POSSIBLE IMPACT OF G20 ON THE RESOLUTION OF THE FINANCIAL CRISIS

This paper will present the history of the Group of Twenty (G20), and analyze the goals, main determinants and challenges facing the Group. Furthermore, by analyzing the role of the Financial Stability Board, the paper will try to explain the causes and consequences of the financial crisis, and how it unfolded. The role of the G20 in resolving the financial crisis is analyzed in detail, followed by a description of the BRICS countries and the new economic order. The paper does not strive to put forward concrete solutions or discuss academic proposals on how to improve G20 activities. Nevertheless, the paper will present a systematic analysis of key deficiencies in the system's operations, and thus contribute to the ongoing discussion of the G20's role in the world.