The mood at the Washington summit, with the full extent of the global fi nancial
meltdown still uncertain, was anxious, and expectations for the G20 were
astronomical. The organization was being called upon to undertake the critically
important role of stabilizing the global economy in a period of extreme turmoil.
The G20 was relatively new and untested. Its predecessor, the G8, had not been
known for producing tangible solutions during periods of crisis. Many worried
that the G20, with a larger and more diverse membership, would prove even