Die Legitimation der G-20

The G-20, a group of finance ministers and central bank governors representing 19 countries plus the EU, has evolved to become an influential forum for debating the reform of the international monetary and financial architecture. Calling itself the »premier forum for international economic cooperation«, its political impact – also and especially with respect to non-member states – can hardly be overestimated. However, this form of multi-lateralism raises important questions of its legitimacy and, as a consequence, its effectiveness. There is a growing consciousness in the international community that international (economic) governance must not be concentrated in the hands of a small group of States. Rather, it is widely recognized that international institutions should be governed according to the fundamental law and governance principles that have been developed over the past decades. Those principles especially include the rule of law, democracy and good governance. Against this background, the present article, as a first step, critically analyzes the question how the G-20 abides by these government principles. It then presents solutions regarding the unequal power distribution in this governance body by addressing structural reforms within and beyond the current institutional framework.