Finance officials from the world’s richest nations are willing to do whatever is ‘necessary’ to get the economy back on track, but are cool to the idea of doing so in lockstep.
Instead, the Group of 20 called on the International Monetary Fund to assess the individual government actions already taken and what more might be required, according to a March 14 Associated Press article .
Meeting in Horsham, England, the G20 did leave some other issues on the table, such as how much money, exactly, would be injected into the global economy. That may come during a much-anticipated summit of the group’s national leaders in London on April 2, the AP said.
U.S. Treasury Secretary Timothy Geithner been pushing Europe to match Washington’s $787 billion package of spending and tax cuts.
His British counterpart struck a positive note, but offered no specifics.
British Treasury chief Alistair Darling said that it was for “individual countries to decide what’s right for them.”
“They’ve got to reach a judgment as to how much they do, what effect is it having, which areas of the economy they need to support, whatever’s right for them,” Darling told the AP.
Agreement was struck on some oversight over hedge funds and a pledge emerged that “all systematically important financial institutions, markets and instruments are subject to an appropriate degree of regulation and oversight and that hedge funds or their managers are registered and disclose appropriate information to assess the risks they pose.”
According to the AP, the emerging economies of Brazil, Russia, India and China used the occasion to push for a bigger role in the International Monetary Fund.
“The final summit statement agreed that IMF governance needs to reflect the changed global economy and the growing role of developing countries,” the wire service said.
This article was submitted by Kathleen O’Connor, a contributing writer for Biz2Credit. Biz2Credit is a small business marketplace that provides entrepreneurs with the latest industry news and financial advice. Send all questions to email@example.com.