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Tag Archives: G 20
Today 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.
“We, the Leaders of the Group of Twenty, amid serious challenges to the world economy and financial markets. We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world’s financial systems.” – So begins the Declaration signed by the leaders of Member States of the G 20 at Summit held in November 2008 in Washington.
“We are within a few hours, I think, of agreeing a global plan for economic recovery and reform and I think the significance of this is that we are looking at every aspect” said yesterday Prime minister Gordon Brown after the meeting with President Obama.
President Obama said: “The truth is that there has been extraordinary convergence. I am absolutely confident that this meeting will reflect enormous consensus about the need to work in concert to deal with these problems.”
After a such huge consensus follow today, after the works Summit to see a new statement similar to the previous, then not happen anything notable? Or will attend a substantive change, a change that to establish a new world order? The idea isn’t new and has been circulating extensively since the first moments of crisis. So no wonder he returned in force to the attention of analysts with the G 20 Summit.
Will find world leaders viable solutions to global economic crisis? – first question for today.
Will be G 20 Summit a decisive step toward to the new world order ? – second question for today.
If analyze the results of bilateral meetings held yesterday, see that President Obama is right. There is consensus. Unfortunately, however, talk of a consensus only up front on tv camera. Backstage, the prospects are not promising. If the United States provided support Great Britain, on the other side form common front the leaders of emerging economies, China, India and obviously Russia. And the alliance between France and Germany (President Sarkozy and Chancellor Angela Merkel even had a joint press conference) could be the force that will tilt the balance of the discussions tomorrow. But, the leaders of world knows that if the summit fails to agree, it will destroy what is left of any confidence in the world’s trading centers and the consequences can be disastrous.
The result final and official of discussions will know tonight after close Summit hosted by ExCel Arena in the heart of London.
We walk to a New World Order? Possibly. But what this mean exactly? What will be reforms in the economy and financial system? How will be implemented and who will control it ? We’ll have a new world currency or the world will separate into several economic and exchange rate blocs ? And what impact it can have for all the current world system? Here are some questions to that certainly we will find answered only over time, not tonight. But worth to reflection.