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Wan LixinOpinion deputy editor of Shanghai Daily
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G-20 promises a new regime
Source: Agencies |
September 27, 2009, Sunday
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Print Edition
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WORLD leaders took credit for pulling the economy "back from the brink," and promised a new world order of tighter financial regulation and more inclusive global governance to protect the world from future meltdowns, as the Group of 20 summit concluded.
The gathering of the world's 20 top economies cautioned that the recovery remained fragile and agreed to keep stimulus plans, which include government spending and low interest rates, in place in their respective countries.
Turning from the crisis-management of previous summits, the Group of 20 leaders pledged on Friday to set up more rigorous financial rules that would cut down on some of the risky behavior and excesses that have been blamed for rocking the global economy.
"Going forward, we cannot tolerate the same old boom-and-bust economy of the past," US President Barack Obama said, speaking as the summit in Pittsburgh ended. "We can't grow complacent. We can't wait for a crisis to cooperate."
Obama had pressed for keeping the stimulus plans on just such a course and praised the group's decision.
"Our coordinated stimulus plans played an indispensable role in averting catastrophe. Now we must make sure that when growth returns, jobs do too," he said. Obama added actions taken so far "brought the global economy back from the brink."
Reflecting the shift in the world's balance of power to Asia and Latin America, they made the G-20 the lead group for tackling international economic issues in the future, eclipsing the Group of Eight.
That means that old economic powers - the United States, Japan, Germany, France, Britain, Italy, Canada and relative newcomer Russia - have now been joined by fast-growing developing countries like China, Brazil and India.
"The old system of international economic cooperation is over. The new system, as of today, has begun," said British Prime Minister Gordon Brown, strongly supported by Russian President Dmitry Medvedev.
The gathering of the world's 20 top economies cautioned that the recovery remained fragile and agreed to keep stimulus plans, which include government spending and low interest rates, in place in their respective countries.
Turning from the crisis-management of previous summits, the Group of 20 leaders pledged on Friday to set up more rigorous financial rules that would cut down on some of the risky behavior and excesses that have been blamed for rocking the global economy.
"Going forward, we cannot tolerate the same old boom-and-bust economy of the past," US President Barack Obama said, speaking as the summit in Pittsburgh ended. "We can't grow complacent. We can't wait for a crisis to cooperate."
Obama had pressed for keeping the stimulus plans on just such a course and praised the group's decision.
"Our coordinated stimulus plans played an indispensable role in averting catastrophe. Now we must make sure that when growth returns, jobs do too," he said. Obama added actions taken so far "brought the global economy back from the brink."
Reflecting the shift in the world's balance of power to Asia and Latin America, they made the G-20 the lead group for tackling international economic issues in the future, eclipsing the Group of Eight.
That means that old economic powers - the United States, Japan, Germany, France, Britain, Italy, Canada and relative newcomer Russia - have now been joined by fast-growing developing countries like China, Brazil and India.
"The old system of international economic cooperation is over. The new system, as of today, has begun," said British Prime Minister Gordon Brown, strongly supported by Russian President Dmitry Medvedev.
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