April 1st brought world leaders together in London, England to discuss the global economic crisis and drew over 4,000 protesters to the financial district.
President Obama claims the summit marks a turning point in the economic crisis as leaders of the world's largest economies work together to fix a failing system. "It was historic because of the size and scope of the challenges we face and because of the timeliness and magnitude of our response," he said.
The resulting deal:
- Bankers' pay and bonuses will be subject to stricter controls
- A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system
- There will be greater regulation of hedge funds and credit ratings agencies
- A common approach to cleaning up banks' toxic assets has been agreed
- The world's poorest countries will receive $100bn extra aid
- G20 countries are already implementing the biggest economic stimulus "the world has ever seen" - an injection of $5tn by the end of next year
This is very interesting, it gives a new view on what people have thought for many years is the answer to our society. It's nice to see that people are beginning to care whether everyone in our society is surviving or not.
ReplyDeleteThis has been coming for a very long time, the careless mismanagement of money by our world leaders (i.e. Bush) has given society reasons to live off credit...I will stop here as I can go on forever on this topic.
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