In the wake of the global crisis the G20 has largely substituted the G7 as the key forum for international economic cooperation. However, G7 and non-G7 members of the G20 come to G20 meetings with different priorities. Developed countries have taken a direct hit on their banking and financial systems as a result of the crisis and they accordingly give priority to strengthening financial regulation and supervision. Emerging economies have been primarily affected by the collapse of trade and (mostly in emerging Europe) the outflow of capital. Their priority is thus to ward off the reemergence of protectionism in trade and finance. As newcomers, the emerging countries are also focused on the distribution of power and they adamantly claim that they need more say in international institutions. So far, the G20 agenda has been dominated by the management of the global turmoil, the provision of financial resources to countries in crisis, and the rebuilding of financial regulation –a rather G7-like agenda. Meanwhile, it has been silent on the issue of global imbalances, where it could have made a difference. In the future, the G20’s agenda will have to evolve and better reflect the variety of concerns of its members.
