A venue to solve global crises?

Leaders of the world’s top 19 economies as well as those of the European Union have convened in Germany to discuss and make strategic decisions about the main challenges faced by the global economy.

Since its establishment in 1999, this is the first time the international forum is faced with grave global crises such as the Trump administration’s incongruence with the order of the global economy, the increasing hostility of the US and Europe against Russia and terrorism threatening the international peace and security.

This comes as the wave of escalating regional and military conflicts in the four corners of the world, including Europe, the Middle East and Southeast Asia has thrown the international economic system into a chaos which would definitely lead to instability and a very much worrisome future.

Now, no one would express wonder at Germany’s move to theme the summit “Shaping an Interconnected World” after taking over the responsibility from China on December 1, 2016. The theme focuses on three main issues: 1. Building Resilience, 2. Improving Sustainability, and 3. Assuming Responsibility which are selected, more than anything else, in address to Trump’s policies aimed at creating chaos in the present structure of the global economy to reconstruct the US’ ailing economy.

Since assuming power as the US president, Donald Trump has declared a trade war on Germany, Europe’s first economy, and then, officially announced that US had exited the Paris Agreement.

In other words, Trump’s policy of cashing in on self-caused crises in different parts of the world with the purpose of reconstructing the US economy is the very first threat to the world’s economic stability and that of the G20.

This is while, the other crises the G20 is faced with concurrent with the holding of its ongoing 2017 summit include the growing hostility of the US and Europe towards Russia, which has led to the imposition of an unprecedented wave of sanctions against Moscow and increased instability across Europe, and the threat of the ISIS terrorism which has cast a shadow of insecurity on the world.

The question is to what extent the leaders of the world’s economic powers, which constitute more than 80 percent of the global economy and account for three thirds of the world’s trade turnover, would be able to tackle and resolve these crises.

Would the meetings between the main three world leaders, Angela Merkel, Donald Trump and Vladimir Putin yield favorable outcomes, or, provoke further hostility between the three main blocks of the global economy?

Finally, most importantly, all eyes are fixed on Merkel to see if she can manage to help resolve the present problems the global economy is currently beset with.

Source: Iran Daily (Tehran-based English newspaper)

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