Do we really need the upcoming G20?

We’re all familiar with the eurozone boom-bust news cycle by now. First, there are reports of more European banks in trouble, then news of governments seeking bailouts, closely followed by speculation over the future of the euro. Then, as if to crown it all, there will be news that global political leaders and finance ministers are about to hop on planes to attend one G-Digit meeting or another. This time, as it happens, it’s the G20, in about a fortnight’s time, in Mexico.
 
With Spain in deep financial crisis, German banks downgraded by Moody’s, the US economy apparently stuck in a rut and the Chinese growth engine sputtering, are such international summits more, or less, necessary than ever? Going by past record, nothing much seems to be resolved at these meetings, except that countries become even more entrenched in their positions. At the G8 in mid-May — hosted at Camp David, no less — the only ‘news’ seemed to be the shocking revelation that Germany was holding a rather isolated stance on the EU crisis.