The Greece crisis has been an interesting test for the much celebrated shift from the G7 to the G20 as the world’s economic steering group. For decades, meetings of key G7 officials determined the Fund’s policy. Now, we are told, the G20 is in control. But the G7 countries haven’t shaken the habit of privately talking amongst themselves. Late last week, senior officials held a conference call to discuss developments in Greece and IMF policy.
The G-7 finance ministers aren’t planning to issue a joint statement, but it’s possible each member will publicly deliver a common message, according to a Japanese government official who spoke on condition of anonymity because the plans for the call are private. The G-7 stopped issuing statements after regular meetings since it last year made the Group of 20 the main arena for setting global economic policy.