A important historical step in the right direction

Media report that the G20 summit meeting has taken an important step in addressing global economic governance. See: “G20 sets course to avoid another global financial crisis”, 26/09/2009, http://www.theaustralian.news.com.au/story/0,25197,26127690-601,00.html

It is reported that the meeting has reached some KEY AGREEMENTS:

“The summit of the Group of 20 leading economies have agreed to empower developing nations in global governance and to encourage a sustainable recovery. At thea two-day summit in the eastern US city of Pittsburgh, the Group of 20 agreed that:
The Group of 20, which brings together developed and developing nations accounting for 90 per cent of the global economy, will replace the Group of Eight club of rich nations as the world's pre-eminent forum.
Developing nations will assume at least five per cent of voting rights at the International Monetary Fund.
The G20 will co-ordinate to find the right time to ease stimulative measures as part of an effort to "return the world to high, sustainable and balanced growth". Finance ministers to meet in November.
"Excessive" compensation for executives in the banking sector should end as it encourages risk. The G20 opposed guaranteed multi-year bonuses, urged greater transparency and called on the G20's Financial Stability Board to propose new measures by March 2010.
The G20 will phase in new rules to improve both the quantity and quality of bank capital, seen as a key deficiency during the global economic crisis. The G20 set a goal of developing rules by the end of 2010 and implementing them by the end of 2012.
International accounting authorities should come up global standards by June 2011 to ease variations among major economies.
Governments should eliminate tax havens by March 2010 or face consequences.
The G20 will initiate a system of peer review where economists in each member nation can advise on policies in others. They agreed to set up modalities in November with an aim of initiating their in February 2010.
The G20 involved leaders of 19 nations - Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States. Also taking part in the G20 was the European Union, represented by current president Sweden. The prime ministers of Spain and Thailand, which is the current chair of the Association of Southeast Asian Nations, took part as observers as did the finance minister of Singapore, which now heads the Asia-Pacific Economic Co-operation forum. AFP”

G20 is more representative of the world economy by bringing some big developing economies into the table of decision making. Some of the developing economies are larger than some of the G8 members.

It makes sense to include them in the table.