Global Economics Monthly: Can Turkey Breathe New Life into the G20?
February 25, 2015
Earlier this month in Istanbul, Turkey hosted the first major event of the G20 year, the annual kick-off meeting of finance ministers. The gathering ended with a bland seven-page communiqué in which ministers agreed to “continue to assess major risk scenarios in the global economy and remain vigilant,” yet had little concrete to offer on brewing problems, from widespread deflation to euro-zone fissures to prospective currency wars. This is not all Turkey’s fault, but Ankara will have to do better if it hopes to demonstrate the continued relevance of the G20 as the self-described “premier forum for our international economic cooperation” and to show that Turkey punches above its weight in global affairs.