The G-20 is a hodgepodge of advanced, emerging and developing economies with varying vulnerabilities in financial systems and institutional stability. Insofar as there is an asymmetry, it makes for different priorities. Cross-border finance and transactions on capital account are dominated by the advanced economies, and global liquidity is heavily dependent on the U.S. dollar despite recent attempts, principally by China and Russia, to mitigate its influence. Unless there is a real crisis as in 2008, not much can be expected other than the usual pablum. On the other hand, the Trump-Xi private meeting has led to a temporary truce and helped to alleviate the effects of the ongoing trade war that is disquieting markets.
COP24
is another matter for it has to address an
existential issue, an issue that could threaten the well-being and
lives of our children and grandchildren. Is Donald Trump's lacuna on
global
warming unique or shared conveniently by others? Will UN Environment be
given some muscle or will it simply continue to report the paltry
efforts of the members? We just have to wait and see how seriously the
world's leaders view an issue increasingly evident in the uncommon
severity of weather events.
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