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Secondly, let me focus on how the agenda has evolved so far. Yes, the G-20 has an evolving agenda and rightly so. That evolution process is in line with actual developments. The G-20 started right after the 1997 Asian financial crisis. Why? Remember the days after the Thai crisis? At that time, the understanding was that the crisis was the fault of “bad” policies on the part of the recipient, emerging countries. These had just scared the “innocent” portfolio managers with their “delinquent” economic policies. So the G-20 came out to save the day, making the crisis a major item on its agenda. That is when it started to engage in policy coordination at the periphery.
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