Leaders from the G-20, or Group of 20 are gearing up to meet in London April 2nd.
Argentina
Australia
Brazil
Canada
China
France
Germany
India
Indonesia
Italy
Japan
Mexico
Russia
Saudi Arabia
South Africa
South Korea
Turkey
United Kingdom
United States
European Union
Clearly it's all about global economic crisis, but what specifically, is on the agenda? Major areas include: International Cooperation, Bank Supervision, Credit, Unemployment, Trade / Export, Climate Change, Oil / Energy Policy.
The UK is the host and UK leaders have been commenting on the proposed agenda for the highly important, high-level meeting. The G20 Research Group at the Univ. of Toronto, has produced a report called Plans for the London G20 Summit. Here are a few highlights, excerpted from major agenda items section of an in-depth report by Jenilee Guebert, Senior Researcher at the G 20 Information Center
International Cooperation: In late January, British prime
minister Gordon Brown set out his agenda for the G20 crisis summit in London, saying he would push for a new global
financial architecture to prevent future turmoil... The priorities would be “an early
warning system of risk on any continent in the world economy,” as well as replacing
“the patchwork of current regulation.”
Bank Supervision: As of February 11, G20 countries
planned to increase capital requirements for banks and take a tough stance
against tax havens. According to unnamed sources, the G20 countries were
discussing a model whereby banks would be required to boost their capital in
good economic times to ensure they had a cushion during the bad times…European leaders will discuss their ideas for “bad banks”
to absorb toxic assets and take their proposals to the G20 meeting in London in
April.
Hedge Funds: tighter controls...brought into the regulatory net under a widely
predicted shake-up.
Credit Cards: Gordon Brown said there needed to be
“proper measures to regulate” the credit card industry...“excessive interest rates that are being charged.”
Unemployment: Labor Leaders: The financial crisis will turn into
a social time-bomb unless the G20 takes immediate and radical action to save and create
jobs...risk of a return to the deflationary
environment of the 1930s as businesses sought to cut costs...need for a “Green new deal”...climate-friendly investment and jobs.
Trade: British finance minister: The G20
meeting in April must come out with a very strong statement against protectionism...[need to be] very tough on protectionism. It was disastrous in the 1930s. It
would be
disastrous today...
Climate Change: The G20
leaders are expected to ensure that their fiscal stimulus measures to address
the global
financial crisis will also lead to the creation of a low-carbon world economy...further talks on 'Green new deal' to address the financial crisis and
climate change simultaneously, a plan to spur green technology investment and generate
jobs advocated by U.S.
president Barack Obama, UN secretary general Ban Ki Moon and
other world leaders.
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In an a backgrounder from the Council on Foreign Relations, Lee Hudson Teslik, says that setting the agenda priorities for future meetings is also imperative: "Given the problems facing G-20 leaders--and the
fact that the summit itself will last a matter of hours--setting out a
list of priorities for future meetings will be a major first objective.
This is particularly true when it comes to coordinating financial
reforms..." He also reports that "...Experts say G-20 leaders can reassure markets" by confirming certain G20 agenda items"... but that "comments from the media and
policymakers--Gordon Brown's "global New Deal," for instance--create
'lofty expectations'.
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The official statement from the LONDON SUMMIT 2009 website, says that 'World
leaders must make three commitments'.
On 2 April 2009, world leaders from the G20 countries –
representing 85% of the world’s output – will meet in London. They will
meet against the backdrop of the worst international banking crisis in
generations.
Confidence in the international banking system has fallen. Major
institutions have failed. Countries around the world have entered
recession, with falling trade and rising unemployment.
At the Summit, countries need to come together to enhance global
coordination in order to help restore global economic growth. World
leaders must make three commitments:
Second, to reform and strengthen the global financial and economic system to restore confidence and trust.
Third, to put the global economy on track for sustainable growth.
The London Summit will take place against the backdrop of
exceptionally challenging economic circumstances. But, just as after
the Second World War visionary leaders laid the groundwork for 30 years
of prosperity and growth, built on international economic cooperation,
this crisis is also an opportunity.
The world’s leading economies can come together and lay the
foundations not just for a sustainable economic recovery, but also for
a genuinely new era of international economic partnership – a global deal,in which all countries have a part to play and all will see the benefits.