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Economic imbalances focus for G20


Economic imbalances focus for G20


We are going to change the world is the mantra for this week’s gathering of leaders from the Group of 20 richest and top developing nations in the US city of Pittsburgh.

Before he flew from London to the US British Prime Minister Gordon Brown said that there is substantial support for creating a new framework to tackle global economic imbalances. Washington believes that can be done by big exporters, such as China, Germany and Japan, consuming more while people in debtor countries, like the United States, should boost savings. The US wants the International Monetary Fund to assess how well things are going and make policy recommendations on rebalancing to the G20 every six months. But before the summit, French Economy Minister Christine Lagarde said she fears growing signs of economic recovery could make policymakers complacent and undermine efforts to reform, regulate and supervise the financial industry, which she said was essential to put the financial crisis behind us. And Lagarde added that only when jobs are being created will western economies be able to celebrate a return to recovery.
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