The Bush administration has been playing down expectations for the summit. But Eswar Prasad of the Brookings Institution says the forum needs to address calls to reform the World Bank and the International Monetary Fund to “give the large emerging market economies the seat at the table they deserve and the level of influence they deserve.”
Rajan, who is a professor of finance at the University of Chicago Booth School of Business, says that “if enough of the other countries make their voices heard at this meeting and say we are not willing to go along with incremental change, it does put a lot of pressure on the Obama administration to respond, because this is a crisis that was made in America.”
Most experts believe that China and India have to be invited to dinner — not just dessert — at G-8 summits. Zbigniew Brezinski, who was national security adviser under President Jimmy Carter, says the G-8 should expand to a G-14 or G-16.