G20 체제의 국제정치경제적 함의와 한국의 국가전략

Abstract

The Group of Twenty(G20) was formed in 2008 to take care of the U.S.-induced international financial crisis and its aftermath. This new international institution is fast becoming the backbone of contemporary international politico-economic governance. Not only established G7(8) powers but also newly industrialized rising powers, such as South Korea, China, India, Brazil, and the like, are its members. Although the system stemmed from a defensive stance, it will function as the prime international forum to discuss the subjects related with international macroeconomic environment. The status of U.S. dollar as an international key currency is at the center of the G20 system. The change in international economic power configuration and the following alteration of dollar status have asked the U.S. to launch a new international coordination arrangement. The credibility of U.S. dollar will be conditioned by the developmental strategy of China, which has both the volition and capability to challenge the U.S. China is likely to deter an abrupt change in dollar status while nurturing its yuan to an international currency because this strategy serves best for its own national interests. South Korea will be placed in a delicate position between the U.S. and China. It is unclear whether the G2 system is for or against the middle power. Although there would be many contingencies, the best strategy for South Korea is to build national power while applying preemptive economic diplomacy taking advantage of its membership in the G20.