A major, largely overlooked development of the recent financial crisis has been the emergence of the G20 as the informal steering committee of the world economy. In recent decades that function had been played by the G7, a group of rich industrial democracies. The shift from the G7 to the G20 signals the growing pluralism of world affairs and the rising influence of Asia.
PacNet #47 – The Seoul G20 Summit: Opportunity for and Challenge to Strengthening US-Korea Relations
October 12, 2010