This week, the G-20 Leaders met in Pittsburgh to discuss the economic crisis for the third time in a year. Unfortunately, it was more of a symbolic meeting than an actual solution.
For those who don’t know, the G-20 is a group of leaders from 20 countries around the world who get together to discuss economic policies. These 20 countries comprise a huge portion of the world’s economy and population, so the G-20’s discussions and decisions have a big impact.
At their most recent meeting, Yahoo! News reports that they made several big decisions. The first was to keep stimulus plans, such as the one currently being carried out in the United States, in place. They decided to hold each other to a peer review process concerning their economic decisions, which is supposed to make sure that each member is doing what is right for everyone. They also decided to enforce stricter financial regulation, remove protectionist policies, and combat global warming economically.
While all of these ideas sound nice, the G-20 didn’t seem to think it was necessary to come up with actual policies or ways to regulate these decisions. For example, there is no actual requirement for participation in the peer review process. Even more irritating is the call for anti-protectionism, when the U.S. and China have both recently enacted protectionist policies against each other. Just last week, the United States placed a 35% tariff on Chinese car tires, and the Chinese government responded by placing a tariff on American chicken. It was a dumb move by both parties, since tariffs have been proven to do nothing except raise prices and make people angry at each other.
It’s nice that the G-20 decided to meet and make important decisions that would affect the world economy in a positive way. I think people would be a little bit more pleased if these leaders took the extra time to figure out how they were going to make these changes. The world economy is suffering a huge loss that needs immediate fixing. Now isn’t the time to take a break or make indefinite plans.