Abstract

NUDELSMAN, Susana. De Washington a Antalya: el G20 en busca del rediseño de la arquitectura financiera internacional. Ciclos hist. econ. soc. [online]. 2015, vol.26, n.45, pp.47-59. ISSN 1851-3735.

Arisen in the context of the need to open spaces for dialogue and cooperation with countries of different levels of development to address the main challenges of the global scene, the G20 gained prominence after the global crisis of 2007-2008. On that occasion, this forum for international cooperation took steps to prevent the collapse of financial markets, maintaining the confidence of consumers and entrepreneurs and mobilizing colossal amounts of fiscal stimulus packages worldwide that created or maintained millions of jobs which would otherwise have fallen. The achievements in financial reforms vis-à-vis the opening statements have been important. However, the effectiveness of these reforms in making more stable the global financial system has shown no equivalent progress. Moreover, it is still necessary to continue building more effective and representative international financial institutions. Also, the G20 has not produced significant progress with regard to the international monetary system. While global imbalances have diminished, the shortcomings of the system of global reserves, the absence of a global lender of last resort and the lack of adequate norms for the restructuring of sovereign debts are critical aspects of the current international financial architecture. In turn, it is worth questioning whether the G20 can be considered an autonomous actor or a mere forum where political interests between states are resolved, can allow emerging economies be "rule makers" instead of "rule takers", can overcome the short-term actions and provide a mechanism for long-term reforms, or can evenly distribute regional power. In total, the G20 has a long way to go.

Keywords : G20; Antalya; Crisis; Financial reforms.

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