The Group of 20 (G-20) and its Role Changing Global Economic Governance

Authors

  • Beginda Pakpahan Political and economic analyst on global affairs at the University of Indonesia, Jakarta

DOI:

https://doi.org/10.14666/2194-7740-3-1-003

Keywords:

The G-20, Global governance, Flexible multilateralism, Advisory committee a steering group and development issues

Abstract

This article argues that the G-20 is an informal economic arrangement which was not significant before the latest global economic crisis. It has become an important institution since 2008 in order to respond to the current global economic crisis.

The G-20 is a coordinat- ing body of global economic governance which has a crucial role to coordinate its members and international financial institutions and thereby provide them with strategic policies on political and economic issues. Furthermore, the G-20 represents a flexible framework on managing global economic governance and monitoring the international financial system. It is a manifestation of flexible multilateralism in international relationship. Hopefully, the G-20 can be a revision of the old-fashioned architecture of global governance in the contemporary era.

Published

2015-01-13

Issue

Section

Articles