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02/04/2009
Gordon Brown Unveils $1tn Global Deal
Leaders of the world's largest economies who met today to tackle the global financial crisis have reached a 'new consensus' with measures worth $1 trillion (£681bn).
During the meeting, hosted by British Prime Minister Gordon Brown at the ExCel Centre in the east of the capital, the group of 20 leaders met to come up with a package to inject liquidity into the world economy.
"The old Washington consensus is over," the Prime Minister said at the close of the meeting.
"This is the day that the world came together to fight back against the global recession.
"Not with words but with a plan for global recovery and for reform."
He also pledged that the world's banking system will be "cleaned up".
The PM also announced a number of steps including stricter control over bankers' pay and bonuses, greater regulation of hedge funds and credit rating agencies, $50bn aid to the world's poorest countries, and a new Financial Stability Board set up to work alongside the International Monetary Fund (IMF).
This would ensure co-operation across borders and provide an early warning mechanism for the financial system.
The G20 has also committed around $250bn to boost global trade.
See: Man Dies During G20 Demonstration
(JM)
During the meeting, hosted by British Prime Minister Gordon Brown at the ExCel Centre in the east of the capital, the group of 20 leaders met to come up with a package to inject liquidity into the world economy.
"The old Washington consensus is over," the Prime Minister said at the close of the meeting.
"This is the day that the world came together to fight back against the global recession.
"Not with words but with a plan for global recovery and for reform."
He also pledged that the world's banking system will be "cleaned up".
The PM also announced a number of steps including stricter control over bankers' pay and bonuses, greater regulation of hedge funds and credit rating agencies, $50bn aid to the world's poorest countries, and a new Financial Stability Board set up to work alongside the International Monetary Fund (IMF).
This would ensure co-operation across borders and provide an early warning mechanism for the financial system.
The G20 has also committed around $250bn to boost global trade.
See: Man Dies During G20 Demonstration
(JM)
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