The British Prime Minister asked to speak to the director general of the world Organization of trade (WTO), Pascal Lamy, after which will involve heads of State and Government, at a meeting scheduled that extends just over two hours. Between the points would have reached a consensus that would provide more money to the International Monetary Fund, improve the representation of emerging countries and control tax havens, among other points. As expected, the IMF reform passes by giving it more means and powers. In economic terms, be held an additional effort doubling resources until the $ 500 billion to guarantee more aid to poor countries and emerging, responsible for these last 70% global growth. Economic aid can still reach 750,000 million dollars, according to an official source quoted by Reuters. The European Union and Japan give a loan of 100 billion euros. The same amount will bring United States. The IMF may finance on international markets and may even sell gold.
The fundamental points of the appointment They range from the actions necessary to recover the global economy from the clipping of interests and the increase in public expenditure, the strengthening of the international regulation of financial institutions, with decisive action on hedge funds and tax havens. At this point, creates a new agency for regulation and supervision of hedge funds. In this way, they are intended to under public control. Germany and France had requested that this regulation would not be in a general principle and had requested more hardness in this regard. The reform also takes into account other international agencies, as well as the IMF, those who identify as basic pillars to emerge from the crisis: the World Bank (WB), the forum for financial stability (FSF) and the World Trade Organization (WTO). According to the draft, the FSF would be a Council for financial stability, with a permanent structure, to become the world gendarme of markets and financial institutions.The World Bank should be given more and will be invited, like the other regional development banks, to increase their capacity of 200,000 to 300,000 million dollars loan for the period 2009-2011.
And for the WTO, the G20 urged the Organization at the end of the cycle de Doha liberalization and to keep an eye on those countries that establish new trade barriers. A Brown press conference will announce the final communique of this Summit, which began marked by differences in approach between EE UU and European countries, especially France and Germany, about the best way to deal with the worst economic crisis since World War II. It is important to point out, that the U.S. President, Barack Obama, yesterday admitted responsibility for his country at the origin of the financial earthquake, but downplayed differences between different countries and assured that there will be agreement to emerge from the recession and refound the global financial architecture. In general terms, Obama wants more public encouragement to the economy, an idea supported by the British Prime Minister, Gordon Brown. However, France and Germany say that they speak with one voice in its position of resistance to these measures. The French President, Nicolas Sarkozy, opted, as its German counterpart, Angela Merkel, the regulation of funds high-risk and control on salaries of executives.