Heads of state and government from the Group of Twenty (G-20) advanced economies meet in the U.S. city of Pittsburgh on Sept. 24-25 to discuss continuing efforts at coordinating action to combat the global economic crisis. The meeting builds on summits held in Washington in November 2008 and London in April 2009 in which leaders discussed stimulus measures and new rules for the international financial system to confront the deepest global recession since World War II. Amid signs of recovery in some regions, G-20 leaders in Pittsburgh are expected to considerwinding down some stimulus measures. They will also likely discuss ways of increasing capital requirements for banks to help avoid collapses that battered the finance industry in the past year. The following is an outline of the policy issues that will command the most attention for each of the G-20 members.
While each of the twenty members of the G-20 technically has equal power, experts say Argentina, which represents one of the smallest economies involved, will have more limited influence than most. Argentina will seek to improve its sour relationship with the International Monetary Fund (IMF) and push for relaxing IMF conditionality on loans. In September, Argentina agreed in principle to open its books to the fund. Buenos Aires has sought a return to foreign debt markets since its massive debt default in 2002, and an IMF review would allow access to international money markets. CFR's Shannon O'Neil says Mexico and Argentina "want greater funding for the Inter-American development bank, which needs fresh capital." Argentina will workto foster increased participation of developing countries in international financial organizations.
Australia is expected to callfor a "robust framework" on global regulation and oversight in Pittsburgh, but has warned that too...