10/28/2010 06:52 am ET | Updated May 25, 2011

The New Global Creditors And Instability

Most accounts of the ministerial meeting last weekend of the Group of 20 -- 19 nations plus the European Union, together representing the world's wealthiest economies -- implied that it continued to perform sterling service: heading off currency wars, keeping explicit protectionism under control and deftly managing the process of reforming governance at the International Monetary Fund.

Post-financial crisis, middle-income countries continue to rise in economic importance, and the recent shift in global leadership from the Group of 7 (the United States, Canada, Britain, Italy, France, Germany and Japan) to the G-20 is commonly supposed to accommodate the growing claims of "emerging markets" on the world stage.

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