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Divisions as G20 bids to beat the recession

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Divisions as G20 bids to beat the recession


Rescuing the world from the grip of recession is the simple task facing G20 leaders. The aim is for co-ordinated action but divisions remain over just how that should be done.

Pushing hard for greater financial regulation, France and Germany want clear proposals for change. Amid media reports that he has threatened to quit the talks if he does not get what he wants, French President Nicolas Sarkozy said results were in everyone’s interests. But rifts have emerged with the United States and Britain over the balance between reforms and extra financial stimulus. Washington wants other governments to pump more money into stimulus programmes. For Paris and Berlin, a key concern is taking action against tax havens which, they insist, should be named and shamed if they fail to bow to pressure on ending bank secrecy.
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