TEPAV says in its policy note that the G20 Summit that will take place in Washington D.C. under the auspices of US President Bush is an important step in seeking a solution to the global crisis. The TEPAV report, which labels the summit as a platform to lay the foundations in the design of the new global financial system, also argues that Turkey should assume an active role. The summit, which will be also attended by a Turkish delegation chaired by Prime Minister Erdoğan, is expected to host debates on measures to combat the global financial crisis as well as rather radical approaches including a new global regulation and supervision mechanism. The TEPAV report stresses that Turkey, which has been elected to a temporary post in the United Nations Security Council in October, should participate actively and lead the debates at the G20 summit and adds that Turkey's success at the G20 summit provides an important opportunity to solidify its position in the global economy.
TEPAV's recommendations in the report include measures such as the formation of a more just and democratic governance mechanism in the global system, more effective coordination of the fiscal policies across countries, the prioritization of functioning credit channels in fiscal policies, open debate on the mechanisms to restructure the global financial system, and the continuation of international aid programs to developing countries that remain outside the global system of trade and finance.
G20 convenes with the participation of the United States, the European Union, Turkey, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea and United Kingdom. G20 had first convened in 1999. A different country chairs the platform every year. The agenda of G20 includes regular annual meetings among presidents, finance ministers and central bank chairs. G20 convened under Brazilian presidency in 2008 and will maintain activities under the chairmanship of the United Kingdom in 2009.
