East Asia’s Role in a New Era of Global Economic GovernanceSebastian Bersick und and Jörn-Carsten Gottwald

ASIEN – Nr. 128 (2013) pp. 5–8

When the current global financial crisis (GFC) broke out in 2008, observers soon embarked on a discussion on whether or not this would create a new leading role for East Asia. A first global summit on financial regulation and the global financial crisis held in Washington in November 2008 turned out to be the starting point for a new attempt to create fairer and more inclusive global economic governance. Once again, the global public fixed its eyes on China and other emerging economies of the global South that broke into the old boys’ club of the G7/8 and added color to the official photographs as well as to the agenda. When follow-up summits in Washington and Pittsburgh led to a series of measures to combat the fallout from the GFC, euphoric voices welcomed the G20 as the new “steering committee of the global economy.”