The G20 in the Aftermath of the Crisis: a Euro-Asian View

This Letter du CEPII draws on the meeting of the fifth Asia-Europe Economic Forum held in Tokyo on 25 March 2010. The forum brought together a broad range of participants including policymakers, academic experts and private sector specialists. This year, the agenda focused on reforms, national budgets, G20 hopes from both Asian and European perspectives. After focusing in the midst of the crisis on the international financial regulation reform, the G20 has launched at the Pittsburgh summit in September 2009 the Framework for Strong, Sustainable, and Balanced Growth. The rebalancing of global growth requires exit strategies differentiated across countries, structural reforms and a better fiscal coordination in Europe. Moreover, a question remains: the G20 has reacted promptly at the height of the crisis, but it has to prove its legitimacy and its ability to achieve reforms although the appetite for coordination decreases.