Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
My Profile
Top News
Reuters top ten news stories delivered to your inbox each day.
Subscribe
You are here:
Home
>
News
>
International
>
Article
Home
Business & Finance
News
U.S.
Politics
International
Technology
Entertainment
Sports
Lifestyle
Oddly Enough
Health
Science
Special Coverage
Video
Pictures
Your View
The Great Debate
Blogs
Weather
Reader Feedback
Do More With Reuters
RSS
Widgets
Mobile
Podcasts
Newsletters
Your View
Make Reuters My Homepage
Partner Services
CareerBuilder
Affiliate Network
Professional Products
Support (Customer Zone)
Reuters Media
Financial Products
About Thomson Reuters
G20 takes center stage in new economic world order
Fri Sep 25, 2009 2:51am EDT
Email | Print |
Share
| Reprints | Single Page
[-]
Text
[+]
By Emily Kaiser and Darren Ennis
PITTSBURGH (Reuters) - The Group of 20 rich and developing countries were set to anoint themselves as caretakers of the global economy on Friday, giving rising stars such as China and India more say in world affairs.
Heading into their second day of meetings aimed at assuring the economy emerges from a deep global recession with better safeguards against another financial crisis, the G20 pledged to keep emergency economic supports in place until recovery is secured, according to a draft communique obtained by Reuters.
They also agreed to rein in financial industry excesses that led to the credit crisis, which first erupted in 2007, and to work together to tighten rules on how much capital banks must keep on hand to absorb losses.
The final version of the communique will be issued when the leaders wind up their meeting on Friday evening.
Emerging economies looked to be the surprise winners as the leaders sought to finalize agreements on an ambitious agenda that included building a more stable world economy, reforming bank regulations, and tackling climate change.
U.S. President Barack Obama's first G20 summit as host tests his ability to juggle domestic and foreign policy.
As Obama welcomed G20 leaders to a working dinner in Pittsburgh on Thursday, lawmakers in Washington were hashing out terms of a contentious healthcare reform bill that is the cornerstone of his domestic policy agenda.
After two years of financial turmoil, the global economy now appears to be recovering far faster than many economists predicted, thanks in large part to sharp interest rate reductions, emergency central bank lending programs, and roughly $5 trillion in government stimulus money.
But with unemployment high and banks still struggling to recoup heavy losses primarily from failing U.S. mortgage loans, the pressure is on the G20 to sustain the economic assistance.
"Today, leaders endorsed the G-20 as the premier forum for their international economic cooperation," the White House said in a statement after a summit dinner.
"This decision brings to the table the countries needed to build a stronger, more balanced global economy, reform the financial system, and lift the lives of the poorest."
The move means the G20 supplants the G7 and G8 -- institutions dominated by rich Western economies, which will now remain forums for discussing geopolitical issues, diplomats said.
The G20, which includes the world's richest nations and fast-growing emerging economies including China, has become the primary venue for world leaders to meet on the financial crisis. Pittsburgh is the third G20 summit in less than a year.
In another boost for countries such as China, the G20 unexpectedly reached a deal on reshaping the International Monetary Fund to shift more voting power to some developing countries, recognizing their growing economic clout and the vital role they must play in helping the world economy climb out of the worst recession in generations.
REBALANCING ACT Continued...
View article on single page
Share:
Del.icio.us
Digg
Mixx
Yahoo!
Facebook
LinkedIn
Next Article:
TOPWRAP 1-G20 takes center stage in new economic world order
special coverage
Pittsburgh G20 summit
Leaders of the world's biggest economies meet in Pittsburgh to discuss ways of nurturing the fragile recovery from the worst global recession since 1930s, and how to help cushion the world economy from future crises. Full Coverage
More International News
U.N. calls for nuclear disarmament, Obama presides
| Video
U.S. rethinks plans to give Libya $2.5 million in aid
Olmert corruption trial opens in Jerusalem
Honduras edges toward possible crisis talks
Russia's Medvedev says he could run again in 2012
More International News...
Video
Leaders arrive for G20
Play Video
OECD Chief on exit strategies
Federated CEO at the G20
G20 Agenda
Pittsburgh prepares for G20
Obama's G20 test
More Video...
Related News
SNAP ANALYSIS: New world economic order takes shape at G20
2:51am EDT
Protests, clashes hit G20 summit city
1:33am EDT
FACTBOX: What it takes to rebalance the global economy
24 Sep 2009
SCENARIOS: Some G20 leaders face both summit, votes at home
24 Sep 2009
FACTBOX: Five facts about Pittsburgh, site of G20 meeting
24 Sep 2009
TIMELINE: From summit to summit - G20 to meet in Pittsburgh
24 Sep 2009
SCENARIOS: What is G20 success for Obama?
24 Sep 2009
Editor's Choice
Slideshow
A selection of our best photos from the past 24 hours. Slideshow
Most Popular on Reuters
Articles
Video
Randy Quaid, wife arrested over unpaid hotel bill
UPDATE 1-Illinois man charged in plot to bomb federal offices
U.S. terror suspects accused of targeting Marine base
Mackenzie Phillips claims incestuous affair with rock icon
US rethinks plans to give Libya $2.5 million in aid
A123's smash-hit IPO could herald more green debuts
AIDS vaccine protects people, shocks researchers | Video
Silicon Valley reinvents the lowly brick
UPDATE 2-ING to sell Australia, NZ jv to ANZ for $1.6 bln
Study shows U.S. bank CEO pay dwarfs rest of world
Most Popular Articles RSS Feed
Video
Obama's G20 test
Protesters, police clash at G20
Water on the moon?
Ahmadinejad in New York
3D holograms go tactile
Chavez smells hope, not sulfur at UN
China looks back, 60 years on
Geithner vows concrete reform
Leaders arrive for G20
Gadafi throws papers in UN speech
Most Popular Videos RSS Feed
Reuters.com:
Help and Contact Us |
Advertise With Us |
Mobile |
Newsletters |
RSS |
Labs |
Journalism Handbook |
Archive |
Site Index |
Video Index
Thomson Reuters Corporate:
Copyright |
Disclaimer |
Privacy |
Professional Products |
Professional Products Support |
About Thomson Reuters |
Careers
International Editions:
Africa |
Arabic |
Argentina |
Brazil |
Canada |
China |
France |
Germany |
India |
Italy |
Japan |
Latin America |
Mexico |
Russia |
Spain |
United Kingdom |
United States
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.