Facing the gravest global economic crisis in many decades, the leaders of 20 countries agreed Saturday to work more closely to reinvigorate their economies, but put off the thornier questions of how to overhaul regulation until next year, effectively giving a major assignment to the Obama administration.Though the proposals were cast as ambitious reform, they mainly reflected steps that the countries were already undertaking. What remained to be seen was whether, working with a new White House, they will cast aside their political and economic differences to come up with dramatic changes.
The leaders planned their next meeting for April 30, 101 days after President-elect Barack Obama takes office.
Meeting here, in the capital of the country where the crisis began, leaders from the United States, France, China, Russia, Saudi Arabia and other nations began an effort that the countries said would be a far-reaching reform of the institutions that have governed global markets since World War II.
In a five-page communiqué that mixed broad principles with specific steps to be tackled in the next three months, the Group of 20 pledged to bolster supervision of banks and credit-rating agencies, to scrutinize executive pay at firms, and to use fiscal and monetary policies to cushion the blow of a downturn that is hitting countries around the world.
Pushed by President Bush, who convened the gathering at the suggestion of President Nicolas Sarkozy of France, the leaders reaffirmed their commitment to free markets and trade.
But the statement also laid blame for the crisis at the doorstep of the United States, saying governments “in some advanced countries” had taken inadequate steps to prevent a buildup of risk.
How world leaders approached the Summit on Financial Markets and the World Economy — as Mr. Bush called the meeting — had a lot to do with how the financial crisis affected their political fortunes.
For leaders of emerging-market countries who have been clamoring for a seat at the summit meeting table, even being here was something of a victory. For the president of Brazil, Luiz Inácio Lula da Silva, it was partly a simple matter of protocol: Brazil currently leads the Group of 20, which gave Mr. da Silva some say over the agenda.
Beyond that, he has been outspoken about how developing countries are victims of a crisis not of their own making. “No country is safe,” Mr. da Silva said last weekend, opening a preparatory meeting of finance ministers in São Paulo. “They are all being infected by problems that originated in the advanced countries.”
The leaders planned their next meeting for April 30, 101 days after President-elect Barack Obama takes office.
Meeting here, in the capital of the country where the crisis began, leaders from the United States, France, China, Russia, Saudi Arabia and other nations began an effort that the countries said would be a far-reaching reform of the institutions that have governed global markets since World War II.
In a five-page communiqué that mixed broad principles with specific steps to be tackled in the next three months, the Group of 20 pledged to bolster supervision of banks and credit-rating agencies, to scrutinize executive pay at firms, and to use fiscal and monetary policies to cushion the blow of a downturn that is hitting countries around the world.
Pushed by President Bush, who convened the gathering at the suggestion of President Nicolas Sarkozy of France, the leaders reaffirmed their commitment to free markets and trade.
But the statement also laid blame for the crisis at the doorstep of the United States, saying governments “in some advanced countries” had taken inadequate steps to prevent a buildup of risk.
How world leaders approached the Summit on Financial Markets and the World Economy — as Mr. Bush called the meeting — had a lot to do with how the financial crisis affected their political fortunes.
For leaders of emerging-market countries who have been clamoring for a seat at the summit meeting table, even being here was something of a victory. For the president of Brazil, Luiz Inácio Lula da Silva, it was partly a simple matter of protocol: Brazil currently leads the Group of 20, which gave Mr. da Silva some say over the agenda.
Beyond that, he has been outspoken about how developing countries are victims of a crisis not of their own making. “No country is safe,” Mr. da Silva said last weekend, opening a preparatory meeting of finance ministers in São Paulo. “They are all being infected by problems that originated in the advanced countries.”
Nenhum comentário:
Postar um comentário