Convened in Washington, in November 2008, the first G-20 summit was a hasty attempt by top economies to forge common cause against a rapidly escalating financial crisis.
President Obama’s trip to China yielded precious little Chinese cooperation on the Administration’s key concerns, ranging from currency issues to Iran. That’s a sign of the shifting balance of power between two countries that have been locked in an uneasy embrace for more than three decades.
Ben Bernanke said on Monday that it was “extraordinarily urgent” that the US and Asia adopt policies that prevent a revival of global economic imbalances as the financial crisis ebbs. The Federal Reserve chairman warned that global imbalances — the big gaps between national saving, consumption and investment rates reflected in large trade deficits and surpluses — had helped cause the crisis and needed to be corrected.