The June 26-27 Toronto summit of the exclusive Group of 20 club, to which the world’s richest countries invited the heads of state of the major emerging countries, raised great expectations — but it ended as empty as previous meetings As in London in 2008 and Pittsburgh in 2009, the Toronto G20 discussions focused on a way out of the economic crisis. But a capitalist way out — favouring creditors and great powers. For the past two years, global financial regulation has been an elusive sea serpent, unsurprisingly resulting in no concrete measures.
The international crisis that erupted in the northern summer of 2008 demolished all the neoliberal dogmas and exposed the deception behind them. Unable to deny their failure, the World Bank and the International Monetary Fund (IMF) claim they no longer uphold the set of neoliberal policies known as the Washington Consensus.