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G20 leaders take different paths to deficit reduction

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G20 leaders take different paths to deficit reduction

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G20 leaders have gone their separate ways at the end of the Toronto summit.

While agreeing to halve their respective budget deficits by 2013, they have left room for individual nations to decide how best to meet this target. Countries are emerging from crisis at different speeds and with different policy needs.

There was no formal endorsement of a bank tax to create a fund for future bailouts. But calls to clamp down on risky bank behaviour have been heard.

“Just as we are on the verge of passing financial reforms at home, our European partners have committed to the process we went through in the US – a new level of transparency and stress tests for banks to rebuild confidence,” said US President Barack Obama.

Outside the security zone, police clashed with anti G20 protesters for a second straight day. More than 600 arrests were made in scenes that have horrified Canada, a country where civil unrest is almost unheard of.