Tag Archives: New IMF

The G20, The IMF, And Legitimacy

Strong advocates of our new G20 process are convinced that it will bring legitimacy to international economic policy discussions, rule-making, and crisis interventions.  Certainly, it’s better than the G7/G8 pretending to run things – after all, who elected them?

But who elected the G20?  The answer is: No one.  And, in case you were wondering, there is no application form to join the G20 (although you can crash the party if you have the right friends, e.g., Spain).  The G20 has appointed themselves as the world’s “economic governing council” (to quote Gordon Brown).

Is this a good idea? Continue reading