World leaders say they have a plan to ease the global economic crisis. At the G20 emergency talks in Washington they agreed on coordinated and concerted measures to be finalised in the next few months.
Summit host George Bush said that one key issue discussed was the need for more efficient regulation. “Our nations agreed that we must make the markets, the financial markets more transparent and accountable… transparency is very important so that investors and regulators are able to know the truth,” he said.
Britain’s Gordon Brown said that on a national level each government will use its own revenues to get its citizens buying again to relaunch the global economy. He told a press conference: “I think you will all find interesting that on fiscal policy we have agreed to use fiscal measures to stimulate domestic demand to rapid effect. In other words a coordinated and concerted stimulus through the use of budget measures to support demand in our economies.”
A more detailed action plan is to be completed by the end of March and a second summit will be held to discuss progress on measures taken. That meeting will probably be held in London in April and it should see the participation of George Bush’s successor, Barack Obama.