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Summit pledge to 'restore growth' Summit pledge to 'restore growth'
(20 minutes later)
Global leaders at the G20 financial summit in Washington have pledged to work together to restore global growth.Global leaders at the G20 financial summit in Washington have pledged to work together to restore global growth.
They said they were determined to work together to achieve "needed reforms" in the world's financial systems.They said they were determined to work together to achieve "needed reforms" in the world's financial systems.
Britain's Prime Minster, Gordon Brown, said the agreements reached by leaders were "historic".Britain's Prime Minster, Gordon Brown, said the agreements reached by leaders were "historic".
US President George Bush said that finance minsters would now work on detailed reform proposals, and then report back.US President George Bush said that finance minsters would now work on detailed reform proposals, and then report back.
The meeting brought together leading industrial powers, such as the US, Japan and Germany, and also emerging market countries such as China, India and Brazil - representing 85% of the world economy.The meeting brought together leading industrial powers, such as the US, Japan and Germany, and also emerging market countries such as China, India and Brazil - representing 85% of the world economy.
Key issues agreed by world leaders at this summit included:
  • reform of international financial institutions such as the World Bank and the International Monetary Fund
  • an agreement by the end of 2008, leading to a successful global free-trade deal
  • improvements to financial market transparency and ensuring complete and accurate disclosure by firms of their financial conditions
  • making sure banks and financial institutions' incentives should "prevent excessive risk taking"
  • asking finance ministers to draw-up a list of financial institutions whose collapse would endanger the global economic system
  • strengthening countries' financial regulatory regimes
  • taking a "fresh look" at rules that govern market manipulation and fraud.
class="" href="/1/hi/business/7731735.stm">Summit in quotes class="" href="/1/hi/business/7731741.stm">G20 statement Key issues agreed by world leaders at this summit included:
  • reform of international financial institutions such as the World Bank and the International Monetary Fund
  • an agreement by the end of 2008, leading to a successful global free-trade deal
  • improvements to financial market transparency and ensuring complete and accurate disclosure by firms of their financial conditions
  • making sure banks and financial institutions' incentives should "prevent excessive risk taking"
  • asking finance ministers to draw-up a list of financial institutions whose collapse would endanger the global economic system
  • strengthening countries' financial regulatory regimes
  • taking a "fresh look" at rules that govern market manipulation and fraud.
At their meeting in Washington, leaders pledged to "lay the foundation for reform to help to ensure that a global crisis, such as this one, does not happen again".At their meeting in Washington, leaders pledged to "lay the foundation for reform to help to ensure that a global crisis, such as this one, does not happen again".
HAVE YOUR SAY Everyone is affected by this downfall. Budgets of households and big corporations are equally affected Asif Chaudhry, Pakistan Send us your commentsHAVE YOUR SAY Everyone is affected by this downfall. Budgets of households and big corporations are equally affected Asif Chaudhry, Pakistan Send us your comments
In his address at the end of the summit, Mr Bush said there was no doubt that the financial crisis facing the United States and many other countries was a severe one.In his address at the end of the summit, Mr Bush said there was no doubt that the financial crisis facing the United States and many other countries was a severe one.
He said it had even been conceivable that the US "could go into a depression greater than the Great Depression".He said it had even been conceivable that the US "could go into a depression greater than the Great Depression".
"We are adapting our financial systems to the realities of the 21st century," he said."We are adapting our financial systems to the realities of the 21st century," he said.
Speaking after the summit, the UK's Mr Brown, said the group had reached important conclusions "about trade, about financial stability and about the expansion of our economies".Speaking after the summit, the UK's Mr Brown, said the group had reached important conclusions "about trade, about financial stability and about the expansion of our economies".
But in their joint closing statement, leaders said the reforms would only be successful, if they were "grounded in a commitment to free market principles".But in their joint closing statement, leaders said the reforms would only be successful, if they were "grounded in a commitment to free market principles".
G20 leaders say they will meet again by 30 April, 2009, to review progress.G20 leaders say they will meet again by 30 April, 2009, to review progress.
The G20 group of countries consists of 19 leading industrialised and developing countries, as well as the European Union.The G20 group of countries consists of 19 leading industrialised and developing countries, as well as the European Union.