G20 redistribute power

The financial ministers and heads of central banks of the G20 states on Friday agreed to subject the seven major economies to checks in a bid to fight imbalances in the global economy. The decision will radically change the structure of the G20, the liberal daily Corriere del Ticino believes: "Officially the group of seven - to which in addition to the two emerging economies China and India the US, Germany, France, the UK and Japan also belong - will be monitored. ... The technical explanation is that these are the countries which contribute most to the economic performance of the group. ... However it is doubtful whether the monitoring will really lead to changes in the economic policies of these countries. ... The sub-group could easily turn into a kind of managing committee of the G20. It will no doubt talk of correcting imbalances. But it's only a short path for solutions initially agreed on within the committee to be passed on to the rest of the G20 countries."

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