Global Economics Monthly: Twin Peaks: The G8 and the BRICS
June 12, 2013
Nearly four years after he and fellow leaders declared the G20 “the premier forum for our international economic cooperation,” why is President Obama joining a clutch of mainly European counterparts in Northern Ireland this month for a G8 Summit? Surely the select group of advanced industrialized countries that first assembled almost four decades ago (later joined by Russia) no longer has pretensions to be the steering group for the world economy? Or perhaps the point is to establish a G8 caucus in the G20 to counter a coalescing clique of emerging economies, Brazil, Russia, India, China, and South Africa, a.k.a. the BRICS? Unfortunately, like most things in global economic governance, it’s not that simple.