World leaders gathered in london for the G-20 Summit have agreed on measures aimed at shortening the global recession.
President Barack Obama leaves the G-20 Summit of world leaders with the agreement that other countries are committed to a global plan for economic recovery, but with the understanding that the United States doesn’t call all the shots.
“The old washington consensus is over. Today we have reached a new consensus take global action together,” said British Prime Minister Gordon Brown.
World leaders agreed to tighter regulation of hedge funds, tax havens, credit rating agencies, and the banking system- rules pushed aggressively by germany and france to increase the transparency of financial institutions.
“If we want to put the economic crises behind us, we need to rebuild confidence, in order to rebuild confidence behind us we need new rules to put an end to the economic crises ” said French President Nicolas Sarkozy.
A major infusion of money-at least one trillion dollars- will also go into the International Monetary Fund, in an effort to make global recovery fair.
In a separate news conference at the closing of the summit, President Obama reiterated that one nation can’t go it alone in a world economy.
“In a world that is more and more inter-connected, we all have a responsibility to work together to solve common challenges,” said the president.
By KHON News