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Who got what?
Published in The Saudi Gazette on 03 - 04 - 2009


FISCAL STIMULUS
Who: The United States, Britain and Japan had been strong proponents of concerted action around the world to pump more government funds into stimulus packages; France and Germany led calls to wait for results from funds already committed.
Result: No obligation for further fiscal measures were established, a fact greeted with satisfaction by Germany.
MARKET REGULATION
Who: France and Germany had been the most vocal in pressing for oversight of hedge funds, a cause that Chancellor Angela Merkel had pushed even before the financial crisis. Japan had said regulation should take second place to saving the world economy.
Result: Clear summit commitment to extend regulation and oversight to all systemically important financial institutions, instruments and markets. Credit rating agencies will also be covered.
BEEFED UP IMF
Who: Australia, Canada and South Africa were among those making the running for a big increase in IMF lending resources; Russia, Argentina, China, India, Saudi Arabia and others argued for reforms to give emerging economies more voting clout at the Fund.
Result: a tripling of IMF lending funds was more than had been expected, but less was said about the rebalancing of influence that the developing countries want.
TRADE
Who: Brazil and Britain had floated a figure of $100 billion for new credit lines for international trade.
Result: figure of $250 billion exceeded expectations.
PROTECTIONISM
Who: Britain, United States, South Korea, Canada and India had demanded that the G20 make strong commitments to free trade.
Result: Summit ‘reaffirmed' commitment from previous summit last year to refrain from raising new barriers to investment and trade. In practice.
TAX HAVENS
Who: France and Germany were the most vocal in demanding a crackdown on tax havens.
Result: summit agreed to blacklist ‘non-cooperative jurisdictions' and consider sanctions.
RESERVE CURRENCY
Who: China and Russia wanted to discuss a new global reserve currency as an alternative to the dollar, based on IMF Special Drawing Rights.
Result: Topic was not discussed, but Russia issued its own statement.


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