MercoPress. South Atlantic News Agency
G20 summit announces “tough new regulations” but short of specific rules
The world's leading nations have agreed “tough new regulations” to prevent another global financial crisis, US President Barack Obama said on Friday. These relate to the amount of money banks have to hold in reserve and to excessive pay for bankers. Read full article
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Disclaimer & comment rulesI have analysed the final declaration of intentions. Aside from a lack of specific rules, I'm afraid that world leaders have failed to establish a strategic order of priorities in the 31-point document. Stating so optimistically that what has so far been done “has worked” is a rather hasty conclusion. The process thus far has a long way to go. From dumping huge amounts to save the system the governments must return to balanced budgets and inflation adjustments. Otherwise there will be hard times for placement of 50 M new unemployed all over the world. The best result of this summit is the decision to gran the G-20 first choice to lead the world in its growth and development. Nevertheless, there is ambiguity when in reality the group was composed of 20 plus 2 - Holland & Spain. Are these countries going to be inscribed as equal members or simply invited to narrate their positive experiences? World leaders mustn't confuse politicking with diplomacy. Diplomacy has its ways to say “yes” or “no” rather firmly. Politicking is a loadful of empty words and promises.
Sep 26th, 2009 - 03:17 pm - Link - Report abuse 0Commenting for this story is now closed.
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