G20 Toronto Digest - Key Tweets, Achievement & Result?
London, UK - 28th June 2010, 11:10 GMT
Dear ATCA Open & Philanthropia Friends
[Please note that the views presented by individual contributors are not necessarily representative of the views of ATCA, which is neutral. ATCA conducts collective Socratic dialogue on global opportunities and threats.]
The highlights of The Fourth G20 leaders summit in Toronto are presented as a series of tweets.
Canada's PM Stephen Harper concludes G20 Toronto Summit
. In future banks should keep enough capital on their balance sheet to withstand aftermath of Lehman Brothers' in 2008 http://ow.ly/23YYD
. Market reform efforts to introduce a common tax on banks to shield taxpayers from bailouts in future splinter http://ow.ly/23YHM
. Obama and Cameron agree BP must not collapse post Gulf oil gusher as company starts week with shares at 14yr low http://ow.ly/23Y1h
. China gave in, set strongest yuan exchange rate in years on Monday after Beijing came under renewed pressure on w/e http://ow.ly/23Yvq
. Europeans score win -- Leaders agree to halve public debt by 2013 -- What are the consequences for world recovery...? http://ow.ly/23Ye3
. Leaders Pledge To Halve Deficits By 2013: Wary of slamming on stimulus brakes too quickly; shaken by euro debt crisis http://ow.ly/23Ynx
. Differences on 1. exit strategy for global economic stimulus - US and India caution - and 2. universal tax to bail out banks http://ow.ly/23Yzp
. An economic clash of civilisations -- pits Obama's stimulus efforts against European calls for austerity budgets http://ow.ly/23YCi
. British PM Cameron and US President Obama agree to differ in 'friendly' talks on economic policy, ie, spending cuts http://ow.ly/23RaI
. Canada signs nuclear deal with India that'll see uranium exported to India and wide-ranging pledge to increase trade http://ow.ly/23YU9
. Toronto summit discusses BP oil gusher - recent accident shows the need for better marine environment protection http://ow.ly/23YKv
. S Korea wants to be bridge between G20 and non-G20 Govs and Orgs: Post Gov lead comes private sector lead in future http://ow.ly/23YF1
. UK PM Cameron, preaching austerity, brings new G20 style - Cameron prefers what he calls 'quiet diplomacy' http://ow.ly/23Yaa
. President Obama, '...when the Indian PM speaks people listen particularly because of his deep knowledge of economic issues...' http://ow.ly/23YXj
. Torontonians try to make sense of vandalism: 'To see this destruction is beyond unfortunate,' Queen St businesswoman http://ow.ly/23Ytp
Winners and Losers
. Winners and losers at summit: Top priority to strengthen shaky economic recovery and clean up debt burdened finances http://ow.ly/240gG
Established in 1999, following the Asian financial crisis in 1997, the G20 has convened annual meetings of finance ministers and central bank governors from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
In 2008, G20 leaders met for the first time in Washington, DC, to develop a coordinated response to the global economic crisis or The Great Unwind manifest as the collapse of Lehman Brothers. The Washington Summit was followed by summits in London in April 2009, Pittsburgh in September 2009 and Toronto in June 2010, where leaders have designated the G20 as the premier forum for international economic cooperation.
Over the course of the four G20 summits -- Washington, London, Pittsburgh and Toronto -- world leaders have crafted a co-ordinated global response to the financial and trade crisis, including The Great Unwind (2007-?) and The Great Reset (2008-?). They:
1. Implemented stimulus measures to restore confidence;
2. Agreed on actions to strengthen financial regulation;
3. Committed to reform international financial institutions; and
4. Agreed to promote trade and resist protectionism.
The G20 interventions are widely regarded as having been effective in mitigating the impact of the global economic crisis, while encouraging a quicker transition to recovery than could otherwise have been expected. The key question ringing in our ears is, "What are the consequences of synchronised world wide measures to cut sovereign budget deficits and debt going to be for the world economic recovery?" It remains to be seen how effective the Toronto G20 summit's simultaneous embrace of austerity will prove to be in sustaining the green shoots of global growth. It is entirely plausible that draconian deleveraging measures implemented worldwide could stunt economic growth. As the Republic of Korea, G20 Chair for 2010, hosts the fifth summit in November in Seoul, the financial markets may have delivered a verdict!
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