The June 26-27 Toronto summit of the exclusive Group of 20 club, to which the world’s richest countries invited the heads of state of the major emerging countries, raised great expectations — but it ended as empty as previous meetings
As in London in 2008 and Pittsburgh in 2009, the Toronto G20 discussions focused on a way out of the economic crisis. But a capitalist way out — favouring creditors and great powers.
For the past two years, global financial regulation has been an elusive sea serpent, unsurprisingly resulting in no concrete measures.