The G20 Pittsburgh summit winds up and it is a struggle to work out exactly what the point of such a meeting is... Over the last few years, the G7 grew through G8 and ended up as the G20. The truth is we are now looking at something like the 'G20 and friends', nobody is counting any more. The talking shop is now even bigger on talking, and naturally, with so many more points of view, decisions are harder to come by.
Imagine an ever-growing jury which must deliver a unanimous verdict. You may get a verdict from twelve good men, but twenty, twenty three?, twenty four??
So what has been achieved in Pittsburgh? Plenty of talk about reining-in the banking community, plenty of resoultions to 'do something about it', nothing in terms of concrete limitations forthcoming.
In the meantime, jobless figures continue to rise, bankers seem set on fleecing the markets again and the environment, arguably a far more important issue, remains the time-bomb that no-one wants to de-fuse.
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