G20 replaces G8

Canada was last week the setting for both the G8 and the G20 summits. The daily Latvijas Avīze analyses the shrinking significance of the world's eight leading economies: "The big eight are dwindling in importance and attract much less attention than they used to, even from anti-globalisation activists and other protesters. This year too, the latter journeyed to the country where the summit took place but they gathered in Toronto, the location of the G20 summit. That this format has in recent times increasingly become the focus of attention is partially thanks to the slogans of European politicians like Nicolas Sarkozy who call for a reform of capitalism. At the same time however the Europeans can achieve little here because the G20 summit is more about how the US and China define their economic relations."

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