G20

Authors: Luckhurst, Jonathan

The Group of Eight, now thirty-two years old, has become a central actor in global governance, with a steadily expanding role and agenda. The leaders' summits remain at the apex of the G8 system, but the leaders' work is complemented by intensifying and expanding networks of ministerial fora and various task forces and expert groups. Some of these entities, initially launched by the leaders, have taken on a life of their own with an agenda that diverges from the main concerns of the summits.

At the outbreak of the global financial crisis, 2008, the G20 was widely acknowledged as helping prevent an even more serious decline in the global economy. It helped to calm the panic in financial markets and articulate a set of possible policy options to restore global stability and growth.