The G-20 will take over the G-8’s role as the “permanent council for international economic cooperation,” the group will announce Friday. The decision, a “reflection of the world economy today and the players that make it up,” was pushed by President Obama after the G-8 Summit in July. The president argued then that it was “wrongheaded” to wrestle with huge global challenges without input from countries like China, India, and the entire Southern Hemisphere. The G-8 will continue to meet on major security and donor issues.
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