G 20 Pittsburgh Summit and the difference between expectations and achievements

pittsburghToday G20 leaders will meet for the third time in last year. At Summit in Pittsburgh the main issue on the talk is proposal French President Nicolas Sarkozy, to limit international banking bonuses so that they are proportional to long-term performance. This does not mean that bankers would have to do too much worry. President Obama believes that it wouldn’t be a beneficial measure. So European leaders were forced to accept a compromise to avoid a deadlock of the talks. Faced with multiple internal and external problems, Obama no longer seems providential leader, but bankers on Wall-Street seem strong enough to make the law. “Abroad, Obama remains a rock star, but doubts are beginning to emerge about his ability to turn popularity into policy,” said Charles Kupchan, a senior fellow at the Council on Foreign Relations in Washington, quoted by Bloomberg.com.

Moreover, leaders of EU countries met on September 17 to agree about the position which will have a summit in Pittsburgh. At the end of the meeting, it was established that the European Union to ask the G20 to establish binding rules for financial institutions for a waiver of remuneration in the financial and banking system, together with the possibility of sanctions at national level. Also, EU leaders will advocate for a central role International Monetary Fund.

Notice: in April 2009, in London, G 20 leaders agreed to waive bonuses (including those obtained by employees who best performance in the bank) and in of November 2008, in Washington, outlined the need to increase the role of IMF and World Bank. Conform The Washington Post: “Since April, the combination of loose monetary policy and stimulus spending has begun to show results in some G-20 nations, including the United States and China, where the downturn appears to be losing steam. But any recovery remains fragile. The G-20 finance ministers and central bankers agreed earlier this month to maintain stimulus spending until a recovery gains more traction”. But is it sufficiently ? Is it possible more ? Business analysts have warned that the reform of the global financial system, however, is moving too slowly.

In addition to the economic crisis, the G20 will discuss climate issues before the Copenhagen meeting in December, which will be set new targets for reducing emissions of greenhouse gases. Poor countries expected help from the developed and hopes to get guidance in this respect in Pittsburgh. Today, President Obama and other G 20 leaders are expected to arrive in Pittsburgh  and gather for a leaders-only dinner. Tomorrow, the leaders will attend a plenary session in the morning, followed by a working lunch and another plenary. At the end of the day, representatives from the participating countries will hold press conferences and release a communique outlining the next steps the group will take to deal with the economic crisis.

4 responses to “G 20 Pittsburgh Summit and the difference between expectations and achievements

  1. Pingback: G 20 Pittsburgh Summit and the difference between expectations and … (g 20 pittsburgh) | Today's Hot Stories

  2. Pittsburgh’s G-20 story: Take an expressway from town and disappear into desolate ‘hoods and encounter the civilization of menace. Pittsburgh, a dual city! The glass wonder of PPG Place and/or the G-20 Summit is a faded memory. Here in the ‘hood lives lie abandoned as far as the eye can see.

    That is: For the most part, African-American Pittsburgh seems to be invisible, not only to the public relations hucksters who tout Pittsburgh’s successes, but we are equally invisible to the protesters.

    Certainly, black Pittsburgh is as proud as anybody in that the black President we worked so hard to elect has selected Pittsburgh as the host of the G-20 Summit. We even enjoy the re-invention of Pittsburgh from a dirty, smoky steel-churning history to the bright, clean, green financial success that the business leaders and politicians boast about so loudly. Nobody is more proud of the Super Bowl winning African-American coach of the Pittsburgh Steelers, Mike Tomlin. But none of that feel-good stuff erases the pain of the stubbornly high unemployment among African American young adults and the staggering dropout rate for young black males from the public school system.

  3. Hey, I found your blog while searching on Google your post looks very interesting for me. I will add a backlink and bookmark your site. Keep up the good work!

  4. The banks in the US are set to pay out almost record bonuses. I suspect the EU will do better than the US in dealing with the banks too big to fail.

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