Wall Street & Markets

The G-20 have it all taken care of

By Justin Fox | April 2, 2009 | +

The final communique of the G-20 summit is out. Here’s my favorite part:

4. We have today therefore pledged to do whatever is necessary to:

* restore confidence, growth, and jobs;
* repair the financial system to restore lending;
* strengthen financial regulation to rebuild trust;
* fund and reform our international financial institutions to overcome this crisis and prevent future ones;
* promote global trade and investment and reject protectionism, to underpin prosperity; and
build an inclusive, green, and sustainable recovery.

I’d say that takes cares of everything important. And they’re going to do “whatever is necessary” to make it all happen. Problem solved! Why even bother having any more meetings?

Related Topics: Economy & Policy, Wall Street & Markets

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  • mondomandevout

    What about the current accounts thing?
    *picked up Wolf’s book, on chapter 4, not as difficult a read as I thought it’d be despite the fact I’ve yet to take Intermediate Macroeconomics

    By the way, I was wondering about this from the New York Times Mr. Fox-
    “The Group of 20 pledged to triple the resources of the Fund to $750 billion — through a mix of $500 billion in loans from countries, and a one-time issuance of $250 billion in Special Drawing Rights, the synthetic currency of the Fund, which will be parceled out to all its 185 members.”

    When China was lobbying for a new global currency to replace the dollar, could it have been with these Special Drawing Rights? I’d never heard of this mechanism of the IMF (though to be fair I’m far from burying my nose in IMF practices).

  • Justin Fox

    @mondomandevout: Yes, China was basically talking about SDRs. This is kind of a baby step as far as replacing the dollar as the global reserve currency, but it is a step.

  • mondomandevout
  • ducheznee

    Like most things we hear about nowadays: long on dollars but extremely short on such trivial things as ‘details’.

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