G-20 Summit on Financial Markets & the World Economy- A Special Feature
The eagerly anticipated G-20 meeting on financial markets and the world economy brought leaders of the 20 nations and international financial institutions on November 14–15, 2008, in Washington, D.C. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial crisis, and lay the foundation for reform to avoid similar crises in the future.
Heads of major industrialized powers, including Britain, Germany, France and Japan, attended the summit as also the developing countries such as China, India and Brazil.
The summit concluded on 15th November, 2008 with the final declaration which expressed a clear resolve on the part of the global community to broad base the decision-making structures of international finance to include the major emerging markets like India and China
The key ‘good intentions’ of the summit include:
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 “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, and
Taking a “fresh look” at rules that govern market manipulation and fraud.
A second summit will be held in April 2009 to move the proposals forward.
Text of the Statement From G-20 Summit... Click Here
About Group of Twenty (G-20)... Read More
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