This seminar organises the G20’s efforts under five themes: macroeconomic stimulus, fiscal consolidation, monetary policy, the global financial safety net, and global imbalances. The speaker finds that the G20’s success has been mixed and has weakened over time. Although goals of fiscal and monetary stimulus have been met, success on fiscal consolidation has been poor. On monetary policy, the G20 succeeded in moving to more market-determined exchange rates and in avoiding competitive exchange rate devaluations but failed to ensure monetary policy consistency, avoid negative spillovers, and promote careful communication by central banks. The G20 was initially successful in increasing the resources of the global financial safety net, but the safety net remains too small, progress on institutional reform is slow and incomplete, and little has been done to address the safety net’s fragmentation. While global imbalances have narrowed since 2008, much of this is because of lower demand in the advanced economies rather than structural reform.