Can the
G20 do it:
Save the world? The Group of Seven, formed in the 1970s by the world's leading countries in response to the energy and economic crises of the time, played a positive role in coordinating global economic policies. But the influence of the organization began to decline in the late 1990s — coincidentally, about the same time Russia joined the organization in 1997. The G8 turned into a series of PR events devoid of any real substance.
Much more hope is vested in the G20 as a body capable of filling the global-governance vacuum. This organization includes 19 countries, not all of which are the world's mightiest economically, plus the European Union.
