White House announcement today —
Today, the President is inviting the leaders of the Group of 20 countries to a summit in the Washington, D.C. area, on November 15 to discuss financial markets and the global economy. The G-20 finance process, which includes key developed and emerging market countries, was established in 1999, after the last financial crisis with worldwide implications.
… G-20 members are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
This will be a strange event.Â Â
All polling trends indicate that it will be President-elect Obama by then, yetÂ withÂ 2 months of George BushÂ still go.Â Even stranger, the G20 does not feature most of the countries currently in the news (or Edward’s posts) as current or likely candidates forÂ needing national bailouts: Spain, Hungary, Iceland, Baltics, Pakistan.Â What they have is a 1990s sense of where a crisis might be, which is not to say that Argentina, Turkey, and South Africa don’t have their problems now.Â And of course getting the economies of the G20 back on track would help those not at the summit.Â ButÂ allowing for the general uselessness of summits, does thisÂ oneÂ have any hope of success?Â
Incidentally, the announcement strategically refers to the World Bank, IMF and UN invitees by their positions as heads of the organization and not name.Â A good hedge on DSK’s job status!