As the United Nations has receded in influence and its Security Council has remained gridlocked, the G-20 has assumed greater weight. Despite the group’s inherent flaws—an unrepresentative body whose decisions depend on consensus and are not binding—it has succeeded in bringing together major players from the global North and South alike.
Over the past quarter century, the G-20 has arguably become the most significant forum for global governance in an increasingly fragmented world. What began as a gathering of finance ministers in response to the 1997 Asian financial crisis has grown into the key space where the world’s 20 largest economies attempt to address global challenges.
Over the past quarter century, the G-20 has arguably become the most significant forum for global governance in an increasingly fragmented world. What began as a gathering of finance ministers in response to the 1997 Asian financial crisis has grown into the key space where the world’s 20 largest economies attempt to address global challenges.
As the United Nations has receded in influence and its Security Council has remained gridlocked, the G-20 has assumed greater weight. Despite the group’s inherent flaws—an unrepresentative body whose decisions depend on consensus and are not binding—it has succeeded in bringing together major players from the global North and South alike.
Now, the arrangement is unraveling.
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