socialmedian: Britain is left eating financial humble pie at the G20

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Britain is left eating financial humble pie at the G20

Source: The Guardian

Nov 08, 2009

Summary

Members of the eurozone were quite right to suspect 'Anglo-Saxon capitalism'

It was a somewhat chastened British government which hosted the meeting of the finance ministers and central bank governors of that new focus of global economic power, the Group of Twenty, last week.

In the run-up to the meeting at St Andrew's on Friday and Saturday, India's finance minister rubbed it in by boasting about the size of India's foreign exchange reserves (it has just made a huge purchase of gold from the International Monetary Fund) and about the Indian economy's relative resilience during the current financial crisis. By contrast, said Pranab Mukherjee, "Europe collapsed and North America collapsed".

There was certainly room on the table for humble pie at yesterday's meeting. The mere fact that the G20 has become the official political forum for trying to come to grips with the imbalances in the world economy is both a sign of changing power structures in the world and a reflection of the poor leadership of the traditional G7 (which still exists, comprising the US, Japan,

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