country.
G-20 agreed to make the IMF into the world body more representative of the interests of 186 UN member states. Veto power in the IMF will also be made more balanced. Today developed countries voting rights in the IMF’s 57 percent to 43 percent for developing countries. Voting rights will be made to be 50:50. Year 2011 is a time limit on voting rights reform of the IMF.
G-20 leaders also agreed that the IMF, which had been occupied Europe, will be selected based on individual qualifications, not nationality.
RI President’s desire
Decision G-20 was also in accordance with the wishes President Susilo Bambang Yudhoyono who suggested that G-20 became a permanent organization. Indonesia will host the G-20 in 2013. President of the presidensby.info site says it will fight for the interests of developing countries through the G-20 forum.
A Tony Prasetiantono economists said rising status of G-20 has great significance for Indonesia as one of the member states. He said the forum G-20 will make Indonesia can voice their interests directly rather than have only a bystander to the G-8.
For example, Tony said, Indonesia will be able to encourage faster debt reduction, which accumulates, not solely the fault of the recipients of debt, but also due to the donor country policies. Through the forum G-20, Indonesia can articulate the injustices of global trade, including the practice of dumping the casually blamed on developing countries, including Indonesia.
Wahyu Susilo of Migrant Care Indonesia reminded to make G-20 as a forum to voice self-interest and developing countries. He challenged Indonesia to change from the status of a participant that does not mean being a pioneer in the G-20.
Indonesia has the potential to become one of the country to listen to his opinion in this forum. “Agreement on the G-20 is an agreement on a global scale. There needs to be agreement that efforts can be implemented and acted upon. If not, there will be no more beneficial for us, “said a lecturer from the University of Atma Jaya, A Prasetyantoko.
Indonesia also requested Prasetyantoko mannered international caliber, including tackle corruption and other weaknesses, the status of Indonesia in the world elite is not invalidated because of his own weakness. “If we do not change, there would be no meaning.”
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09 25th, 2009
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No Comments »Tags: business, finance, financial, g20, g8, global economy, global issues, investing, negotiating table, pittsburgh summit, security council
btps7uwh9z. Dollar “rebound” (turned up) of the transaction the new lowest local time Thursday or Friday morning, WIB, and traded mainly higher due to the financial markets to see new turmoil after reports that the U.S. housing sector weakened prudential encourage new investors.
Stock futures opened on Wall Street, New York, Monday (21 / 9) weakened. Value stocks futures S & P 500 fell 0.6 percent was recorded, the Dow Jones fell 0.5 percent and the Nasdaq 100 fell 0.7 percent.
G20 leaders have agreed to restructure the world economy by reducing inequality between countries running big deficits and they are surplus. Toward the summit meeting of leaders of the world’s largest economy, large exporters such as Germany and China have agreed to big debtors like the United States about the need for measures to balance these goals.
