Pittsburg: The Group of 20 approved a greater voice for Asian and Latin American countries in a historic shift that recognises the rising influence of both regions.
The leaders of the world's 20 largest economies were attending a two-day meeting dedicated to fostering a healthy global recovery, and European leaders were expected to secure a priority of their own: limits on bankers' bonuses.
But the economic developments were overshadowed on Friday by the disclosure of a secret Iranian nuclear facility. President Barack Obama, French President Nicolas Sarkozy and British Prime Minister Gordon Brown appeared together to demand that Iran fully disclose its nuclear ambitions and threatened new sanctions.
The decision to raise the profile of the G20 represents a major change and underscores how the world's balance of power has shifted in the last 40 years.
The leaders decided the G20 will serve as the board of directors on global economic cooperation, a function that for more than three decades had been performed by a smaller club: the US, Japan, Britain, Germany, France, Italy, Canada and later Russia. The G20 includes such developing economies as China, Brazil and India.
The G8 will, however, continue to meet on matters of common importance such as national security, the White House said late yesterday.
Bureau Report
First Published: Saturday, September 26, 2009, 10:06