With leaders of the Group of 20 meeting in the Russian city of St. Petersburg, hopes are high that they will be able to reach a consensus on ways to deepen international cooperation, promote global economic growth and improve the international system of economic governance.

Achieving strong, sustainable and balanced growth is a common imperative worldwide, and the G20, which groups the world's major developed and emerging economies, has established itself as an important platform for prescribing remedies for the world's economic ills.

And there are plenty of ills that need to be taken care of. The global economic recovery is still volatile and lackluster, trade protectionism has raised its ugly head again and some developed countries are shying away from shouldering their international responsibilities, adding new uncertainties.