What is the logic behind G-20 meet?

Looking at the current global financial crisis, something needs to be done and done fast. The question is: what can be done without an active participation of the United States? Although the summit is being hosted by the United States and the venue is likely to be Washington DC, a lame-duck US President is going to preside over it. To the best of my knowledge, President-elect Barack Obama has declined the invitation! What precisely can the US achieve from this rendezvous without the real power of the incumbent? Is it a ploy to blackmail the ‘Emerging Economies’ into an agreement on ‘Doha Round’ of trade talks? Something is very weird about this summit!

There is a lot of huff-n-puff coming out of the ‘Western World’ about the need for international co-operation. The emerging economies translate this as a threat by the ‘Industrialized Economies’ to the ‘Developing Economies’ to further open-up their markets without a reciprocal gesture. If that is the case, nothing is going to come out of this much-hyped meet! The BRIC countries (Brazil, Russia, India and China) are not in a mood to be lectured once again. The time has come when the ‘Developed World’ needs to talk less and hear more! All four BRIC economies have ideas of their own and now they want serious decision making powers with others.

Interview with U.K. Treasury Secretary Stephen Timms