Baroness Shriti Vadera, former minister in the Gordon Brown government, is adviser to the current Chair of G20, the Republic of Korea. She spoke to SHALINI S. Dagar recently on the way forward for the group. Excerpts:
On G20 as more than just a talking forum: G20 has no legal status but is one of the Gs that has actually delivered. There were 47 measures of financial reforms agreed upon in Washington and that have all been delivered. The $1.1 trillion package, which was agreed in London, has also been delivered. The issue now is whether the G20 can deliver when it is not facing a crisis, but facing structural problems.
On G20's role vis-à-vis IMF: One of the suggestions in UK's Chair review was that the legitimacy of G20 would be better established if it had a more representative system and if it could also reflect a reformed International Monetary Fund. In one sense, then the G20 could become the political oversight body of the IMF.
On India's role at the G20: Montek Singh Ahluwalia always plays a huge role in the discussions prior to the leader's meet. Your Prime Minister, of course, has a voice that is always heard. They are very influential players and are playing an important role. India is already chairing the working group on framework for growth.