3The 2009 G20 summits
Introduction
The 2009 G20 summits occurred during the period of maximum G20-directed reformist zeal, underpinned by a clear policy consensus and policy narrative, and the political capital of the G20 leaders. The summits marked a reassertion of state power by the core and emerging-country G20 leaders over financial markets and firms. This phase in crisis response and reform unfolded during the leadership of the UK and the US in summits that occurred in London and Pittsburgh, Pennsylvania, in 2009. With the immediate financial crisis morphing into a real economic threat and with global economic output slumping a series of major stimulus moves were announced. States needed to seize the initiative ...
