Word: summits
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...remedy the structural and regulatory problems that led to the crisis. Merkel and Sarkozy expressed fears at their joint appearance that there will be insufficient commitment to regulating the financial markets and to clamping down on tax havens. A list of such havens could be published at the summit "or in a couple of days," said Sarkozy yesterday, but further delay would be unacceptable. British officials say they support publication of such a list. The point of disagreement is on timing, but there's optimism this rift can easily been overcome...
...before being lined up for the obligatory family snap and then sitting down for business. They have 2 hours and 40 minutes before lunch and one hour after lunch to finalize their plans. Because many of the chief participants need to depart London this evening for tomorrow's NATO summit in France the possibility of talks going into the night are slim...
...measure of a summit's success is the number of participants who attempt to lay claim to its outcome. And by that measure, the G-20 summit in London was a rip-roaring sensation, with several countries seeking to share in the glory. "This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and for reform and with a clear timetable for its delivery," declared the summit host, British Prime Minister Gordon Brown. Speaking of the agreements reached on tighter regulation of financial markets...
...American officials tell it, the real hero of the hour, proving his mettle at his first summit, was President Barack Obama. The remaining point of disagreement, which threatened until the last minute to derail the consensus so devoutly wished for by all parties, centered on tax havens. Sarkozy was determined that a list of tax havens that refuse to provide information to foreign tax authorities on request should be published immediately by the Organization for Economic Co-operation and Development (OECD) as part of a clampdown on such havens. China, not a member of the OECD, was stalling because...
...German Chancellor Angela Merkel, who with Sarkozy had insisted on banishing any Anglo-Saxon laxity from financial regulation, also expressed satisfaction at the conclusion of the summit, which produced not only a six-point communiqué but also two detailed annexes on how a tighter regulatory regime would work. But the key to success, Merkel added at her closing press conference, would be how those measures are implemented. "That's why I'm glad we've agreed to another G-20 meeting, to check our progress," she said. A date and venue for the next meeting have not yet been...