Not a Bad Weekend’s Work

The Group of 20 meeting of world leaders did not offer solutions on the global economic crisis, but did produce a detailed plan for financial reform, including reviving the Doha Round on trade and pledging to avoid protectionism. “This was the first time that the leaders of all these rich and emerging economies – which between them represent almost 90% of global GDP – had gathered for an economic summit,” reports the Economist. A spirit of cooperation emerged from the meeting, both in statements and an agreement in which all agree to review by the International Monetary Fund, with leaders acknowledging “the tension between a globalising capital market and national regulation.” All also agreed that the IMF and the World Bank must reflect more accurately the global economy and contributions from emerging powers. The next G20 meeting is 30 April 2009. – YaleGlobal