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Steven Slaughter:We will leverage the GREAT influence of the G20 on the issue of global stability

Updated: Jan 6, 2023

Dr. Steven Slaughter, Senior Fellow In Climate Security

Dr Andrea Nanetti is Singapore's nanyang technological university college of art design and media professional engineering historical memory editor in chief, has been accepted the humanities, mathematics, physics and computer science, and other comprehensive multidisciplinary comprehensive training of language, the main research field is the history, metadata, ontology (artificial intelligence), relational database, etc. His professional learning path has enabled him to acquire comprehensive skills in the wider field of heritage science. He developed an interdisciplinary approach called Engineering Historical Memory (ENGINEERING Historical Memory), which is now used and disseminated internationally.


We will leverage the GREAT influence of the G20 on the issue of global stability

1. According to your article named The G20's role in legitimating global capitalism: beyond crisis diplomacy, G20 is attempting to perform a key role in legitimating global capitalism after the Global Financial Crisis. From this perspective, does the G20 also play an important role in protecting the global financial system in the post epidemic era? Please show us your way of looking at it.


This article (and also my book The Power of the G20) sets out the idea that the G20’s central purpose is to stabilise and build confidence in the global economic system. The G20 is not a formal International Organisations and has no legal power to compel states to act or override their sovereignty. Therefore building confidence and legitimacy requires the G20 to be a forum for developing good policy ideas and disseminating them amongst member states. It has not always been successful in doing so in the aftermath of the Global Financial Crisis. Nevertheless, the ongoing discussions provides a starting point to react to global problems and hopefully prevent such problems as well.


2. From your perspective, what global problems urgently need to be solved? How can countries solve these problems on the G20 platform and promote the sustainable development goals in global policy making?


While the G20 (like the G7) has a primary focus on economic and financial issues, it has also sought to address key global ‘social’ issues such as food security, global health and climate change. This is important because we are seeing key global social issues like viruses and climate change as having huge implications for the stability of globalisation. Consequently, the G20 needs to strengthen its efforts to address key such global issues and the Sustainable Development Goals are the primary global framework for considering and responding to these issues. The G20 needs to work with the UN to strengthen the implementation of the Sustainable Development Goals. This will be crucial in the next few years as we attempt to recover from the global impact of COVID-19.


3. The G20 has made a lot of efforts to deal with climate change. How do you view the role of G20 in global climate governance?


Ultimately the United Nations Framework Convention on Climate Change is the central approach for addressing climate change. This formal form of global governance needs to be urgently strengthened and national commitments increased. However, the G20 can assist by supporting and coordinating efforts to scale up green financing and be a site which enhances the transparency and accountability of G20 states with regards to implementing national contributions under the UN convention.


4. The meeting of G20 finance ministers and central bank governors recently concluded in Venice, Italy. The meeting reached a historic agreement on a more stable and equitable international tax framework to guide global tax reform. How do you think of the reform? What is the impact of this reform on global capitalism?


The G20 (and the OECD) have been developing this agenda since 2015. Making more effective rules for international tax co-operation is a critical issue for member states and states outside the G20’s membership. The proposal is step in the right direction of ensuring that states are able to effectively and fairly tax businesses that operate in multiple countries. The biggest challenge to implementing this policy idea is going to be at the national level in states with powerful transnational businesses.


Editor Assistant Research Fellow: Xianglin Gu











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