G20 Summit Discusses Global Financial Recovery

Posted by on Jun 28th, 2010 and filed under Featured, News Articles. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

The G20 Summit by the world’s 20 richest countries discussed global financial reform and growth and wrapped up the meeting last Sunday, June 27, 2010 in Toronto, Canada.

President Barack Obama in his speech on Sunday, calls G20 as the “premier forum for international economic cooperation.” Citing examples of done forums in London and Pittsburgh, he expressed United States’ commitment in “leading by example” in responding to the global economic crisis. Pressingly, he mentioned that the presence of jobless people around the world can still impact emerging economies and that prosperity is never guaranteed. Furthermore, he emphasized job creations will ensure a strong and durable global financial recovery.

A proposal from Canada to cut budget deficits into half by 2013 and reduce debt-to-GDP ratios by 2016 was acknowledged in the leaders’ declaration. Prime Minister Stephen Harper told reporters, “The G20 still has a lot of work to do to fully entrench the global recovery, but these are important steps forward and, as you know, they were the steps that Canada was seeking.”

However, only some of the member countries have expressed their commitment to the proposal and Japan seemed to have been exempted. Countries with so called “with serious fiscal challenges” have only promised to speed up on balancing their budget.

Meanwhile, the G20 forum was also observed by other African and Asian groups, IMF, the World Bank, the European Union, and other organizations.

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