From The Economist of July 5,2008
G 7 democracies plus Russia-gather in Japan to review the world economy.But what is the point of their discussing oil price without Saudi Arabia,the world’s biggest producer? or waffling about the dollar without China,which holds so many American Treasury bills? or slapping sanctions on Robert Mugabe,with no African present….
The G 8 is not the only global club that looks old and impotent.The U N Security Council has told Iran to stop enriching uranium,without much effect.The nuclear non-proliferation regime is in tatters.The International Monetary Fund(IMF),the fireman in previous financial crises,has been a bystander during the credit crunch.The World Trade Organisation’s Doha round is stuck….But as global problems proliferate and informations whips round the world ever faster,the organisational response looks ever shabbier,slower and feebler
Of course, more as an after thought really,and probably recognising that the G 8,a self appointed steering group for global problems was hardly representative of the world, the Japanese host,Prime Minister,Mr Yasuo Fukuda invited seven national leaders from Africa and leaders of Brazil,India ,China,Mexico,South Africa,Indonesia,South Korea and Australia