A New World Order in the Making

The world leaders meet at the G20 Summit in London with the motto of Stability Growth and Jobs has ended marking a turning point in the world history. Overall, there have been mixed responses regarding the success of the Summit.

The distinction between the developed and the developing countries seemed to fade away as there was marked difference in the particularity of America. China Brazil and India drew as much attention.While the G20 meet did end in global settlement to boost the world growth there have been some misses. Here are some of the highlights from the Summit.

Hits

• US president Barack Obama called the Meeting Historic in its pursuit to recover from the financial quagmire.
• IMF's managing director was happy after the summit and especially enthusiastic about IMF issuing $250bn worth of its own currency, the SDR. Top jobs in the IMF will be open to people from all parts of the world which until now had only Europeans on them.
• Countries like China and India have been given bigger say in the working of this international institution.
• Leaders called the summit a "real progress" in efforts to enforce tighter regulation of the financial system.
• G20 meet succeeded in inciting cooperation on crackdown on tax havens as also greater support for the poorest countries.

Misses

• The Summit's biggest failure is being seen in its inability to settle on a global plan for recovery from the crisis.
• There have been no major deals on plans of co-ordinated global stimulus packages.
• A representative from the World Development Movement said one of the biggest misses of the summit is that leaders failed to get a consensus on a global green new deal that puts the interests of poor people and the environment as an important part of the international trade and finance.

On the whole the summit is being as mixed bag of goodies. The summit is being widely considered to have taken only insufficient measures to meet the challenges facing the global economy even while a clearer financial structure is expected to emerge out of the chaos.

It remains to seen when and how the pledges at the Summit get transformed into real worth.
The G20 Summit is best being regarded as embarking of the journey of a new beginning.

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