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Deal done in Washington to halt global recession

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Deal done in Washington to halt global recession

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Leaders of the world’s 20 largest economies have thrashed out a deal designed to reverse a looming global recession and prevent further financial upheaval despite differences on how best to go about it.

President Bush, the outgoing US president, warned against a relapse into trade protectionism: “ I’m pleased that the leaders reaffirm the principles behind open market and free trade. One of the dangers during a crisis such a this is that people start implementing protectionist policies. Obviously this crisis has not ended, there is some progress being made, but there is still a lot of more work to be done.”

French officials said the G20 leaders, whose countries represent 85 percent of the world economy, are to sign up to three principals: To boost growth, to reform financial regulations and to tighten global governance.

Specifics on the reforms are not available at this stage. However, an action plan with deadlines would be ready by March 31st. It is then expected that a second summit to discuss the plan will take place in the UK in April.