Global Economics Update: Prudence and the G-20
August 2, 2012
The G-20 has widely come under fire for being a high-profile “talk shop” for global leaders. Not only has it failed to deliver much of substance since the early days of the 2008–2009 financial crisis, the argument goes, but it has a poor track record of following through on prior commitments. However, one of the unsung successes of the G-20 has been its steady progress toward building a more resilient international financial system. The continuation of this work—and regulators’ ability to resist complacency post-crisis—will be a key test of the G-20’s lasting relevance.