September 21, 2009
Abstract: With the abatement of the global financial crisis and unmistakeable signs of economic stabilisation, the upcoming Pittsburgh G-20 summit offers an opportunity for the group to turn to resolving the long-term issues, which involve three ‘global public goods’, namely:
- Global financial regulatory framework. Create a global financial regulatory framework, as the current system of disparate national regulatory agencies is inadequate and the need for some global risk mitigation mechanisms is apparent;
- Climate change. Develop a plan to deal with climate change, specifically determining how much of the burden of emission reduction should fall on each country; and
- Protectionism. Address growing protectionism, which poses a threat to the multilateral trade system.
In achieving a global consensus on these issues, G-20 enjoys a distinct advantage because of its size and composition.
Keywords: Pittsburgh Summit; G-20; global public goods; regulatory framework; climate change; protectionism; multilateral trade; mitigation; emission; global financial crisis