G20 Summit Real Impact After American Elections

APPA NEWS, LONDON-UK 06/11/08-The G20 Summit, booked to take place in Washigton DC this 15th of November, virtually days after Obama’s landslide victory, is meant to gather the countries accountable for 90% of the world’s economy and two thirds of the world’s population.

Doubtless - and the main reason for calling a G20 Summit - the credit crunch and the financial crisis the followed prompted the Bush Administration to invite all 20 countries to Washington DC with a purpose; to discuss pressing issues.

According the the White House Press Secretary, Dana Perino, “We expect the leaders will discuss effects of the emerging economies and developing nations. The summit will also provide an important opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can enhance their commitment to open, competitive economies as well as trade and investment liberalization”.

But questions have been raised for some time, precisely because the summit is due to fall exactly 11 days after the United States presidential election and at the time of writing, it is not clear whether President elect Barack Obama will attend the summit or - as suggested by the French Government - the summit will be attended by Obama’s advisors.

Either way, i.e. with Obama’s attendance, only his advisors, both or neither, the simple fact the summit was called as an emmergency - as opposite to the usual 12 months preparation minimum - and is taking place during a transitional period in the White House, somewhat legitimates all sorts of questions as to how useful and timely this summit will be at tackling serious worldwide financial issues.

But if the few certainties about this summit are to be believed and indeed it is meant to discuss the strengthening of capitalism, global competitiveness and liberalisation, as well as tackling a global financial crisis, there are sufficient grounds to believe that the Bush Administration and President elect Barack Obama may be on a collision route in matters of economic policy, if we are to take into account Obama’s electoral campaign in its entirety, let alone an election very much focused on economical issues.

Doubtless, the White House has confirmed it will “seek input” from Barack Obama. However input seeking falls short given Bush’s evident “lame-duck” status at this stage, nor is it really appropriate to just “seek input” from a President elect who has just received a landslide mandate from the American People.

To sum it up, the G20 Summit may very well become unmissable. Whether that will be for all the good reasons or all the bad reasons, remains to be seen.