Nov 16 2008
G20 Agree Action Plan - Really?
World leaders came together this weekend to discuss the continuing global financial crisis and left with an even stronger resolve to work together in solving the current world recession - well, some of them did.
The meeting brought together not only major industrial powers, but also emerging market countries, such as Argentina and Brazil, fully representing around 85% of the total world economy.
China said that the meeting would help reform international financial institutions and hopes that all countries could continue to co-ordinate, substantially strengthen the financial regulation and take actions to prevent global economic recession.
Meanwhile, British Prime Minister Gordon Brown said the meeting reached important conclusions about trade, financial stability and economic expansion.
The trouble is that the meeting was big on promises, but offered little in the way of decisive action plans. This is little more than an expanded G7, designed to show unity, but afraid of coming up with any real action plans in case a member country is seen to disagree with it!
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