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G-20 Summit

On April 2, world leaders gathered for the G-20 at the ExCel Centre in London to discuss and propose plans to deal with the global economic crisis.

The G-20 was created as a response to the Asian economic crisis in the late 1990s. It promotes economic growth and development for the international financial system. The G-20 consists of 19 countries and the European Union which represents two-thirds of the world's population.

Results from G-20

According to the New York Times, "its members met in London and agreed to bail out developing countries, stimulate world trade and regulate financial firms more stringently."

The world leaders had different approaches to resolving the global economic crisis. The United States and Great Britain preferred a plan that favored economic stimulus while France and Germany wanted to increase bank regulation. Despite their different views, the leaders agreed to commit $1.1 trillion of new funds that will increase the capital available to the International Monetary Fund.

In addition, the world leaders had a six-point consensus that was part of the final communiqué.

• Restore confidence, growth, and jobs;
• Repair the financial system to restore lending;
• Strengthen financial regulation to rebuild trust;
• Fund and reform our international financial institutions to overcome this crisis and prevent future ones;
• Promote global trade and investment and reject protectionism, to underpin prosperity; and
• Build an inclusive, green, and sustainable recovery.

Protests

According to CNN, "scattered demonstrations were taking place around East London as the G-20 summit got under way Thursday, but they were far smaller than the protests seen a day earlier."

Most protestors were peaceful, but there were some that smashed windows and threw items at the London police. A majority of the protesting groups were either anti-capitalist or pro-environmentalist.

Will the Plan Work?

According to the New York Times, "the proposed remedies, some critics said, treat some peripheral effects of the crisis rather than its thorniest causes."

The world leaders stated some goals but few specific actions to deal with one of the "thorniest causes", the trillions of dollars in toxic assets in the financial systems. The leaders acknowledged that it will take time to recover from the global economic crisis. Through reform and compromise, they hope to improve the current situation.

According to CNN, Obama said "we can rebuild our global prosperity if we act with the sense of common purpose, persistence, and optimism that our moment demands."