G20 summit: US and Europe paper over divisions

[amyrose2712]

G20 summit: US and Europe paper over divisions
By Chris Marsden and Bill Van Auken
3 April 2009

The G20 summit concluded Thursday having failed to adopt the principal demands of either the US and Britain, which came to the London gathering advocating coordinated global fiscal stimulus, or a European bloc led by Germany and France, which called for international regulation of major financial institutions.

Instead, the two sides papered over their differences with a nine-page communiqué, much of which consisted of high-flown phrases such as the affirmation that all the assembled heads of state "agreed on the desirability of a new global consensus on the key values and principles that will promote sustainable economic activity."

There was also the claim—echoed by virtually all of the media—that the summit had agreed to "an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy."


http://www.wsws.org/articles/2009/apr2009/g20s-a03.shtml