Korea and the G20 summit next November
Author: Il SaKong, Chair Korea Summit Coordinating Committee
Since its inception in the mid-1970s, the G7 acted as if it were the informal global steering committee for global economic and financial issues. But over the last couple of decades many considered the G7 lacked political legitimacy because it did not include the major emerging players in the world economy. These critics rightly claimed that although the G7 was only an informal global steering committee, it needed to reflect the shift in global economic power that has taken place over recent decades.

Last November, in the midst of the unprecedented global financial and economic crisis, the G20 Summit—instead of G7—was held in Washington. Read more…



began with the financial meltdown in the US.


