Editor's Note

The seventh Leaders' Summit of the Group of 20 (G20) opened in Los Cabos, a coastal resort in Mexico, shortly after 3 pm, local time, Monday.

Mexican President Felipe Calderon delivered the opening speech to welcome leaders of the world's industrialized nations and major emerging economies to the first plenary session of the two-day event with the global economic crisis on top of its agenda.

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China urges bigger role for emerging G20 nations China has jostled to ensure the European debt crisis does not overshadow the need to address unbalanced development in the global economy at the G20 summit in the Mexican resort town of Los Cabos.

G20 summit to focus on EU debt The upcoming G20 summit will see the leaders of the world's major economies pursued by Europe's debt storm all the way to Mexico, during which the European countries are expected to reach a consensus on addressing the crisis.

Hu, Calderon hold talks ahead of G20 summit Chinese President Hu Jintao met with Mexican President Felipe Calderon Sunday in Los Cabos to talk about China-Mexico relations and other issues concerning the two countries.

Highlights

Photo: eastmoney.com	EU debt G20 summit to focus on EU debt woes The upcoming G20 summit will see the leaders of the world's major economies pursued by Europe's debt storm all the way to Mexico, during which the European countries are expected to reach a consensus on addressing the crisis. Eurozone crisis to dominate G20 summit Obama calls leaders on G20 summit, eurozone crisis China hopes G20 summit buoys Europe's confidence in economic revival
Photo: Sun Ying/GT	Financial reform Global financial reform efforts likely to be stifled at G20 summit The G20 summit is currently taking place in the Mexican city of Los Cabos. Since the financial crisis of 2008, every summit of G20 has attracted global attention, and this one is no exception.
Photo: eastmoney.com	Economic growth G20 urged to revitalize global economic growth The Group of 20 should take coordinated actions to revive economic growth prospects worldwide on a sustainable basis as European debt crisis is deteriorating, the Institute of international Finance (IIF) urged here Thursday. Securing growth, promoting stability top priority of G20 members, says Chinese president S. Africa to focus on growth, fair trade at G20   EU leaders to focus on growth at G20 Mexico Summit
Photo: eastmoney.com	IMF recapitalization Brazil raises G20 stakes on IMF pledge Brazil raised the stakes ahead of next week's Group of 20 summit on Tuesday by saying it may cap its contribution to a planned funding increase for the International Monetary Fund unless there are firm promises to give emerging markets more say at the international table. China to contribute $43 billion to IMF recapitalization

Int'l Concerns

Host: Mexico	Economic stability Mexican President Felipe Calderon on Tuesday said the upcoming Group of 20 (G20) summit would focus on promoting economic stability.
China	Bigger role for emerging G20 nations Chinese assistant FM urges G20 to focus on economic governance The G20 should work closely together on the basis of its leaders' consensus to tackle global economic instability and promote growth, China's assistant foreign minister said here.
Germany	Summit should go beyond eurozone debt crisis The German government believes that the summit should go beyond the debt crisis in the eurozone and look into problems concerning global economic recovery and growth, including improving the poor financial status of the United States.
Japan	Global financial security  Noriyuki Shikata, Japanese government spokesman, said the eurozone debt crisis and the need to maintain global financial security shall be the key topics at the summit.
Brazil	Concerted action among major economies Brazil to tout concerted action at G20 Leaders' Summit The world's leading economies, especially those in Europe, must work together to combat the current global financial crisis, Brazilian President Dilma Rousseff said Monday.
US	Debt crisis in Europe Obama calls leaders on G20 summit, eurozone crisis US President Barack Obama on Wednesday separately called European Council President Herman Van Rompuy and Mexican President Felipe Calderon to discuss the ongoing eurozone crisis and the upcoming G20 summit, the White House said in a statement.
EU	Four priorities President of European Council Herman Van Rompuy and President of the European Commission Jose Manuel Barroso said in a joint letter sent to the 27 EU members' leaders recently that the EU should focus on promoting economic growth and employment, strengthening the international financial architecture, making substantial further progress on financial market reform, and tackling food security and promoting development.
More	What to be discussed at G20 Los Cabos summit?

Comments

Global financial reform efforts likely to be stifled at G20 summit

The G20 summit is going through a difficult transition from a mechanism to deal with crises to one for global economic governance. But the G20 members are now focusing too much on their own interests and affairs, especially some developed countries that even adopted measures like trade protectionism and exchange rate wars to safeguard their own economic interests. This makes it hard to predict the results of the Los Cabos summit in Mexico.

Fixing eurozone crisis not G20's job

The G20 summit was first established in November 2008 with the aim of dealing with the shock of the 2008 global financial crisis. The G20 summit has had to deal with major economic crises since its inception. It is not new.

What is new this time, however, is that the crisis is affecting Europe more than the rest of the world, while the 2008-09 crisis was a common crisis for all countries of the world. The situation now makes it harder for countries to come together and cooperate. But ultimately, it is not up to the G20 to solve the eurozone crisis, but Europe.

G20 summit should address major concerns of developing nations

As a matter of fact, the developing nations, especially the emerging economies, have already contributed more than their fair share over the past few years to help the global economy recover.

However, compared to their remarkable and substantial contributions, the developing nations are still underrepresented in many of the world's powerful multinational organizations such as the International Monetary Fund (IMF) and the World Bank (WB).

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Backgrounder

The Group of 20, or G20, is the premier forum for international cooperation on the most important aspects of the international economic and financial agenda. It brings together the world’s major advanced and emerging economies.
 
The G20 includes 19 country members and the European Union, which together represent around 90% of global GDP, 80% of global trade and two-thirds of the world’s population.
 
The objective of the G20 is:

 1. Policy coordination between its members in order to achieve global economic stability, sustainable growth;

2. To promote financial regulations that reduce risks and prevent future financial crises; and

3. To create a new international financial architecture.

The G20 groups Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, the Republic of Korea, Turkey, the United Kingdom, the United States, as well as the European Union.

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