G20 Italy 2021 at the crossroad between closure and the revamp of multilateralism
By Sosinda on pixabay
Multilateralism reached its low point in 2020 with the crystallization of the confrontation between major global powers, the further rise of nationalism, deglobalisation and trade protectionism that even threatened access to medical products and more recently Covid-19 vaccines in the midst of a pandemic. The latter profoundly affected global health, peoples’ livelihoods, and deteriorated existing systemic problems, from climate change to inequality, and intensified national reflexes as the G20 leaders turned their focus on domestic management of COVID-19. All these factors stood in the way of a successful G20 Riyadh Summit in November 2020 and still dominate the multilateral landscape in 2021.…
The G20 has been mired in an ongoing crisis for years. After the G20, newly formed ten years ago at the level of heads of state and government, initially overcame the economic and financial crisis more or less successfully, the question quickly arose as to its role beyond reacting to crisis. Instead of taking on a proactive role as a strategic steering committee for the global economy, driving reforms and ensuring the provision of global public goods (such as climate protection and free trade), the G20 proceeded to jump from one issue to the next. The fact that its presidency changes every year has contributed to this ‘issue hopping’.
The G20 Finance Ministers and Central Bank Governors are meeting this weekend in Fukuoka, Japan, for their final meeting ahead of the G20 Summit at the end of the month. One issue that should feature high on the agenda is the rise of debt levels in many developing countries.
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