Kick-starting the world economy is the G-20’s aim, and a detailled plan is expected later today, with a six-month strategy to rescue global finances. The French delegation has revealed that the leaders have agreed concerted action, with tougher rules to prevent wild speculation in the money markets.
They want to reform financial institutions, and to impose global supervision to watch for, and avoid, periods of boom and bust.
Off-shore tax havens will come under scrutiny: Monaco, Andorra and other perhaps opaque banking systems will find newly-empowered financial watchdogs checking they toe the new economic line.
The International Monetary Fund and the World Bank will also play a greater role, as the G-20 accepts that the world economies must live and work together.