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Archive - Nov 19, 2008

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Global financial summit from G7 to G20; new strong voice of BRIC nations: Brazil, Russia, India and China

Summit on Financial Markets and the World Economy

(quote)

Western nations began to cede some control as countries including Brazil, India and China – which with Russia form the so-called BRIC nations – managed to guarantee a greater presence on the international stage.

All three will now join the board of the Financial Stability Forum – the global economic policy powerhouse that to date has been the bastion of the G8.

an overall view of world leaders attending the first Plenary Session at the G20 Summit on Financial Markets and the World Economy at the National Building Museum in Washington, November 15, 2008

Each is likely to play a stronger role in the reform of major institutions such as the International Monetary Fund than might previously have been witnessed under the old economic order.

The final summit communiqué also gave particular reference to emerging and developing economies, urging them to undertake commitments consistent with their capacities and roles in the global economy – a clear admission of their increased importance. read more »

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