Posts Tagged ‘Norms’

AFP: G20 leaders agree reform action plan, pledge to boost growth

2008/11/15/1510
This entry is part 8 of 9 in the series Bretton Woods II

RTFA: http://www.google.com/hostednews/afp/article/ALeqM…

World leaders agreed at an economic crisis summit Saturday to an action plan for reforming the financial system and promised to work together to restore global growth, according to a final communique.

“We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world’s financial systems,” the final statement from the G20 group of countries said.

The statement committed the leaders, whose countries account for 85 percent of the world economy, to fiscal measures to boost national economies and laid out a series of areas for review before a deadline of March 31.

Six areas will be targeted: regulating those areas of the financial markets which have exacerbated the crisis, boosting transparency in the often murky derivatives markets and reforming compensation practices.

The ministers must also evaluate global accounting norms and the financing needs of international financial institutions.

Finally, they must draw up a list of financial institutions whose collapse would imperil the global financial system .

Okay – the US Dollar is intact. However, what are we to make of that final line: “financial institutions whose collapse would imperil the global financial system?” Watch out for more to precipitate out of that one.