Sunday, November 16, 2008

Financial Crisis ▪ World Leaders (G20) Urged Fast Action

World leaders pledged rapid action, November 15, in Washington to rescue a weakening global economy from the worst financial crisis in over 70 years and agreed to give emerging nations more say in running financial affairs.

The Group of 20 leaders from major industrialized and developing countries set out plans to toughen oversight for major global banks, study limits on banker pay and try for a breakthrough by year end in global trade talks - all part of a roadmap to rebuild a financial system crippled by the credit crisis. […]

In what portends a major shift in the global balance of economic power, the G20 agreed to a place for emerging market economies on the Financial Stability Forum, where top bank regulators evaluate banking and market risk. […]

In the medium term, the G20 also opened the door to the big prize - more seats for developing countries at the IMF and World Bank. […]

Advisers designated by U.S. President-elect
Barack Obama to meet with dignitaries on the sidelines of the G20 summit said he supports a coordinated response to the global financial crisis and is ready to work with member countries on improving the financial system when he takes office. […] Reuters (excerpts)

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