G20: A helpful guide to saving the world Opinion: Here's what to look for as the rich and powerful meet in London.
By Michael Moran - GlobalPost Columnist
NEW YORK — As the leaders of the Group of 20 major industrial nations gather for their much anticipated summit April 2 in London, President Barack Obama and his senior economic aides have taken great pains to prepare the ground for unity.
Gone is the carping about the fact that France and Germany, for instance, have done little in the way of stimulus spending. Muted, too, was the reaction to the statement of the governor of China's central bank suggesting the U.S. dollar's days at the world's "reserve currency" were numbered.
Obama looking forward to meet Manmohan at G-20
Washington: Ahead of his meeting with Prime Minister Manmohan Singh, the White House has said President Barack Obama greatly values Indo-US relationship and wants to further advance the impressive partnership" the two countries have established in the last one decade. Obama will leave on Tuesday to attend the G-20 summit in London on the sidelines of which he would be meeting Singh on April 2.
Thousands of protesters are gathering in London ahead of the G20 Summit to take place on Thursday 2nd of April. Dubbed 'Financial Fools Day', the protests are centering around the Bank of England, the Royal Bank of Scotland headquarters, Bishopsgate and other locations in the financial heart of London, the City. Bankers working in this area have been advised to dress down for fears they may incur the wrath of angry demonstrators.
The G-20 (more formally, the Group of Twenty Finance Ministers and Central Bank Governors) is a group of finance ministers and central bank governors from 20 economies: 19 of the world's largest national economies, plus the European Union (EU). It also met once at heads-of-government level, in November 2008. Collectively, the G-20 economies comprise 85% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.
The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.
Obama at G-20 summit: Popular president, unpopular plan
At his presidential debut on the diplomatic stage this week, Obama will face European and Asian leaders who have already rejected some of his most important proposals for rescuing the global economy.
By Christi Parsons
March 30, 2009
Reporting from Washington -- At the heart of President Obama's approach to foreign policy has been a promise to end the "unilateral" strategies of his predecessor and heal bruised relations with America's allies.
But as Obama makes his presidential debut on the diplomatic stage at the Group of 20 summit in London this week, he faces leaders from both Europe and Asia who have rejected some of his most important proposals for rescuing the global economy, including his call for more stimulus spending.
t's no surprise to anybody that we're gathering the G20 at a time of the most severe economic and financial crisis in generations. These 20-plus countries represent about 85 percent of the global economy and they come together at a time when incomes are falling, unemployment is on the rise, trade has collapsed and financial markets are strained in all of their countries.
G-20 protesters clashed with riot police in central London on Wednesday, breaking into the heavily guarded Royal Bank of Scotland and smashing its windows. Nearly two dozen people were arrested.
Some 4,000 anarchists, anti-capitalists, environmentalists and others clogged the streets of London's financial district for what demonstrators branded "Financial Fool's Day." The protests were called ahead of Thursday's Group of 20 summit of world leaders, who hope to take concrete steps to resolve the global financial crisis that has lashed nations and workers worldwide.
LONDON – World leaders pledged $1.1 trillion in loans and guarantees to struggling countries and agreed Thursday to crack down on tax havens and hedge funds — but failed to reach sweeping accord on more stimulus spending to attack the global economic decline.
At the end of a highly anticipated one-day gathering, leaders of the Group of 20 nations said they would upgrade an existing financial forum to serve as an early warning monitor to flag problems in the global financial system.
They did not, however, satisfy U.S. and British calls for new stimulus measures. Nor did European politicians get their goal of a global financial superregulator.
The leaders did bridge several gaps between the United States and some European nations over how far to regulate the market and how to curb the excesses that sparked the global economic crisis.
LONDON (Dow Jones)--French President Nicolas Sarkozy Thursday said the results of the Group of 20 leading industrial and developing nations' summit, which pledged to toughen up financial regulation and overhaul market supervision, were "beyond his expectations."
G20 countries Thursday agreed to reform the organization of the international financial system in depth, by regulating hedge funds and registering credit agencies, overhauling accounting rules and setting guidelines to cap bankers' pay.
The G20 nations also agreed to a crackdown on tax havens, asking the Organization for Economic Cooperation and Development to publish a list of tax havens, and promising to enforce sanctions on noncompliant countries. This was a long-standing demand of the French side.
LONDON – Concluding his first international summit, President Barack Obama hailed agreements at the emergency meeting of world powers Thursday as a "turning point in our pursuit of global economic recovery." But he cautioned, "There are no guarantees."
The new U.S. leader said the heads of industrial countries that met in London agreed on "unprecedented steps to restore growth and prevent a crisis like this from happening again."
He spoke shortly after G-20 leaders pledged an additional $1.1 trillion in financing to the International Monetary Fund and other global institutions and declared a crackdown on tax havens and hedge funds. The leaders announced the creation of a supervisory body to flag problems in the global financial system — but did not satisfy calls from the U.S. and others for new stimulus measures.
Leaders at the G-20 summit in London declared that "a global crisis requires a global solution." But that doesn't mean they are in agreement on just what the solution should be.
Here is a look at what they promised in their joint communique and what the grand phrases really mean.
WHAT THEY SAID: "We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion, raise output by 4 percent and accelerate the transition to a green economy."
WHAT THEY MEANT: The words in the communique were strong but in reality the major countries did not pledge any additional efforts on government spending or tax cuts to boost their own economies.