The London G20 decided to attack the worst recession since the 1930s on two main fronts. The leaders will impose tough new curbs on financial markets and demand hedge funds accept supervision for the first time.
But the headline will be the massive boost for the International Monetary Fund, its warchest raised to a staggering one trillion dollars – that’s about 750 billion euros. Tax havens are also in the firing line. French and German demands for an end to banking secrecy have been answered, with a blacklist of countries which refuse to list their clients. That naming and shaming was a key demand of Paris and Berlin. The G20 leaders recognised the urgent need to re-build consumer confidence, to get people spending money again to kick start global trade. The world economy was forecast to shrink this year for the first time since World War Two, putting tens of millions of jobs in jeopardy. Another 170 billion euros will be put aside to support commerce around the globe. The leaders also acknowledged the growing calls for a greener economy. Money will be pumped into sustainable technologies to tackle both the financial climate and that of the world itself.