Ascension of G-20 fits priorities of new century

For the world, apparently, eight is no longer enough.

The G-8 group of powerhouse economies, which expanded from the original G-5 one by one over three decades, stepped off center stage as its annual summit ended Friday, while the G-20 ascended into the role of overseeing the global economy. Henceforth, the council of 20 major economies will steer the planetary fiscal ship through its choppiest waters in a generation.

The shift toward multilateral decision-making is sure to please some emerging economies _ China and India in particular _ and irritate those Americans who believe the United States shouldn't be handing off its power to international institutions. …