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G-20 in London: More Oversight and $1 Trillion for World Economy - SPIEGEL ONLINE - News - International

On Thursday in London, the G-20 agreed to inject $1 trillion into the global economy and to significantly strengthen financial oversight. Chancellor Merkel called the agreement an "almost historic compromise."

On Wednesday, eyebrows were raised when German Chancellor Angela Merkel and French President Nicolas Sarkozy went before the press to demand in no uncertain terms that the G-20 do more to strengthen regulation of global financial markets. On Thursday, the two leaders appeared to be getting everything they asked for.

German Chancellor Angela Merkel was pleased by the results of the G-20 summit in London. G-20 leaders, gathered in London this week to find a common response to the global economic meltdown, agreed to significantly tighten oversight of the global financial markets. Merkel and Sarkozy had rejected earlier drafts of the statement for lacking bite when it came to financial oversight. Now, the G-20 has agreed to the creation of blacklists of tax havens in addition to measures to tighten rules pertaining to hedge funds and credit rating agencies. An oversight body will also be created.

by Fran on Thu Apr 2nd, 2009 at 05:44:35 PM EST
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News Analysis - Obama's Star Turn at Summit Gets Mixed Results - NYTimes.com
After more than 11 hours of meetings, Mr. Obama emerged Thursday from his first summit meeting with a handful of modest concrete commitments. He did not get much of what American officials had been hoping for, notably failing to persuade other countries to commit to more fiscal stimulus spending.
by Fran on Fri Apr 3rd, 2009 at 02:07:43 AM EST
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