(FT) G-20's high ambitions deliver meagre results

Self-styled as “the premier forum for our international economic co-operation”, the Group of 20’s latest summit failed to live up to its central ambition to create “strong, stable and balanced” global economic growth.

As they arrived in Cannes, the leaders of countries representing 85 per cent of global output found the agenda dominated by political turmoil in Greece and a eurozone crisis too hot for the G20 to handle. They had little success in making progress on their medium-term goals.

The G20 all but admitted that the so-called “Doha round” of trade talks, launched in December 2001, was dead; it produced an action plan for growth and jobs that committed countries to almost nothing they were not already pursuing; and left the international monetary system almost unchanged.

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Posted in * Economics, Politics, * International News & Commentary, Economy, Europe, France, G20, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--