( CNN ) -- All eyes at the Group of 20 summit in St. Petersburg , Russia , will be on Vladimir Putin and Barack Obama , two men who are barely on speaking terms . Undoubtedly there will be drama . Putin brought his pet Labrador , Koni , to his first meeting with German Chancellor Angela Merkel , who has a well-known fear of dogs , to intimidate her . Given Putin 's track record , one could be forgiven for thinking that Edward Snowden might make an appearance in the Russian delegation . The true cost of the U.S.-Russian dispute will only become apparent in a few months . As the leaders focus on Syria , the purpose of the summit -- managing the global economy -- will get short shrift . As concern grows about economic troubles in emerging economies such as China , India and Brazil , we are unlikely to see a coordinated response from St. Petersburg . Official agenda items such as energy subsidies and food security will be completely overshadowed . The G20 leaders ' summit was created in 2008 after the fall of Lehman Brothers as the world economy stood on the brink of collapse . The West 's leaders recognized they could not fix the global economy by themselves in the old Group of Eight club . Emerging economies such as China , India , Brazil , South Korea and South Africa had to be brought into the mix and could no longer be treated as second-class citizens . The G20 's great contribution to world affairs was its success in managing the global financial crisis and restoring stability to the financial system . The Washington summit in 2008 and the London summit in 2009 did much to avert a new great depression . Unprecedented cooperation between the world 's largest economies provided liquidity that limited the contagion of the banking crisis , kept markets open and prevented countries from resorting to protectionism , and provided a stimulus that cushioned the drop in growth . In the years since , it has become fashionable to say that the G20 failed to follow up on its initial success . There is some truth to that . Member states have been unable to agree on a common fiscal policy -- the United States and several emerging powers favored more stimulus , while Germany and the United Kingdom led a coalition for austerity . Much still needs to be done to fix international finance , which remains crisis-prone . And the G20 has been unable to assist in managing the euro crisis . The reason is simple . Once it stepped back from the edge of the precipice , each government began fighting from its own corner . Now , as emerging economies slow down and developed economies show new signs of growth , some may ask whether the G20 still has a role to play . Is it just another talking shop ? This view is understandable but wrongheaded . It could do better , but the G20 still matters for the global economy . In a globalized world , no country can pursue a unilateral international economic policy . Instability in a major economy will inevitably destabilize all other economies . We ca n't go back to the G8 , which would leave out the world 's second ( China ) , seventh ( Brazil ) and 10th ( India ) largest economies . Governments will disagree on the best way to achieve growth , on the right level of regulation , on currency manipulation and much else . But all of these divisions would grow and threaten economic stability if leaders did not formally meet to discuss them . Even if progress is slow , we live with the ever-present risk of a new economic crisis . If one were to occur , a functioning G20 is indispensable . The real problem with the St. Petersburg summit , which contrary to expectations was relatively well-organized by Russia , is that the G20 's global economy agenda has being taken over by the Syrian crisis . It is not surprising , but there is a real cost . The world still needs an effective steering committee for the global economy . If there were the remotest possibility of G20 agreement on Syria , it might be worth it , but there is n't . It will be up to Australia , which hosts the next summit in 2014 , to get the G20 back on track . The opinions expressed in this commentary are solely those of Thomas Wright .
Thomas Wright : Syria likely to overshadow G20 's purpose : managing global economy . He says G20 created in 2008 to respond to economic crisis and it was able to avert disaster . G20 remains key to staving off global economic crises , Wright says . Comment: