Remember back in 2009, when the G-20 surprised a lot of people by emerging as the pre-eminent global macro coordination body? Well, the next meeting is this week in Seoul, and as Felix Salmon notes things aren't looking so good:
The unity we saw at the London summit in 2009 is a distant memory: no one, now, can even agree on what internationally coordinated action should look like, let alone actually get their respective parliaments to implement it. Which in turn means that G20 national economic policies are increasingly likely to work against each other than constructively with each other. It might well take another full-blown crisis before Germany and the U.S. are on the same page again.
I think this was mostly inevitable, for reasons I'll go into in more depth soon. In any case, domestic politics has been in the headlines for the past year, at least in the States, but it looks like international politics is where the action is at moving forward.