With world leaders congregating in Japan for the G7 summit, is it just a pointless talking shop?
Steve Davies, education director at the Institute of Economic Affairs, says Yes.
The G7 summit, which is now a regular event in the circus of international get-togethers, is indeed both pointless and a talking shop. The problem is that its perceived point is neither possible nor desirable. These meetings give the impression that the attending world leaders are in control of events and that this is a good thing. This in turn reflects the belief that it is both possible and desirable that there be an orderly and predictable world that is guided by a political and business elite. It is not desirable for any small group to have such power, but in any case it is impossible. The world is simply too complex, varied, changeable, random and unpredictable for that. The G7 summit encourages us to see the world as manageable, and the attempt to realise this is often disastrous. Such meetings can help with crisis management after the event, but no more. The “jolly” aspect of the summits is actually their most useful feature.
Alison Evans, senior analyst at IHS Country Risk, says No.
The G7 summit’s value-add is as a forum for the leaders of the world’s largest advanced market democracies. The topics they discuss and the decisions they make will inform domestic decision-making and broader international coordination, such as the G20 summit. The core purpose of the G7 – to stabilise the global economy and promote sustained growth – will likely garner the least concrete progress, due to differences in opinion on how best to use economic tools to restore investor confidence and boost macroeconomic growth. However, there is likely to be substantial agreement and progress on other key agenda items: notably the environment and development in low-income countries, in part to address hot topics like climate change and refugees in Europe. Another subject that will hit headlines, and that is likely to see some of the most progress, will be security, including anti-corruption measures, cybersecurity policies, and the blocking of terrorist financing.