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PacNet #25 – East Asia, the G20, and Global Economic Governance

East Asian members of the G20 must participate strategically in this emerging global forum. They need to make sure that the G20 can produce policies and actions that will help bring the global economy out of the current crisis as soon as possible. Existing international institutions have been helpless in dealing with the issues the world confronts and are in dire need of major reforms. There is now no better forum than G20. Essentially, it will act as a “steering committee for the world economy,” as Barry Eichengreen aptly said, and this forum should now replace the G7 or G8 for good.