G-20 Leaders Agree to Next Economic Steps

By Grier, Peter | The Christian Science Monitor, November 17, 2008 | Go to article overview

G-20 Leaders Agree to Next Economic Steps


Grier, Peter, The Christian Science Monitor


It was no Bretton Woods II. But the Washington economic summit may have made history by, in essence, expanding the world's financial board of directors - and starting a process that could lead to more coordinated global action on the current crisis in months to come.

Summit leaders agreed to hold a follow-up meeting on April 20. By then, the US will be led by a new Obama administration, which may be more inclined than its Bush predecessor to accept international financial regulatory reforms.

That doesn't mean that a President Obama will accept the sort of cross-border financial regulation that Europeans have long pushed for, say analysts. But it may mean that at the least he will accept a larger role for the International Monetary Fund (IMF) and other global institutions.

"You can expect that the [Obama] administration will listen and be more responsive precisely to where it is that America's actions fit into the larger global context," said Colin Bradford, a Brookings Institution expert on international economics, at a seminar on the Washington summit.

Bretton Woods was the seminal 1944 conference held at Bretton Woods, N.H., where 44 nations drew up the postwar global financial order. They created the IMF and the World Bank at that meeting, among other things.

The Nov. 14 and 15 Washington discussions were not designed to reach those heights. Instead, their purposes seemed as much political as technical, with leaders from Nicolas Sarkozy of France to China's President Hu Jintao talking about domestic financial rescue measures they have already taken.

President Bush served as host and made a forceful appeal to world leaders that they not try to reinvent the free-market system.

"There was a common understanding that all of us should promote pro-growth economic policy," said Mr. Bush after the sessions. "There is more work to be done and there will be further meetings, sending a clear signal that a [single] meeting is not going to solve the world's problems."

In a postmeeting communique, leaders of the assembled group of G- 20 nations said they agreed a broader policy response is needed to combat the current global economic crisis, based on "closer macroeconomic cooperation."

Listing a series of general principles, the leaders pledged to strengthen the transparency of their financial markets and their own regulatory regimes, among other things.

They also agreed to look at executive pay levels to see if those had contributed to the crisis, and to try to tighten regulations on credit default swaps, complex derivatives that may have helped credit problems cascade through the world financial system.

World Bank President Robert Zoellick said the summit was a positive start. He praised China's $580 billion stimulus package and called on other nations to initiate government spending initiatives of their own. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

G-20 Leaders Agree to Next Economic Steps
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.