Stimulating growth and kickstarting world trade are the G-20’s aims – the only questions are how to go about that. The Washington talks are the first in a series of meetings, with an initial six-month strategy to rescue global finances.
Leaders want tighter regulation on money markets, to prevent wild and damaging speculation. There will also be global supervision of the new economic rules, to predict and hopefully ward off future periods of boom and bust.
There are calls for prompt action to boost growth and stabilise financial markets, which may include support for major fiscal projects, particularly in developed countries. There will also be new principles on how to control stock markets to prevent future crises.
The World Bank is expected to take on a more pro-active role, as is the International Monetary Fund as policemen patrolling global financial highways. The G-20 proposes to meet again early next year, when Britain will be the group’s next chairman, and the United States will have a new President.