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G20 agrees to bolster recovery; no climate change decision
Published in Saudi Press Agency on 07 - 11 - 2009


Finance ministers from the world"s 20
leading economies agreed Saturday to bolster the global recovery with
stimulus measures, but stopped short of forging new climate change
financing plans, , according to dpa.
The meeting in the Scottish golf resort of St Andrews also came
amid renewed calls for a tax on financial transactions to ensure
banks face up to their responsibilities in future global economic
crises.
In their communique, the G20 finance ministers warned about the
threat posed by escalating unemployment and saying it was not time to
wind back the massive anti-crisis stimulus plans governments have
rolled out to counter the downturn.
"If we put the brakes on too quickly, we will weaken the economy
and the financial system, unemployment will rise, more businesses
will fail, budget deficits will rise, and the ultimate cost of the
crisis will be greater," said US Treasury Secretary Timothy Geithner
following the meeting.
While saying that "economic and financial conditions have
improved" the finance ministers said in their communique "recovery is
uneven and remains dependent on policy support."
As a result, they agreed "to maintain support for the recovery
until it is assured."
The finance ministers also backed the introduction of mutual
assessments of their economies that could result in countries forging
national and regional policy frameworks by the end of January.
However, the meeting failed to draw up a list of concrete options
for helping to finance emerging economies tackle global warming, even
though the meeting comes amid the buildup to the Copenhagen global
climate summit in December.
Instead, the finance ministers said they would "work toward an
ambitious outcome in Copenhagen".
"We have not reached a common solution," said German Finance
Minister Wolfgang Schaeuble, who added the Copenhagen summit cannot
fail.
Earlier in the day, British Prime Minister Gordon Brown urged the
G20 finance ministers to consider introducing a financial transaction
levy, which could generate funds to help pay for possible financial
sector bailouts.
"It cannot be acceptable that the benefits of success in this
sector are reaped by the few, but the costs of its failure are borne
by all of us," Brown told the meeting.
Facing a tough election next year, the British leader stepped up
his criticism of the banks, telling the G20 financial officials that
a new social contract was needed between the public and the banks.
In urging the G20 finance officials to consider a levy on
financial transactions, Brown joins other European nations who have
raised plans for introducing similar measures.
Washington, however, remains opposed to launching a transaction
tax.
But to be effective, Brown insisted that such a levy would have to
be introduced on a worldwide basis.
The St Andrews" meeting was the third time the G20 finance
ministers have met this year. It follows a summit of the group"s
leaders in September.
At their September meeting, in the US town of Pittsburgh, the G20
leaders agreed that the bloc of advanced and emerging countries will
permanently replace the long-standing Group of Seven as the main body
to discuss economic issues.
Together, the G20 member states represent about 85 per cent of
global economic activity.
Moreover, since the G20 met earlier this year, signs have emerged
that the world economy is starting to shake off what has been the
deepest recession in about six decades.
While Germany, France, the United States and Japan have already
emerged from recession, Britain remains stuck in an economic
downturn. Other G20 nations missed out on slumping into recession
altogether.
In addition, to the world"s leading developed nations such as the
US, Germany, Japan, Canada and France, the G20 includes key emerging
economies such as Argentina, Brazil, India, Indonesia, Mexico, Russia
and China.
Meanwhile, there were clashes outside the G20 summit venue between
police and demonstrators who have called for the creation of a
"people"s G20."


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