The T20 has come a long way – now it needs to take the next step
Think tanks have become a noticeable actor in the G20 process. This is a result of the changing nature of the G20 itself, which evolved from a crisis committee into a network focal point. In this process, it has become more inclusive vis-à-vis transnational networks of societal actors such as business, civil-society, women’s organisations, and labour unions. Complex realities need different perspectives – and they also need analysis and research-based recommendations, which is the task of think tanks.
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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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