World leaders have backed a rapid response to ease the global economic crisis. The G20 agreed to kick-start growth, and called for better financial regulation and more say for emerging countries. However, there was no commitment to coordinate interest rate cuts or on public spending to counter world economic recession.
“Our nations agreed that we must make the markets , the financial markets more transparent and accountable… transparency is very important so that investors and regulators are able to know the truth.”
The action plan is to be complete by 31 of March to be followed by a second summit, in London in April. Meanwhile, the signs are mounting of a global economic slump with the eurozone in recession, unemployment in the US climbing and emerging economies slowing down.