G20 summit confirms global financial crisis will deepen

The global political economic system was established with the Bretton Woods institutions, namely the International …

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  • The austerity program imposed on Greece as a solution to its deep economic crisis has transformed into a threat to the entire eurozone.

  • This analysis tries to evaluate the effectiveness of the G20 on changing the global financial landscape.

  • Turkey could be very active in pushing for a better deal from the IMF and the World Trade Organization (WTO) for developing countries in the context of crisis prevention strategies and the advancement of the Doha Development Agenda.

  • Turkey's policy entrepreneurship within the G-20 has been weaker compared to similar middle powers, but holding the rotating presidency presents a golden opportunity to upgrade its activism in economic diplomacy platforms.

  • Whatever the rating decisions on Turkey, it is essential that, as the next president of the G-20, Turkey brings the issue of the objectivity of rating agencies onto the global agenda.