The International Monetary Fund (IMF) has warned that developed countries are facing a third shock after the Gulf War and the spendthrift regime of President Trump. The markets have reacted to political tensions in the Middle East and the lack of control over American government policies, causing an increase in the pressure on public debt worldwide. Governments and central banks of every major economy have tried to control debt costs, but the crisis has made these tactics very difficult to apply.

Economists have predicted that servicing public debt would represent 45% of public revenues in developed countries and 70% in poor countries. This has prevented the weakest countries from dedicating resources to necessary investments for economic growth and future development. The banking market crisis has also led to the inevitable increase in claims for debt recovery, further increasing the economic pressures on these countries.

Additionally, energy has become an additional problem, as developed countries were caught off guard by the energy crisis, while the weakest countries were already facing economic difficulties. The requests for reform of the international debt system have multiplied in recent years, especially from African Union members and G20 presidents, such as Brazil and South Africa. The G20, an important forum for discussing international economic issues, has launched financial assistance programs, including the Common Framework, which allowed countries facing debt to ask for help during the Covid-19 crisis.

However, with President Trump at the helm, the G20 focused on the growth aspect, evoking a contrast with reality: the American block cannot achieve its main goal, global growth, given that the main objective of the Iraq war is an obstacle to its realization. Next year will be the presidency of the United Kingdom, where the Labour Party has declared that it will pursue different priorities compared to its previous policies. This includes using the role of presiding over the G20 to promote global regulation of copyright rights, a cause that seems to be an unattainable desire but is certainly useful to pursue.

The Secretary of State for Britain, Ed Miliband, said at Labour Party conferences: 'Friends, I will use my role as presiding over the G20 to resolve this problem.' This aspect clearly shows the difference between the weakest and the most developed countries, and the need to find alternative solutions to ensure the survival of these latter.