banking on cooperation the role of the stronggstrong-20 in improving the.pdf

BANKING ON COOPERATION: THE ROLE OF THE G-20 IN IMPROVING THE INTERNATIONAL FINANCIAL ARCHITECTURE Arie C. Eernisse* INTRODUCTION Largely dormant in its first decade of existence, the Group of Twenty (G-20) in 2008 began to play an instrumental role in coordinating a global effort to adopt measures for the prevention of future economic crises.1 U.S. President Barack Obama2 3 and other world leaders have declared that the G-20 is the new premier forum for international economic coordination, effectively replacing the Group of Eight (G-8).4 Commentators have hailed the “landmark” achievements of the recent G-20 summits5 and have said that the G-20 is “without question the new game in town in respect of global governance.”6 Since assuming its more powerful role, the G-20 has * Duke University School of Law, J.D. and LL.M in international and comparative law, expected 2012; Wesleyan University, B.A. 2007. I thank Professor Lawrence Baxter for his helpful comments and guidance. I also thank Kate Hunter, Catherine Lawson, Reed Lyon, and the staff of the journal for their assistance. This note is dedicated to my first son, Arie Jr., born in December 2011. 1. The G-20 is comprised of the following nineteen countries and the European Union: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, the United Kingdom, and the United States. What is the G-20?, GROUP OF TWENTY [G-20], /about_what_is_g20.aspx (last visited Mar. 11, 2011). 2. Josef Ackermann, The Global Financial System and the Challenges