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G-20 is In Need Of a Secretariat or Not - Essay Example

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Name: Instructor: Course: Date: Introduction The G-20 is a group of twenty finance ministers and central bank governors form 20 major world economies, which can be divided into 19 countries and the European Union; the leadership of the group rotates annually among the members for a select group of countries so that each may be represented in some capacity…
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G-20 is In Need Of a Secretariat or Not
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Download file to see previous pages However, detractors who claim that the manner in which power is divide makes it difficult for the consistency and objectivity of the forums agenda since different countries and bloc are likely to focus too much on their own interest and alienate those of the other member states have often contested this. Over the years since its inception, G20 has become a major force in matter of global politics and social economic interest; it has consistently provided a useful forum for developing solutions for the challenges facing the world economy. The sessions of the G20 provide a financial outlay that is has proven critical in providing for and planning for the resources that constitute the IMF and other development funds. At the leadership level, G20 it can rightfully be viewed as the de facto forum for international dialogue and through its financial agreements that cut across geopolitical boards necessitated by globalization are arranged and coordinated. To its credit, G20 has been greatly successful and effective in meeting its objectives and through it, numerous treaties have been negotiated and ratified, there is no doubt that it does and will continue to be critical for the stability of global fiscal and social economic stability. ...
Nevertheless the system of governance that existed when it was a ministerial affair seem to have been retained, consequently, it is operated what can loosely be described as an informal way. Even today, G-20 is still without a charter or a secretariat, consequently it limits the organization in a myriad ways especially concerning administrative powers and begs the question if the purpose for which it was set can really be fulfilled without a more formalized structure in place. As aforementioned, one of the most pressing concerns concerning G20 is it lack of a permanent secretariat, instead, a financial stability Board (FSB) plays some of the roles that would be normally carried out by the secretariat. This board, which was established in 2009 in London, was instituted with the aim of; creating strong and prudent oversight of principal and risk management in order to promote transparency. They were also charged with addressing valuation and ultimately change in the application and function of credit ratings; ergo the response by the authorities to risk and stress causing factors in the financial system can be strengthened. Notwithstanding its relative efficacy, a closer look at the issues addressed by G-20 will evince that they are not limited to the fiscal ones that the FSB was designed to deal with. Many other themes have emerged, many of them deviating from financial matters, such these include Policy Corporation between nations, social and political as well as climate change issues which are all related in various degrees of closeness to financial matters but which exceed the scope of the FSB in their non-financial concerns. Ceteris Pulibus, the FSB is not comprehensive enough in its scope to encompass all the matters that arise in the G20 meetings, ...Download file to see next pagesRead More
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