The Group of 20 rich and developing nations

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The Group of 20 rich and developing nations

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describe their economic crisis-fighting action a success.

The final statement following the two day G-20 meeting in Pittsburgh states that stimulus measures will remain in place until sustainable economic recovery is assured. US President Barack Obama said the G-20 has taken significant steps to help the global economy. “Today we took bold and conserted action to secure that prosperity and to forge a new framework for strong and sustainable and balanced growth. We agreed to take concrete steps to move forward with tough new financial regulations so the crisis like this can never happen again. Never again should we let the schemes of a reckless few put the world’s financial system and our peoples’ wellbeing at risk,” he said. The G-20 statement said since the onset of the global recession it had developed and introduced sweeping reforms to tackle the root causes of the crisis. Referring to climate change the two-day summit promised to phase out subsidies for inefficient fossil fuel. It also agreed to boost the share that emerging markets and developing countries benefit from through the International Monetary Fund. The G-20 pledged to contribute some three hundred billion euros to a new IMF borrowing arrangement. An estimated 2,000 demonstrators have marched through the streets of Pittsburgh to voice their opposition to the G-20 meeting.