Since then, the G20 has lost further momentum with the Cannes and Los Cabos Summits delivering more modest results, putting in questions the G20’s effectiveness and by this its credibility. This loss of momentum is to an important extent due to a waning sense of urgency.
At the height of the global economic and financial crisis in 2008–2009, G20 Leaders collectively agreed on the root causes of the problems and on the urgency and course of action needed to overcome the crisis. Since the global economy stepped back from the brink, progress has slowed down as world Leaders feel less pressured to strike deals.