The G20 leaders are acknowledging the changing state of the global economy, but are being urged to pursue a co-ordinated approach to the winding-down of the economic packages.Ministers are being urged to continue with the stimulus packages that they are already committed to (a global total of US$5 trillion), but one of the sticking points has been the mechanism for accurately measuring the end to the crisis. It is proving difficult to get agreement on what parameters will be used to track the levelling out of the crisis.
Many promises have been made about requiring banks to behave more responsibly over pay, but the main emphasis now is focussed on how to prevent another crisis as opposed to previous meetings where the emphasis has been fire-fighting the crisis itself. Banks will be required to set aside more capital as a buffer against future hardships and they may face limits on speculative acquisitions defined by the value of their reserves.
Less than was absolutely desirable was agreed with regard to a G20 response to Global Warming because of deep divisions between developed and undeveloped nations. IMHO it is the developed nations that have to bite the bullet on this one seeing as they have created the best part of the problem in the first place.
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