Twenty, officially declared the new major global forum for economic cooperation, intends to establish a global mechanism for coordination of economic policies.
British Prime Minister Gordon Brown believes that cooperation among countries in the framework of a new body, whose first meeting in the current format was less than a year ago, has the greatest chance of success than at any time since the Second World War.
Summit in Pittsburgh led system of global economic cooperation in line with the realities of the early 21 century. The White House called the decision to make G20 - instead of the elite Group of Eight - the central body, which will be tasked with laying the foundation for long-term sustainable growth of the global economy, historic.
coordinated policy
The summit twenty agreed to start by November 2009, Mr. framework, which will be prescribed the joint action of G-20 countries to ensure strong, sustainable and balanced development of economy.
According to experts, including specific steps that are being discussed by experts in the G20 - a commitment by individual countries aimed at reducing the imbalances that adversely affect the world economy as a whole and are fraught with new crises.
For example, China and Japan will have to reduce its dependence on exports and increase the value of the domestic market, the United States - to reduce budget and trade deficit, increase savings, Europe - to make structural reforms to remove impediments to private investment.
Thus, should be gradually redress the imbalance between the export-oriented economies (like China and Japan) and the United States, which support domestic demand accounts for the accumulation of debts.
We pledge to avoid destabilizing boom and bust in asset prices and credit and macroeconomic policies in view of price stability, which would have contributed to an adequate and balanced growth of global demand, - said the final communique of the meeting.
Countries twenty, noting the beginning of the restoration of the world economy, pledged on Friday to avoid any premature termination of the implementation of economic incentive measures.
They planned to implement exit strategy, aimed at the liquidation of unprecedented measures to support the national economies, at the right time, collaborative and coordinated way.
G20 members have agreed to look after each other
expectedto be a mechanism for monitoring the economic policies of member countries G20.
Countries will, according to the communique, coordinated review steps in the sphere of economic policy and assess whether they are the most stable and balanced path of demand and consumption of resources, debt, credit and balance of payments.
It is about a situation where we all become hostages, for example, changes in macroeconomic parameters in the largest economies in the world. In order to feel it in advance, we must themselves engage in the study of cases from each other. This is quite revolutionary changes, but in general, the decision of the country have agreed to twenty, - said President Dmitry Medvedev.
This will create a more effective system for early warning of potential crises. And we hope that such a recommendation is not simply to be released into the basket, and will be subject to less scrutiny by the state, which found some adverse trends in the economy, - he said.
I'm impressed - said The New York Times well-known economist Essar Prasad - U.S. willingness to take seriously the process potentially changes the rules of the game and can make the program more credibility
At the same time while not expected to make any other measures of impact to the offenders, but public censure. However, believes, for example, Australian Prime Minister Kevin Rudd, the first stage and this will be enough.
also not question the fact that the monitoring will include the most sensitive issues for all countries, monetary and currency policy. However, Rudd has suggested, in the future is not excluded. Click to continue »
