The G20 screams victory over the crisis

Books, television programs, films, magazines or music to share, counselor to discover ... Talk to news affecting in any way the econology, environment, energy, society, consumption (new laws or standards) ...
recyclinage
Econologue expert
Econologue expert
posts: 1596
Registration: 06/08/07, 19:21
Location: artist land

The G20 screams victory over the crisis




by recyclinage » 26/09/09, 12:05

PITTSBURGH - The G20 member states shouted victory on Friday in their fight against the economic and financial crisis and promised to give more space to emerging countries in the reconstruction and management of the global economy.
The G20 Heads of State and Government gathered in Pittsburgh said they were convinced they had won their battle against the financial crisis. It worked, they say laconically in their final communiqué. (Reuters / Jim Bourg)



In their final communiqué, the Heads of State and Government of the Group of Twenty further pledge to continue the stimulus measures to ensure a sustainable recovery of growth, to create the necessary framework for a coordinated rebalancing of the economy. and enact new and more stringent regulatory standards for the banking sector by 2012.

"Here in Pittsburgh, leaders representing two-thirds of the world's population have adopted an international plan for jobs, growth and sustainable economic recovery," said British Prime Minister Gordon Brown.

Taking stock of the commitments made in April at the London summit, the members of the G20 are very satisfied: "It worked", they claim laconically in point 5 of their final press release. "Our forceful response has helped halt the dangerous fall in global activity and stabilize financial markets."

Barack Obama, host for the first time of a major international meeting, did not hide his satisfaction. "We cannot allow the economy of the past to endure, with its ups and downs."

"It is out of the question to wait until there is a crisis to cooperate. That is why our new framework will allow each of us to evaluate the policies of the others, to reach a consensus on the reforms and ensure that global demand supports growth for all, "said the President of the United States.

"A RECOGNITION OF REALITIES"

The third summit of its kind since the start of the year, the G20 in Pittsburgh has propelled the organization to the rank of "forum priority "in terms of world economic cooperation. G7 and G8, which for decades coordinated the economic policies of the great powers, are thus supplanted, which confirms the growing weight of China and India in world growth.

"This movement towards the G20 and this demarcation of the G7 is a recognition of economic realities. You cannot talk about the world economy without having the most dynamic emerging economies at the negotiating table," commented John Lipsky, Deputy Managing Director. of the International Monetary Fund (IMF), interviewed by Reuters Television.

Revelations about the existence of a second uranium enrichment center in Iran have also given Barack Obama the opportunity to launch a call for cohesion to bring Tehran to abandon its sensitive nuclear activities.

The Islamic Republic, he said in the presence of Nicolas Sarkozy and Gordon Brown, was warned that it had to make a choice about "pursuing a path that leads to confrontation", at the meeting from October 1 in Geneva with the great powers.

"EXCESS OF CONFIDENCE"

Despite their victory, the G20 member states recognize that much remains to be done to ensure a sustainable economic recovery. "The feeling of returning to normalcy should not lead us to overconfidence," they said in the statement. "We want growth without extreme boom and bust cycles and markets that encourage responsibility, not recklessness."

In addition to the regulatory measures, which must be stopped before the end of 2010 and implemented two years later, the G20 decided to regulate salaries and bonuses in the banking sector. Member States have agreed on a provision that would allow companies to recover bonuses paid in certain circumstances, so as not to encourage excessive risk.

Regarding the distribution of votes at the IMF, "we have made a commitment to transfer quotas to the benefit of dynamic emerging and developing countries of at least 5% from over-represented countries to under-represented countries. represented using the current quota formula as the basis of our work, ”they say.

On the environment front, the G20 announces the medium-term end of fossil fuel subsidies and promises to redouble efforts to reach an agreement at the Copenhagen conference on global warming, to be held from 7 to 18 december.

Finally, the Heads of State and Government support Barack Obama's call for a rebalancing of the economy, which involves reducing the trade surpluses of exporting countries such as China and the deficit of big importers like the United States.

They promise to cooperate in evaluating their respective policies and to collectively judge their consistency with more sustainable and balanced growth.

Despite the cohesion displayed in Pittsburgh, delegates could not hide some friction. In particular, many Europeans have judged the commitments to fight against global warming insufficient.

"I am not hiding my fears about the slowness of progress. The negotiations cannot last forever. The time has come to act," said José Manuel Barroso, President of the European Commission.

Outside the conference center, protesters 10.000 paraded quietly after the clashes on Thursday.


the express source news
0 x
 


  • Similar topics
    Replies
    views
    Last message

Back to "Media & News: TV shows, reports, books, news ..."

Who is online ?

Users browsing this forum : No registered users and 185 guests