The Hamburg Fiasco

There is no sign of any consensus coming out of the G20 on the need for a mix of globally coordinated policies and a fiscal push to pull the world economy out of recession. What we have once again is a set of statements that says everything and therefore nothing.

- C.P Chandrasekhar

THE meeting of leaders of G20 member-countries in Ham-burg, Germany, in early July was nothing short of a fiasco. Outside the meeting, the massive protest demonstration and the unwarranted aggression of a huge police force made it clear that these leaders lacked legitimacy. Inside, all that could be achieved was a “unanimous” communique, in which, in language rendered almost meaningless by diplomacy, the contrary opinions of the leaders, especially the differences between the United States and the other 19, were spelt out.

To the credit of the drafters of the declaration it must be said that they managed one half-truth at the beginning of the declaration, which says: “The G20 revealed its strength during the global economic and financial crisis some ten years ago when it played a crucial role in stabilising economies and financial markets.”