During a recent series of talks with academics and analysts on the prospects for the G20 Leaders Summit in Hangzhou on Sept 4 and 5, Fredrik Erixon, director of the European Center for International Political Economy (ECIPE), made two points that impressed me.

One was his view on the status quo of the global situation, which he described as an "extraordinarily difficult time". That's something that's hard to disagree with, especially in the European Union, which is facing tremendous challenges.

And on a broader scale, such is the backdrop to the G20 summit, which is a platform for the leaders to forge consensus and generate a new impetus for global growth.