G20 declares victory over crisis, pledges reforms.
G20 pledged to keep emergency economic supports
The Group of 20 rich and developing nations declared their crisis-fighting efforts a success and promised to give rising powers such as China more say in rebuilding and guiding the global economy.
In a final statement released at the conclusion of the two-day meeting, the G20 pledged to keep emergency economic supports in place until sustainable recovery is assured, launch a framework for acting together to rebalance economic growth, and establish tougher rules governing banks by 2012.
“Here in Pittsburgh, leaders representing two thirds of the planet’s population have agreed to a global plan for jobs, growth and a sustained economic recovery,” British Prime Minister Gordon Brown said.
US President Barack Obama’s first turn hosting a major summit ended on an upbeat note, with leaders claiming victory in stopping the recession from turning into a depression.
“It worked,” they said in the final communiqué. “Our forceful response helped stop the dangerous, sharp decline in global activity and stabilize financial markets.”
The Pittsburgh gathering was the third summit in a year for the G20, which said it would now be the “premier forum” for economic cooperation, supplanting the Western-dominated G7 and G8, which have been the primary international forums for decades.
The move was a clear acknowledgment that fast-growing countries such as China and India now play a much more important part in world growth.
Disclosure of a second Iranian uranium enrichment plant gave Obama, with the leaders of Britain and France at his side, an opportunity to press for united action against Tehran over its disputed nuclear program.
Tough economic tasks remained.
The G20 vowed not to return to the “reckless behaviour” blamed for triggering the financial crisis, which exploded two years ago when failing US mortgage loans caused catastrophic losses at financial firms around the world.
“A sense of normalcy should not lead to complacency,” the G20 leaders said in the communiqué.
In addition to the regulatory reforms, which are supposed to be developed by the end of 2010, the G20 took aim at lavish pay packages for bankers, although it was unclear whether the agreed measures would establish a firm cap on compensation.
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G20 declares victory over crisis, pledges reforms.
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