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Major win for Australia : G20 replaces G8

Major win for Australia : G20 replaces G8

Old Sep 25th 2009, 11:42 pm
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Default Major win for Australia : G20 replaces G8

Good on ya Kev

http://www.theaustralian.news.com.au...7-7583,00.html

Last edited by DownUnderPaddy; Sep 25th 2009 at 11:44 pm.
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Old Sep 25th 2009, 11:56 pm
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Default Re: Major win for Australia : G20 replaces G8

Good result.


I was wondering this morning whether the individual countries from the EU will continue to be represented if the Treaty of Lisbon gets implemented?
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Old Sep 26th 2009, 12:22 am
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Default Re: Major win for Australia : G20 replaces G8

So what are the chances of a group of 20 nations every reaching a decision of any importance when we aren't in the middle of a global crisis?. It will end up like a smaller UN.... lots of talking and no action.
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Old Sep 26th 2009, 1:15 am
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Default Re: Major win for Australia : G20 replaces G8

Originally Posted by iamthecreaturefromuranus
So what are the chances of a group of 20 nations every reaching a decision of any importance when we aren't in the middle of a global crisis?. It will end up like a smaller UN.... lots of talking and no action.
Or the EU. Got to say the 8 didn't do a good job of managing the world economy so hopefully more view points will make for better decision making. Here's to Hope
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Old Sep 26th 2009, 2:13 am
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Default Re: Major win for Australia : G20 replaces G8

Originally Posted by MartinLuther
Or the EU. Got to say the 8 didn't do a good job of managing the world economy so hopefully more view points will make for better decision making. Here's to Hope
I normally try to think positively, but what exactly are we looking at here... ?

It was 8 "Politicians" trying to decide one course of action...

Now it will be 20 politicians ?

I will look for the positives... but... umm
 
Old Sep 26th 2009, 2:44 am
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Default Re: Major win for Australia : G20 replaces G8

Originally Posted by ABCDiamond
I normally try to think positively, but what exactly are we looking at here... ?

It was 8 "Politicians" trying to decide one course of action...

Now it will be 20 politicians ?

I will look for the positives... but... umm
Here's one...

We have secured for the first time a place at the table
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Old Sep 26th 2009, 4:00 am
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Default Re: Major win for Australia : G20 replaces G8

Originally Posted by ABCDiamond
I normally try to think positively, but what exactly are we looking at here... ?

It was 8 "Politicians" trying to decide one course of action...

Now it will be 20 politicians ?

I will look for the positives... but... umm

I do like the notion of this being a move to include some of the emerging powerhouse economies like Argentina, Brazil and India, and it also should make the Russians feel more secure, as they were always the 8th member to which the G7 expanded because of the status they 'used' to have as the other superpower.

I'm apprehensive as to the decision making process that will be employed. 20 national leaders instead of 8 may prove to be unworkable. You only have to look at the debacle of the UN security council vetoing system to see how things quickly reach stalemate because of one particularly obdurate member.

Hopefully they will take the line of majority vote instead of vetoing powers for independent members.


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Old Sep 26th 2009, 5:08 am
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Default Re: Major win for Australia : G20 replaces G8

Originally Posted by ABCDiamond
I normally try to think positively, but what exactly are we looking at here... ?

It was 8 "Politicians" trying to decide one course of action...

Now it will be 20 politicians ?

I will look for the positives... but... umm
Still looking?
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Old Sep 26th 2009, 6:39 am
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Default Re: Major win for Australia : G20 replaces G8

I think the big positive is the inclusion of China and India which provides balance to the US.

The G7 was a bit of a western boys club (even with Japan). The G8 was a sop to the Russians (as mentioned by Swervo above). Now it feels more global. Must admit Aus is lucky to be in there but is probably seen as some sort of link between East and West.

Last edited by MartinLuther; Sep 26th 2009 at 6:42 am.
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Old Sep 26th 2009, 9:07 am
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Default Re: Major win for Australia : G20 replaces G8

Australia's economy is a small blip in the international arena so for them to get a seat at the table of major economies is a huge achievement. Australia's economy has done well, or as well as it can, in this GFC and that has all been down to China.
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Old Sep 26th 2009, 10:18 am
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Default Re: Major win for Australia : G20 replaces G8

http://en.wikipedia.org/wiki/List_of..._%28nominal%29
No 14 by GDP. More importantly is that Australia contains large amounts of the raw materials vital to our trading partner's economies.

The G8 is more important for matters of security as that is where the armies are.
Originally Posted by mecheng
Australia's economy is a small blip in the international arena so for them to get a seat at the table of major economies is a huge achievement. Australia's economy has done well, or as well as it can, in this GFC and that has all been down to China.
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Old Sep 26th 2009, 10:44 am
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Thumbs up Re: Major win for Australia : G20 replaces G8

Excellent result, and good news for Australia.

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Old Sep 26th 2009, 11:40 am
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Default Re: Major win for Australia : G20 replaces G8

Originally Posted by mecheng
Australia's economy has done well, or as well as it can, in this GFC and that has all been down to China.
I disagree. Not ALL of it is down to China, some of it yes, but we also have a reasonably well regulated Banking system, together with the strong financial reserves that we had built up over the years.

Both of these would have also helped.
 
Old Sep 26th 2009, 12:01 pm
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Default Re: Major win for Australia : G20 replaces G8

I wonder how these countries, in the top 20 world GDP's, felt about being left out:

9 Spain $1,611,767
15 South Korea $947,010
18 Poland $525,735
20 Belgium $506,392


Whilst these got in:
23 Saudi Arabia $481,631
30 Argentina $326,474
32 South Africa $277,188
 
Old Sep 26th 2009, 1:49 pm
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Default Re: Major win for Australia : G20 replaces G8

Originally Posted by ABCDiamond
I wonder how these countries, in the top 20 world GDP's, felt about being left out:

9 Spain $1,611,767
15 South Korea $947,010
18 Poland $525,735
20 Belgium $506,392


Whilst these got in:
23 Saudi Arabia $481,631
30 Argentina $326,474
32 South Africa $277,188

It was never about the top X economies (otherwise Canada wouldn't have been in there).

I think South Korea is in.

Spain, Poland and Belgium will be represented by the EU members. I suspect that they'd probably want all of the EU countries represented by the EU members but I suspect it's a bit sensitive to kick the existing ones out. A bit like the Ukraine being a UN member when most of the Soviets came under the USSR.
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