G-20: rescue from crisis or a crisis of legitimacy?

Abstract

Summits of the heads of state and government of the Group of Twenty and adopted by them declarations laid the foundations for reforms of the global financial infrastructure in 2008-2014 after the global financial crisis. The leaders of the member countries of the Group set up an effective mechanism for cooperation, including cooperation with the IMF, the World Bank, the Financial Stability Board, the WTO, the ILO, UNCTAD, as well as international intergovernmental and non-governmental organizations that develop, adopt and monitor implementation of recommendations in various areas of financial relations. However, the absence of an international treaty governing the convening of G-20 summits, elaboration and adoption of their decisions could seriously weaken the influence of acts of this international forum.