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This year's G20 summit is in Indonesia — and Russia's invited. What'll happen? Will the US and its allies walk out of rooms when the Russians show up?
The G20 consensus has been fragmented over the Russian invasion of Ukraine, Indonesian Finance Minister Sri Mulyani Indrawati says during a Global Stage livestream conversation hosted by GZERO Media in partnership with Microsoft.
She explains that unlike the World Bank or the IMF, where power comes from voting rights depending on your cash contributions, G20 governance has been based on consensus since the club was established in the wake of the 2008 global financial crisis.
But the conflict in Ukraine has made that consensus almost impossible now, responds GZERO Media President Ian Bremmer, who believes Russia's actions are "ripping up the fabric of geopolitics" for years to come.
"The G20 stage has the potential to help drive that into a much greater rift, with the wealthy democracies on one side, Russia and China on the other, and a bunch of middle-income economies that are saying: we want no part of any of this."
If that happens, he fears, we'll accomplish the opposite of what we set out to achieve in these fora, which are supposed to offer global responses to global crises.
Watch more of this Global Stage event: Live from Washington, DC: Financing the Future
