Goodbye G20, Hello G-Zero: Bremmer
Say goodbye to the G20, Ian Bremmer, president of Eurasia Group, told CNBC on Tuesday.
"The G20 is aspirational," he said. "We'd like it to exist; we'd love to see global leadership."
"We're not saying we want a G-Zero — there is a G-Zero," he added.
World power is at a point where neither a single nation nor a block of countries will be able to drive their own agenda said Bremmer in an article co-written with Nouriel Roubini of Roubini Global Economics in the March/April edition of "Foreign Affairs."
"All the fundamentals — whether it's monetary or fiscal policy, exchange rate, trade, global security, food security, energy, global climate change — there is disagreement [and] disarray among the G20," said Roubini. "We believe there is no global leadership that the US can provide because we're stretched fiscally and there is no other leader in the world."
In retrospect, China should have been invited to join the G20 nations, Bremmer went on to say.
"If we really wanted governance, we should have invited in China," he said. "One country - now the world's second largest economy - we knew that they were sufficiently important on all of these issues- on climate, on currency, on trade, on standards."
The next G20 in Cannes will be an "enormous disappointment," Bremmer said.