G20: Why Failure Wouldn't Be the End of the World

01/11/2011 05:12 am ET | Updated May 25, 2011
  • Time

In fact, there's not likely to be much more than rhetorical consensus on reducing imbalances. And the remainder of the G20 agenda, which includes trying to codify capital requirements for banks in order to avoid financial panics like the last one, is incremental -- and decidedly not a reordering of the international financial system (including resolving exchange rate tensions), which is what was on the table in London during the depression.

But as governments tomorrow try to spin the communiqué that emerges from Seoul as hugely significant -- and the press and analysts express justifiable skepticism -- keep in mind one important fact: whether Seoul is ultimately judged to be a failure or a success, it can be far more important what happens domestically in the biggest economies in the world, acting on their own, for their own reasons.

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