Political Economy Shapes Strategies of Countries

The trajectory of major issues discussed in the Finance Track with respect to the world’s political economy and position and strategies of different countries is documented in this chapter. As the G20 summits have worked their way forward, the role of a G20 President has undergone changes as well. A G20 President occupies a strategically important position in bringing about progress in the Finance Track issues. The agenda framed by the G20 President for the summit transforms discussion on the Finance Track issues. The future of a Finance Track issue also hinges upon whether the G20 President of a particular summit decides to take the issue forward. Many issues have been discussed only in a handful of summits, such as the future of work, whereas some have been a part of virtually every summit since they were taken forward by many G20 Presidents. The Finance Track issue of financial regulation that was forwarded strongly in the first summit has also been advanced in subsequent summits, which has not only kept the issue alive but has also propelled securing these financial regulations. While the crucial position occupied by the G20 during the global financial crisis in saving the world economy from a potential second Great Depression and the progress achieved by the Finance Track has been applauded, concerns have been voiced that the G20 emerging economies’ presidencies have not been always able to morph the agenda towards issues of their interest, particularly in case of global financial governance.