The London Summit 2009
Today on the 2 April 2009, world leaders from the G20 countries – representing 85% of the world’s output – are meeting in London. They are meeting meeting against the backdrop of the worst international banking crisis in generations.
Confidence in the international banking system has fallen. Major institutions have failed. Countries around the world have entered recession, with falling trade and rising unemployment
Confidence in the international banking system has fallen. Major institutions have failed. Countries around the world have entered recession, with falling trade and rising unemployment
At the Summit, countries need to come together to enhance global coordination in order to help restore global economic growth. World leaders must make three commitments:
First, to take whatever action is necessary to stabilise financial markets and enable families and businesses to get through the recession.
Second, to reform and strengthen the global financial and economic system to restore confidence and trust.
Third, to put the global economy on track for sustainable growth.
Critics say that this meeting wont achieve anything as far as africa is concerned and this is because africa is only represented by South Africa .Meles zenawi in his capacity as the chair of NEPAD said that Aid affectiveness cannot be be improved as long as Aid to Africa is wrapped up in innumerable conditionalities many of which reflect dogmas that have now in practice been declared bunkrupt by the response of governemnts to the cononic crisis.He went on to say that "Banks facing difficulties are being given assistance of tens or even hundreds of of billions of dollars.A bank in these countries which is deemed too important to fail is getting more asistance than trhe whole continent of Africa ..."
Leaders of the world’s largest economies will agree a global plan for economic recovery and reform on 2 April, Prime Minister Gordon Brown said after a meeting with Barack Obama. The US President hailed an 'extraordinary convergence…and enormous consensus'
A coordinated global fiscal stimulus, measures to alleviate the plight of those most affected by the recession, an overhaul of the system of global governance and the establishment of public banks are just some of the solutions proposed
As well as dealing with the immediate financial crises the G20 must not neglect issues that were on the agenda before the crisis developed and that remain important today, including addressing poverty and climate change.
'The most important task for all of us is to deliver a strong message of unity in the face of crisis. All the participating countries recognise that in the face a severe global contraction we have to each take steps to promote economic growth and trade; that means a robust approach to stimulus, fighting off protectionism.'Barack Obama
