Is the seemingly powerful G20 all talk and no action? With no executive
power to deliver on policies, the impressive group of 20 developed and
developing countries relies on its members to follow through at a
national level. Although the group was not close to finding an urgently
needed solution for bailing out indebted European nations at its recent
Cannes meeting, help may be provided voluntarily. Clearly, global
financial architecture needs a rethink, says Fariborz Moshirian, a
professor of finance at the Australian School of Business. He calls for a
mechanism that obliges G20 member nations to enshrine internationally