Briefing Paper

Project: International Economics Department

Paola Subacchi and Eric Helleiner
  • From many perspectives, the London Summit of the G20 leaders at the beginning of April 2009 was a success - and a hard act to follow. The discussion was framed around crisis resolution and the strengthening of the international financial architecture.
  • Beyond any concrete achievement, the success of the London Summit is that it morphed into an ongoing process with a rolling agenda, rather than remaining a one-off event.
  • Undoubtedly the Italian Presidency of the G8 has a hard task, being caught between the success of London and the decreasing relevance of the G8. But there is also scope for building a meaningful bridge between London and the G8 meeting in L'Aquila in July 2009, and continuing and strengthening the economic governance reform process.
  • There is an urgent need to continue to push for progress on a number of key items that were not adequately addressed at the London Summit and where progress can be made in L'Aquila - fostering clarity for the G20 agenda for the next meeting in Pittsburgh in September 2009.
  • With regard, in particular, to the reform of the International Monetary Fund, the Italian Presidency should use its G8 chair to initiate a dialogue on reform of the European representation, taking advantage of having all the key players gathered together in L'Aquila.