Leaders of the G20 countries pledged to shore up global growth, avoid protectionism and move quickly on regulatory reform at their weekend summit in Washington to address the economic crisis, reports the FT. Presenting a united front, leaders from both developed and developing nations promised to take further action to stabilise the financial system and to use fiscal measures to stimulate domestic demand. The leaders said they would require regulators to set up “colleges of supervisors” to monitor global banks and said ministers would report back by March 31 on issues such as strengthening of the credit derivatives markets and review of financial sector pay schemes, with further reforms to follow. They also agreed to open up membership of key standards-setting bodies, including the Financial Stability Forum, to top emerging economies such as China and India, and to increase their influence at the IMF. The G20 nations will meet again by next April – a sign that this body, and not the narrower G7, will play the leading role during the crisis and probably beyond.

This entry was posted by Gwen Robinson on Monday, November 17th, 2008 at 5:45 and is filed under Capital markets. Tagged with g20. Edit this entry.