G20 does not Really Weaken the Western Powers
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50 years, historians will have someone to sit down and the official account of the history of Western decline, there may be a few lines of text which describes in October 2010 happened. In this month's Group of Twenty (G20) meeting, European finance ministers have agreed to sell at the International Monetary Fund, the part of the voting rights and board seats. Beneficiaries will be Asia's emerging economies, especially China and India.
On paper, it seems a small concession in Europe. EU countries will still control 25% of IMF voting rights, while China and India has a total of about 10% of the voting rights. However, this agreement is important in politics, especially since this is reached in the Group of Twenty. Group of Twenty major economic decision-making mechanism as the world financial crisis is a sudden phenomenon. Its importance is very prominent. This mechanism of non-emerging countries of Western Europe and the U.S. have the opportunity to equal, reflecting the era of post-crisis changes in the global economic balance.
The consolidation of the Group of Twenty and the European Union in the International Monetary Fund, the multilateral agencies in the retreat are to grasp power by the European powers gradually transition to the new performance. Another agreement reached this year, will also allow non-Western countries in the World Bank have more power. After the Cold War, European countries use its International Monetary Fund and the United Nations and other multilateral institutions to strengthen their own influence on the international stage role. Now they make other countries to assume greater responsibility and adopted a new strategy.
United States has been encouraging, and sometimes even threaten their European allies continue to implement the strategy. While European diplomats agree with the need to continue along this path, but some people complain of Americans do not intend to sell their own in international organizations influence. With the rules of the International Monetary Fund, the United States has accumulated enough votes they do not like the power to veto the proposal.
Although there is tension sides of the Atlantic, but the biggest mystery in Beijing, Brasilia and New Delhi's political strategists will follow the Western rules of the game. Now is not clear whether they will do so. By the European Council on Foreign Relations has recently published a report on China's report pointed out that China and around the West about whether the trust has a deep differences. One skeptical analyst suggested that the Group of Twenty is a "shell", for through the International Monetary Fund and World Bank "to challenge U.S. control of the world" did not play any role.
Some countries suggested that the Western powers seem to indicate that the behavior of international institutions is their responsibility. Others believe that the establishment of the Group of Twenty dispersed restructuring the UN Security Council for more and more difficult problems of attention. International Monetary Fund and the World Bank in the management of slow and relatively small changes are just some insignificant act. "The Hindu" the columnist talking about the International Monetary Fund complained that the voting change: "We made only marginal influence on the structural changes, fundamental changes have yet to be happening." |
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By :
Jessie Stone
Submitted
2010-11-09 02:35:50 |
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