Lofty G20 Goal? End Global Contraction Before January, 2011
Financial Times:
G20 communiqué steers clear of protectionism
Leaders of the world’s 20 leading and emerging economies meeting in London this week are set to reiterate a pledge to avoid protectionism and complete stalled global trade talks but offer little to those calling for more economic stimulus.
A 24-point draft of the G20 meeting’s final communiqué, obtained by the Financial Times, does not contain specific plans for a fiscal stimulus package, which had been resisted by European countries. It claims that the fiscal expansion already in process will increase global output by more than 2 percentage points and create more than 20m jobs.
Combined with increased resources for a reformed International Monetary Fund, the fiscal and banking support actions aim to enable the world economy to expand by the end of 2010. The draft left a blank space where a target for economic expansion could be inserted...
Stating that a “global crisis requires a global solution”, the G20 leaders pledge: “We are determined to restore growth now, resist protectionism, and reform our markets and institutions for the future . . . We are determined to ensure that this crisis is not repeated.”
G20 communiqué steers clear of protectionism
Leaders of the world’s 20 leading and emerging economies meeting in London this week are set to reiterate a pledge to avoid protectionism and complete stalled global trade talks but offer little to those calling for more economic stimulus.
A 24-point draft of the G20 meeting’s final communiqué, obtained by the Financial Times, does not contain specific plans for a fiscal stimulus package, which had been resisted by European countries. It claims that the fiscal expansion already in process will increase global output by more than 2 percentage points and create more than 20m jobs.
Combined with increased resources for a reformed International Monetary Fund, the fiscal and banking support actions aim to enable the world economy to expand by the end of 2010. The draft left a blank space where a target for economic expansion could be inserted...
Stating that a “global crisis requires a global solution”, the G20 leaders pledge: “We are determined to restore growth now, resist protectionism, and reform our markets and institutions for the future . . . We are determined to ensure that this crisis is not repeated.”