Markets aren't with Europe and US futures well up.
For a fora that is now 10 years old and of doubtful worth to the 12 countries added to it from the "core" G7 (the 13th member is the EU bloc) it has understandably got a lot of press in recent times.
The G-20, of course, sprung up after the 1997 Asian crisis. By 1999 when it was formally constituted everyone had recognised the dangers of unfettered capital flows, weak banking systems and risky private sector lending. It was thoroughly realized that these weaknesses could spread and magnify crisis regionally - and even globally. In the face of such a systemic threat the G-20 had to act and Do Something like hold a series of multi million dollar conferences in order to...wait a second...sounds oddly familiar....
Enjoy the rally and the fine communiqué bound to come by early afternoon. But spare a moment for this Der Spiegel interview with Joe Stiglitz published yesterday from which the following quote is taken:
"The governments will find the words to put a positive spin on the conference. If they can do anything, they can do that. Everyone will say that more regulation is necessary and that balance is needed between national sovereignty and common action in a globalized world. But how much substance will lie behind their words? I'm skeptical. "
NB: Photo credit to Getty Images from which this is a severe crop. Full pic here.