September 06, 2015
Abstract: The G-20 finance ministers and central bank governors met in Antalya in 2015, seven years after Pittsburgh, to debate further guidance on preserving the stability of the financial system.
The Pittsburgh Summit had sent a strong message on the need for collective action to deal with potentially catastrophic financial crisis in 2008. The Antalya meeting emphasized the G-20’s role in averting the impending global financial crises, which appears to have China at its epicentre. This time around, collective action would need to focus on both financial and trade markets and their interconnectedness. Individual country approaches to competitive devaluation, which might benefit individual countries at the expense of global stability, would need be discouraged and a global consensus-based approach is to be promoted.
Keywords: G-20; Pittsburgh; Antalya; global financial crisis; competitive devaluation