Ministers from some of the richest nations are meeting in the UK, amid rifts about how to save the world’s economies.
They, along with central banks, are looking for ways to stimulate economies out of the worst recession for decades. All the need to do is work out a common plan. Ideas worked out at the meeting in Horsham, Sussex will be put to a meeting of G20 nations in London next month. British Finance Minister Alistair Darling is chairing the meeting which includes major industrial powers like Germany and the United States, as well as emerging economic power houses like China and Brazil. As the meeting got underway it was clear there are divisions on how to tackle the global financial crisis. America wants increased public spending. Some European governments want stricter curbs on banking rules and more transparency. The Europeans also say they are reluctant to spend until the results of recent financial support are known. The US has already unveiled a huge stimulus plan aimed at preventing it slipping further into recession. Speaking yesterday US President Obama said it was important all countries moved in the same driection because we are all in it together. Various finance ministers have been talking up the prospects of success and poured cold water on suggestions of any rift.