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G20 meet a success, says PM | FM says India safe

Nov 17, 2008 01:19 AM IST Business Business

Washington: World leaders at G20 agreed to initiate a concerted action to stimulate economies, bring transparency in financial systems and ease the liquidity crunch to get the global economy back on track. Prime Minister Manmohan Singh echoed the mood among developing nations and said the meeting was very successful. “This is for the first time there was a genuine dialogue between major developing countries and merchant countries,” he said. For the first time, the developed countries, buffeted by the global financial tsunami, were willing to make adjustments. Thus, the six-point agenda adopted at the end of the meeting included:

  • Regulating areas of the financial markets which exacerbated the crisis
  • Boosting transparency in the derivatives markets
  • Evaluating global accounting norms and financing needs of international financial institutions
  • Help developing economies gain access to finance in current difficult financial conditions
So what kind of an economic stimulus should we expect? “Protectionism is not answer. In fact, freer flow of goods and services and capital is the answer,” said Finance Minister P Chidambaram. That's a sentiment that the world shares. At the end of the historic summit, President George Bush has declared that the G-20 countries are now a step closer to a global regulatory system that will promptly detect any weak spots in the financial system. Although the G-20 leaders have not adopted anything formally, the summit holds out the promise of at the very least preventing another crisis of this magnitude in the future.


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