G20 vows to spur fragile growth

Saturday, November 7, 2009

Search term Explore the BBC
BBC News Updated every minute of every day One-Minute World News
News Front Page Africa Americas Asia-Pacific Europe Middle East South Asia UK Business Market Data Economy Companies Health Science & Environment Technology Entertainment Also in the news ----------------- Video and Audio ----------------- Programmes Have Your Say In Pictures Country Profiles Special Reports Related BBC sites

• Sport
• Weather
• On This Day
• Editors' Blog
• BBC World Service

Page last updated at 17:59 GMT, Saturday, 7 November 2009

E-mail this to a friend Printable version

by Natalie de Vallieres and Biodun Iginla, BBC News


Chancellor Alistair Darling hails "a new approach to economic co-operation"
Finance ministers from developing and rich countries meeting in Scotland have pledged to keep stimulus measures in place until global recovery is assured.
A statement issued after the G20 meeting says the recovery is "uneven" and remains dependent on support, while unemployment is a "major" concern.
Earlier, British PM Gordon Brown called for a fund for bank bailouts, possibly paid for by a tax on transactions.
But the proposal received a lukewarm response from other G20 countries.
After the meeting in St Andrews, US Treasury Secretary Tim Geithner said there was a "very broad consensus that growth remains the dominant policy imperative across our economies".
We agreed to maintain support for the recovery until it is assured
Alistair Darling British Chancellor of the Exchequer Alistair Darling said that although the threat of a downturn had receded, it was too early to withdraw emergency support.
"There is no one who believes the job is yet done," he said.
The G20 statement said: "The recovery is uneven and remains dependent on policy support, and high unemployment is a major concern.
"To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured."
Climate change ambitions
The BBC's Andrew Walker at the meeting says it was overshadowed by a call by the British prime minister for a new "social contract" with banks to make them more responsible to society.
HAVE YOUR SAY Brown wants us to pay for bank failures in advance by taxing transactions John Clifford Send us your comments Mr Brown said the financial sector was so key that governments had no choice but to step in when it failed.
He added: "And 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."
Mr Brown said a global levy on financial transactions was one of the ways to make banks pay, but said the UK would not introduce such a tax unless other countries did so as well.
Other options, he said, were an insurance scheme, a global "resolution fund" or a contingent capital arrangement.
The UK has in the past been opposed to transaction levies, known as Tobin taxes, believing they could damage the interests of the City of London.
Our correspondent says the UK proposal has been received politely by the finance ministers - but several made remarks which suggest that other ways of tacking the problem are rather more likely to be adopted.
The British Bankers' Association has also cast doubt on the effectiveness of such financial transaction levies.
Chief executive Angela Knight said: "[They] don't work as they require perfect or near-perfect global implementation."
The G20 countries also promised to step up efforts to tackle climate change and "work towards an ambitious outcome" at next month's climate conference in Copenhagen.


Bookmark with:

• Delicious
• Digg
• reddit
• Facebook
• StumbleUpon

What are these?
E-mail this to a friend Printable version Print Sponsor
BBC.adverts.write("storyprintsponsorship"); Advertisement BBC.adverts.show("storyprintsponsorship"); bbc_adsense_slot = "adsense_middle";"us" == "us" ? bbc_adsense_country = "us" : bbc_adsense_country = "rest"; google_protectAndRun("ads_core.google_render_ad", google_handleError, google_render_ad); google_protectAndRun("render_ads.js::google_render_ad", google_handleError, google_render_ad); google_protectAndRun("render_ads.js::google_render_ad", google_handleError, google_render_ad); Ads by Google Secret War On The Dollar
Read the Shocking Bulletin That Washington Does Not Want You To See
www.UncommonWisdomDaily.com Executive MBA: 15 Months
Earn an Executive MBA Online at RIT. No GMAT or GRE, Free Brochure.
EmbaOnline.RIT.Edu Is Your Bank In Trouble?
Free list Of Banks Doomed To Fail. The Banks and Brokers X List. Free!
www.MoneyAndMarkets.com Posted by BiodunIginla at 6:59 PM Labels: bbc news, biodun iginla, g20 countries, natalie de vallieres 0 comments:

Post a Comment

Older Post Home Subscribe to: Post Comments (Atom)