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IN BRIEF
l
GLOBAL NEWS
SUMMIT PLEDGE TO RESTORE GROWTH
AND TIGHTEN UP OVERSIGHT
Key issues agreed by world leaders countries' vow to act together to time,” said Hardy.
at the summit included: reverse the global economic slump: This is a view shared by chief
"By the actions we take, savings are currency strategist, Forex.com,
a73 reform of international safe, people will be able to keep Brian Dolan, who warns those
financial institutions such
their jobs, they will not lose their looking for a silver bullet are likely
as the World Bank and the
homes in all of our countries,” to be disappointed and will probably
International Monetary
he said, adding: "These are have to wait until the Obama
Fund
extraordinary times and they are administration assumes control
a73 an agreement by the end of
equire extraordinary measures." before any significant measures are
2008, leading to a
Following the talks, Christine implemented. With regard to any
successful global free-trade
Lagarde, the French Finance real movement in oversight reforms
deal
Minister, described the outcome as to come out of the G20, Dolan says
“…a checklist ... that clearly we are “talk of a ramp up in financial
a73 improvements to financial
trying to push at the global level and regulations is likely to go nowhere.
market transparency and
on which there was massive support While the Europeans favour more
ensuring complete and within the group this morning.” government meddling in markets
accurate disclosure by firms The proposals set out by the EU the US and Canada are likely to
of their financial conditions would seek to curb “short-termism” push back on this issue
Christine Lagarde
a73 making sure banks and
in markets, improve accountability vehemently.” a73
financial institutions'
and transparency, and better
incentives "prevent
anticipate financial threats. The plan
World leaders meeting at the excessive risk taking"
would also give emerging market
recent G20 financial summit in a73 asking finance ministers to
nations such as China and India a
Washington – which brought
draw-up a list of financial
bigger say in the operations of the
together leading industrial powers
institutions whose collapse
IMF and other global institutions,
alongside emerging market
and calls for increased oversight of
countries such as China, India,
would endanger the global
credit ratings agencies and
Argentina, Brazil and others,
economic system
accounting rule-setters. However, it
(representing 85% of the world
a73 strengthening countries'
stops short of direct moves to
economy) - pledged to work
financial regulatory regimes regulate hedge funds and private
together to restore global growth.
a73 taking a "fresh look" at equity groups.
Saying they were determined to
rules that govern market As to the reaction from the
work together to achieve "needed
manipulation and fraud
markets, John Hardy, Market
reforms" in the world's financial
Strategist with Saxo Bank, captured
systems, US President George W
For his part, UK Prime Minister,
the mood, describing the outcome as
Bush stated that finance ministers
Gordon Brown, said agreements
“…lots of talk and little action. Any
would now work on detailed
made at the summit in provide a
major decision, should it come, will
reform proposals, and then report
"route map" to economic recovery.
have to wait until after Mr. Obama
Brian Dolan
back.
Brown hailed as "historic" the
is sworn into office in two months
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