ID :
53577
Fri, 04/03/2009 - 07:53
Auther :
Shortlink :
https://oananews.org//node/53577
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G-20 to commit anew to reviving growth, boosting IMF resources+
LONDON, April 2 Kyodo - (EDS: UPDATING WITH FRESH INFO)
Leaders of the world's major industrialized and emerging economies are set to wrap up Thursday their two-day summit in London with a fresh pledge to revive the global economy by smoothing over discord among them over fiscal stimulus measures and financial oversight.
The Group of 20 economies, which together make up about 90 percent of the
world's gross domestic product, will commit themselves to boosting financial
resources of the International Monetary Fund to better rescue developing
economies hit by the current crisis and tighten financial supervision to
prevent a repeat of the turmoil.
The heads of the 20 economies will also confirm their resistance to
protectionist movements at a time when many economies are rushing to protect
domestic industries from the fallout of the crisis.
As a prescription for lifting the world economy out of the worst crisis since
the Great Depression in the 1930s, the United States, Britain and Japan
advocate large stimulus packages.
But Germany and France are cautious about amassing huge debts and instead call
for greater regulations on financial institutions as a priority issue.
The two European nations demand that a list of tax haven economies should be
released to close the loopholes in the regulatory systems, according to
conference sources. French President Nicolas Sarkozy has threatened to walk out
of the summit talks unless his demands are heeded.
Japanese Prime Minister Taro Aso expressed an opposing view against Germany in
an interview with the Financial Times published Wednesday, saying Berlin does
not understand the importance of fiscal mobilization.
The Japanese leader made the remarks because Tokyo recognizes the effectiveness
of fiscal stimulus measures in overcoming its own financial crisis following
the burst of the asset-inflated bubble economy in the early 1990s, Japanese
officials said.
At the end of the London summit, the second of its kind following the inaugural
gathering in Washington last November, the leaders will issue a joint statement
as well as separate documents on financial oversight and an overhaul of the
international financial institutions, the sources said.
The 20 major economies may announce a third financial summit in their statement
to review the progress made in tackling the economic crisis, they said.
Stephen Timms, financial secretary to Britain's Treasury, said G-20 finance
ministers will meet in November to check progress.
The G-20 consists of the Group of Seven major industrialized countries --
Britain, Canada, France, Germany, Italy, Japan and the United States -- plus
Argentina, Australia, Brazil, China, India, Indonesia, South Korea, Mexico,
Russia, Saudi Arabia, South Africa, Turkey and the European Union.
==Kyodo
Leaders of the world's major industrialized and emerging economies are set to wrap up Thursday their two-day summit in London with a fresh pledge to revive the global economy by smoothing over discord among them over fiscal stimulus measures and financial oversight.
The Group of 20 economies, which together make up about 90 percent of the
world's gross domestic product, will commit themselves to boosting financial
resources of the International Monetary Fund to better rescue developing
economies hit by the current crisis and tighten financial supervision to
prevent a repeat of the turmoil.
The heads of the 20 economies will also confirm their resistance to
protectionist movements at a time when many economies are rushing to protect
domestic industries from the fallout of the crisis.
As a prescription for lifting the world economy out of the worst crisis since
the Great Depression in the 1930s, the United States, Britain and Japan
advocate large stimulus packages.
But Germany and France are cautious about amassing huge debts and instead call
for greater regulations on financial institutions as a priority issue.
The two European nations demand that a list of tax haven economies should be
released to close the loopholes in the regulatory systems, according to
conference sources. French President Nicolas Sarkozy has threatened to walk out
of the summit talks unless his demands are heeded.
Japanese Prime Minister Taro Aso expressed an opposing view against Germany in
an interview with the Financial Times published Wednesday, saying Berlin does
not understand the importance of fiscal mobilization.
The Japanese leader made the remarks because Tokyo recognizes the effectiveness
of fiscal stimulus measures in overcoming its own financial crisis following
the burst of the asset-inflated bubble economy in the early 1990s, Japanese
officials said.
At the end of the London summit, the second of its kind following the inaugural
gathering in Washington last November, the leaders will issue a joint statement
as well as separate documents on financial oversight and an overhaul of the
international financial institutions, the sources said.
The 20 major economies may announce a third financial summit in their statement
to review the progress made in tackling the economic crisis, they said.
Stephen Timms, financial secretary to Britain's Treasury, said G-20 finance
ministers will meet in November to check progress.
The G-20 consists of the Group of Seven major industrialized countries --
Britain, Canada, France, Germany, Italy, Japan and the United States -- plus
Argentina, Australia, Brazil, China, India, Indonesia, South Korea, Mexico,
Russia, Saudi Arabia, South Africa, Turkey and the European Union.
==Kyodo
