The Group of 20 was launched from the embers of the 2008 global economic meltdown, a recognition that the world needed a new mechanism to manage economic affairs. The Group of Eight, which had played the role since the 1980s, was considered outdated and incapable of dealing with emerging economic concerns, primarily because its membership did not reflect economic strength and influence.
Yet since its initial meeting at which leaders agreed to staunch the hemorrhaging that threatened to create a new Great Depression, the G-20 has proven every bit as ineffectual as its predecessor. Last week's meeting was no exception.
After two days of talks in Cannes, France, the leaders agreed to "an action plan" that would boost economic growth and strengthen the global financial system, but the details are sketchy and commitments to act must be "tailored to national circumstances." That all-serving hedge effectively undermines the credibility of group action.