G8 opens up space for O5

In July, heads of state of the strongest economies of the world met in Hokkaido, Japan. Carefully but resolutely, new economic powers have been making their entrance in the game of world politics.
In spite of the large number of existing international institutions, only the G8 retains control of everything that happens in the economic world. Still, the G8, which represents only fourteen percent of the worlds population, no longer has the economical leverage with which, until now, they could force the rest of the world to consensus.
‘The management bodies of the financial sectors in the developed economies, especially in the US, performed far from excellently.  The credit crisis and the recession in the US have consequences for the stability and sustainability of global growth.  This is the concern that India will express on the G8 meeting.’  The Indian Prime Minister Manmohan Sing uses these words to express his distrust of the current leading world economies. 
India is part of the Outreach Five (O5), a new consultation body created during the previous G8 meeting, in the German Heiligendamm.  This group exists of the new economic powers: China, India, Brazil, Mexico and South Africa.  Instead of inviting the group for economic consultation, the O5 was until recently only invited during the last day of the meeting, where they were presented the closing resolution of the G8 meeting.  After the meeting in Heiligendamm, Singh warned that India would only accept the invitation if the O5 meeting was held before the G8 meeting.  In the course of the meeting in Japan, the countries of the O5 have already gathered twice in order to establish a common agenda.
Recently it seems that he O5 is gaining territory.  During the meeting in Japan, a breakfast meeting was planned where the O5 will present its agenda emphasising food and safety, the high oil price and the precarious situation of the world economy.  Moreover the closing resolution of the G8 could not be accepted if without preceding consultation with the O5.
However during a preparatory O5 meeting in Peking it became clear that the group doesn’t intend making the life of the G8 too difficult.  India still hopes for nuclear cooperation with the US.  China doesn’t feel like provoking the anger of the West again after the protest against the Olympic Games.  So in spite of the gains these new partners will not have a lot of influence. 

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