The world's 20 top economies reached a deal Saturday, Nov. 15 to better regulate hedge funds and create more transparency in mortgage-related securities in a bid to halt a global economic slide. Negotiators agreed on a final declaration Saturday morning during the first-ever summit of the Group of 20 (G20) nations in Washington. Leaders will sign off on the agreement later Saturday, promising to close all gaps in financial regulation. That includes regulating hedge funds and boosting transparency of some of the complicated mortgage-related securities created by financial firms, which have been blamed for sparking the current financial crisis. Finance ministers have been given a deadline of March 31 to hammer out the specifics in 50 different areas, followed by another summit of the G20 leaders at a later date, according to the declaration.
Negotiators agreed on a final declaration Saturday morning during the first-ever summit of the Group of 20 (G20) nations in Washington. Leaders will sign off on the agreement later Saturday, promising to close all gaps in financial regulation.
That includes regulating hedge funds and boosting transparency of some of the complicated mortgage-related securities created by financial firms, which have been blamed for sparking the current financial crisis.
Finance ministers have been given a deadline of March 31 to hammer out the specifics in 50 different areas, followed by another summit of the G20 leaders at a later date, according to the declaration.
WASHINGTON (AFP) -- World leaders agreed at an economic crisis summit Saturday to an action plan for reforming the financial system and promised to work together to restore global growth, according to a final communique."We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," the final statement from the G20 group of countries said.The statement committed the leaders, whose countries account for 85 percent of the world economy, to fiscal measures to boost national economies and laid out a series of areas for review before a deadline of March 31.Six areas will be targeted: regulating those areas of the financial markets which have exacerbated the crisis, boosting transparency in the often murky derivatives markets and reforming compensation practices.The ministers must also evaluate global accounting norms and the financing needs of international financial institutions.
WASHINGTON (AFP) -- World leaders agreed at an economic crisis summit Saturday to an action plan for reforming the financial system and promised to work together to restore global growth, according to a final communique.
"We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," the final statement from the G20 group of countries said.
The statement committed the leaders, whose countries account for 85 percent of the world economy, to fiscal measures to boost national economies and laid out a series of areas for review before a deadline of March 31.
Six areas will be targeted: regulating those areas of the financial markets which have exacerbated the crisis, boosting transparency in the often murky derivatives markets and reforming compensation practices.
The ministers must also evaluate global accounting norms and the financing needs of international financial institutions.
I know this is a huge undertaking, but is that soon enough? On the other hand, is it reasonable to ask them to work even faster? Truth unfolds in time through a communal process.
I always worry when I see these grand commissions that they are full of sound and fury, signifying nothing. The UK govt has a long and grubby history of promising change via investigations and commissions that take so long that finally all who knew anything are dead, yet the system carries on unchanged.
We are still investigating the Bloody sunday massacre, 35 years after it happened. Jean charles de Menezes is 3 years dead and we're still holding inquiries. I can cite loads of other examples.
I fear the same thing here: A lot of politicians whose success in the world is based on the way the world worked last year and last century and who every instinct is to do all they can to preserve last year and last century have no vested interest in creating anything that might be different and therefore not work to their advantage. keep to the Fen Causeway
