Current worldwide economic and financial difficulties have triggered a debate over the need to strengthen the Group of 20, a forum of 20 major "economic" powers, including newly emerging countries such as China, India or Brazil, as well as some additional Western European countries.
The logic behind the efforts to consolidate the dialogue in this new forum of 20 countries, instead of the well- established forum of G7 or G8, is clear: to reflect more faithfully the latest change in economic and financial power structure. The argument seems, on the surface, flawless, but if this argument is accompanied by the conclusion that the G7/G8 forum does not play important roles anymore, it is bound to invite serious counter-arguments.
First of all, what happens to the forum of political dialogue? The shift of economic power requires not only changes in the global economic forum of consultation but also transformation of the global political or politico-economic system, including the United Nations and its special agencies such as the World Bank and the International Monetary Fund.