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The rapid global financial and economic developments are leaving observers breathless, with one crisis closely following the other, almost daily bankruptcies, and the sharp decline in basic commodity prices, especially oil.
Yet, some hope remains that the global meetings and summits may find a way out of the crisis.
All countries closely followed the G20 Summit held in Washington earlier this month amid new global economic developments, such as the emerging countries that occupied important positions in international economic relations.
These countries, including China, India, Brazil and the Gulf Cooperation Council (GCC) countries, are trying to find a position for their own agendas that reflect their interests, such as being represented in international organisations like the International Monetary Fund and the World Bank.
For years, the developed West tried to restrain ambitions of emerging countries in an attempt to preserve the old work mechanisms, which were the outcome of the Bretton-Woods Forum after the end of the Second World War.
The global economic tremors caused by the current devastating financial crisis had a big impact on many concepts prevailing over the past six decades.
This resulted in increasing demands for setting up new financial and economic systems in line with the spirit of the age and the new balance of economic and strategic powers at the beginning of the 21st century. The crisis prompted Europe to support these demands in the past few months, which made them gain more power and new dimensions.
It is a must for the new US administration, led by President-elect Barack Obama, to be aware of this fact and work closely with the European Union, China, India and other emerging countries to enable the world to set up more stable and transparent financial and economic systems.
Such a move would curb the negative impact of any financial crises that may affect the global economy from time to time.
The summit did not come up with practical solutions and left that for future summits that may gain more significance with the participation of the new US administration.
Challenges
Yet, identifying challenges and preparing for changes in the management of global financial and economic affairs mean that all parts understood the changes that took place since the collapse of the Berlin Wall.
These changes include the emergence of China, India and Brazil as major economic forces.
Fortunately, Arabs were not absent during the summit that laid the ground for a new global financial order, as Saudi Arabia was invited to participate. The foundations of this order may be set in the coming years, which makes it vital for Arab countries to have a vision and participate in creating the expected changes, stemming from their interests as an effective economic power, specially in the field of energy and related industries.
It is obvious that the changes and new systems will define the nature of financial and economic relations in the 21st century, thus an Arab vision must be developed in time for the next G20 Summit in February, 2009. This can be done either through the GCC or the Arab League.
Only then will Arabs occupy an active position and be able to participate effectively in running the world's financial and economic affairs.
Arabs missed the chance after the end of World War II for many reasons, but the time has come for them to play a role that mirrors the economic and strategic significance of the Arab world in international economic relations.
Dr Mohammad Al Asoomi is a UAE economic expert.
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