Word: g20
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Dates: during 2000-2009
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...easy to spread the blame for this sorry state of affairs. The meeting is being held under the auspices of the G20, an informal grouping that has none of the bureaucratic trappings that can help ensure fine words are turned into concrete action. Reaching a consensus among the U.S, Japan and Europe in the old G7 cartel was hard enough; doing so in the G20, which includes China, India, Russia, Brazil and Mexico, is exponentially harder. It doesn't help that members' interests vary so sharply. China, for example, owns so much U.S. government debt that it's publicly worrying...
...eyes are now on the G20 summit, to be held in London on April 2. "One way to shore up investor confidence and stop the wholesale sell-off would be to get a coordinated response from the G20," says Shearing. "The market is being driven by fear and panic right now, which is what happens in a crisis. They could open up funding for the region through tie-ins with central banks in Western Europe or make available an IMF crisis fund of $500 billion for emerging Europe during the downturn...
...sounds as if many European leaders don't want to give their American peers much choice in the matter. German host Chancellor Angela Merkel said the group-France, Italy, Britain, Luxembourg, Spain, the Netherlands and Czech Republic-had agreed to measures they will insist be adopted at the G20 meeting in London in early April. "All financial markets, products and participants including hedge funds and other private pools of capital which may pose a systematic risk must be subjected to appropriate oversight or regulation," Merkel said in a summit statement. "A clear message and concrete action are necessary to engender...
...Sarkozy went even further, demanding new regulations that would impose responsibility and moderation where excess once reigned. After the meeting, Sarkozy said that "the violence of the [economic] crisis, its depth, call for really profound changes." He also claimed the European objective going into the G20 meeting is to " to start capitalism again from scratch, [and] make it more moral...
...debate about what international financial market regulation should look like after the crisis. At the Paris conference on the future of capitalism hosted this week by Nicolas Sarkozy and Tony Blair, Merkel was pushing for greater regulation of financial markets, according to government officials. The German delegation to the G20, which meets again in April, has been pressing for tough regulation of banks, hedge funds and private equity. Next week, Merkel plays host to British Prime Minister Gordon Brown, whose own bailout plans created the template for the U.S.'s, to discuss efforts to revive the European economy. (Watch...