Where is Los Cabos? If G-20 Submit would have not taken
place here then not even geography scholar nor would common people be
interested except rich industrialists and celebrities for whom visiting this “resort
town” of Mexico is a status symbol. The resort town is surrounded by Pacific
Ocean and bay of California from three sides is a beautiful place which can be
afford by wealthy people only and in this resort town ministers of G-20 submit
have come together to find solution to fight against world economic crisis.
19 member countries and European Union are grouped together
to form G-20. These are divided into five groups each group consisting of four countries
and every group gets the opportunity to organize the G-20 Submit. Previously it
was hosted twice a year but due to economic crisis they have decided to organize
this meeting once every year but that to in a beautiful place, this was decided
on November 2011 in France. In 2009 G-20 submit took place twice in London and Pittsburg,
same in 2010 in Toronto and Seoul.
In 1999 ministers of 7 developed nations met in Germany and
decided to meet every year to discuss on world economic crisis. They also
decided to include other developing countries such as India, China, Brazil etc.
in this. The result of this was that, the 80% population of the world is represented
by this G-20 ministers but this is just a matter of saying. In reality economic
forum like G-20 is used by America for their benefit or it given a platform for
European Union to discuss solution of their problems.
World Bank chairman Mr. Robert Zoellick before the meeting had
warned that if euro crisis is not dealt seriously then it will also affect the
world economy. It was clear that first deal with euro crisis and then think of
yourself. IMF had got $430 billion fund
and it has been decided that huge amount of share would be spending for dealing
euro crisis. The reason to say G-20 is centered at America- Europe is that, the
first G-20 submit in 2008 was held in America later again two submit was held
in America. In 2010 it was held in Canada and South Korea, last year it took
place in France and this year Mexico. Next year it will be held in Russia followed
by Australia in 2014 and turkey in 2015. It does not need to mention that who
among them is a member of American club.
The question is that why not India, china, South Africa can
host G-20 submit. Why every time in G-20 submit the burning topic for
discussion is related to European union. Is everything fine in Asia or South
Africa or else they are not dealing with any such problems. India’s Prime
Minister Mr. Manmohan Singh, before the meeting stated that if euro crisis goes
like this then it will affect Indian economy. Is it like Mr. Manmoham Singh wants’
to blame euro crisis for inflation in India or rupee depreciation and economic
slowdown in India. In G-20 Submit Mr. Manmoham Singh emphasized more on
infrastructure development, is it the only solution to deal with poverty, debt,
inflation or hunger in the country?
Europe has one currency Euro and the countries which uses
this currency comes under European Union. Out of 27 EU countries there are 10
countries where Euro is not accepted as their currency. These are Bulgaria, Czech
Republic, Denmark, Hungary, Latvia, Lithonia, Poland, Romania, Sweden and Britain.
There are some countries who are not from European union have also accepted
Euro as their currency such as Monaco, San Marino, Andorra, Vatican City, Montenegro
and Kosovo. It is surprising that beside EU there are other six countries who
have accepted Euro as there currency where as there are also countries like
Greece, Spain and Italy who thinks Euro as a bell in their neck. Greece after
getting bankrupt and full of debt is thinking of leaving Euro as there
currency, but winning new democracy party who is supporting bailout may not
leave Euro zone. In two days submit Greece was the center of discussion. Pressure
was there from American- European ministers that if BRICS countries will give
huge amount of share then the burden would be less for other countries. But what
is the benefit of BRICS in this? $75 billion
of share is given by BRICS countries of which $43 billion is from China
followed by $10 billion by India
Brazil and Russia where as $2 billion from
South Africa. This is an example of its kind where G-20 who provides solution
for economic crisis to countries does not have their own secretariat or Headquarter.
In 2010 President of France Mr. Nicolas Sarkozy had suggested Seoul or Paris
for G-20 Headquarter which was not agreed by Japan and Italy. South Korea in
2010 had suggested hosting online “Cyber secretariat” but no response was seen
from the ministers of developed nations. It is good that secretariat expenses
burden is also not there for G-20.
