“Goodbye G7, hello G20.” That was the headline on an article in The Economist on the first summit of the Group of 20 in Washington in 2008, which argued that this represented “a decisive shift in the old order”.
Today, hopes of a co-operative global economic order, which reached their zenith at the G20’s London summit in April 2009, have evaporated. Yet, it is hardly a case of “Goodbye G20, hello G7”.
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Martin Wolf is chief economics commentator at the Financial Times, London. He was awarded the Commander of the British Empire in 2000 “for services to financial journalism”.
