Leaders temper G20 ambitions
Financial Times
November 15, 2008
World leaders played down expectations of dramatic breakthroughs at the start of this weekend’s Group of 20 summit on the economic crisis on Friday, conceding that the political transition in the US made big decisions unlikely.
However, European leaders kept up their drive for a timetable to reform global finance, as figures showed that the eurozone had fallen into recession for the first time since the birth of the single currency.
The Bush administration continued to resist a lurch towards regulation but conceded that there could be discussions on subjects such as hedge funds and derivative markets that it has blocked in the past.
“Everyone agrees we need to look at these things,” said Tony Fratto, a White House spokesman. But he added: “We don’t want to be chasing bogeymen.” The Barack Obama team kept its distance from the talks, even as its representatives met with visiting delegations.
The G20 was expected to pledge to support world growth, without promising any co-ordinated fiscal stimulus; agree to principles for financial regulation; lay out an action plan and commission working groups to report back on issues including regulation of securitised markets, accounting standards, credit ratings and pay schemes in the financial sector.
- A d v e r t i s e m e n t
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