Accountability in G20 Governance

To retain its credibility and legitimacy as the centre of global economic governance, the G20 must demonstrate continued value, leadership and effectiveness. Accountability is a critical component in demonstrating the G20's effectiveness, as implementing commitments ensures that promises made are promises kept. The question of accountability and effective follow-up is not new to the G20. Meeting for their first summit in Washington in November 2008, the leaders devoted a section of their declaration to ‘Strengthening Transparency and Accountability'. In it they emphasised the importance of implementing their commitments through detailed targets and timelines. In establishing an action plan to implement principles for financial and regulatory reform, the G20 tasked their finance ministers with the responsibility of ensuring that the commitments were “fully and vigorously implemented”