G20 summit must tackle financial crisis-UK's Brown

Source: Agencies | January 31, 2009, Saturday |

Online Edition

THE Group of 20 summit in London in April must produce practical solutions to the global financial crisis, British Prime Minister Gordon Brown said in an interview published yesterday.

Britain will host the follow-up to the November G20 financial crisis summit on April 2, bringing together policy makers from leading developed and developing countries in an effort to ease the global economic downturn and stop a repeat of the credit crunch.

"I am determined that the London conference in April not only brings people together, but also takes the practical steps that are necessary," Brown said, according to comments published on the Daily Telegraph newspaper's website.

At its November summit in Washington, the group pledged to use fiscal stimulus measures to support demand, to take monetary policy action where needed and overhaul the supervision of financial markets.

The group also committed to give emerging economies more of a say in global decision-making, to boost the International Monetary Fund's capacity to help struggling nations and to push for a breakthrough in stalled world trade talks.

While several countries, including the United States, Germany and Britain, have announced supportive fiscal measures, there has been little movement so far on trade or the reform of global institutions.

World

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G20 summit must tackle financial crisis-UK's Brown

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