G-20
The G20 was created with a certain spirit in mind: global problems require global solutions. A decade earlier, former Canadian Prime Minister Paul Martin and former US Treasury Secretary Lawrence Summers saw a vision, after experiencing the 1990’s financial crisis, they realised that existing G-7 was not enough to deal the world’s problem. More voices are needed on table to deal the world issues.
The European Union and 19 other nations make up the G20, sometimes known as the Group of Twenty. It strives to address important global economic concerns
They were successful in establishing the G20 finance ministers’ meeting, but it wasn’t until 2008 when another financial crisis struck that prime ministers and presidents finally got together for the first G20 Leaders’ Summit.
G-20 Summit in Bali
This year head of the states gathered in Bali under the theme, “Recover Together, Recover Stronger”. They relook the issues like security issue in Europe, energy crisis, and financial debt crisis in middle income countries.
Russia-Ukrain War Issue
Russia’s war in Ukraine has overshadowed the summit. Leaders reiterated that the ongoing war in Ukraine has a negative impact on food and energy security and has caused shockwaves around the globe. German Chancellor Olaf Scholz said it was good that the G20 found “clear language” to condemn Russia’s invasion.
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Poland Missile landing Issue
Poland missile attack brings attention of the world leaders, as Poland is a NATO member. Initial findings from US officials said the missile that landed in Poland could have been a Ukrainian anti-aircraft missile fired to intercept an incoming Russian rocket.
Deteriorating Debt Issue
The G20 declaration also discussed the “deteriorating debt situation” in some middle-income countries.” The G20 leaders called for a solution to debt treatment requests and a fairer share of the burden. G20 central banks also vowed to keep global inflation in mind as they calibrate monetary tightening.
As G20 summit is not the place to discuss the security issue, but whole summit was overwhelmed by Russia – Ukrain war. Leaders did try to stop the ongoing war, bring peace to europe, and stop the global energy crisis and global food crisis. Whole world is looking towards the summit outcome in coming days.
