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2008 G-20 Washington summit

Mon, 17 Nov 2008 06:12:03 +0000

2008 G-20 summit

The G-20 in Washington, D.C.

Information

Location
Washington, D.C.

Participants
G-20

Also known as
Bretton Woods II

Key points

• common understanding of the root causes of the global crisis discussed

• Past actions taken by countries and future actions to be made to address the immediate crisis and strengthen growth
• agreement on common principles for reforming financial markets
• launch of action plan to implement those principles and to develop further specific recommendations for later review
• reaffirmation of commitment to free market principles

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The G-20 Leaders Summit on Financial Markets and the World Economy took place on November 14–15, 2008 in Washington, D.C. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial crisis, and lay the foundation for reform to avoid similar crises in the future.

Contents

1 Preliminary history
- 1.1 Approaches in the early 2000s
- 1.2 Financial crisis of 2007–2008
2 The Summit
3 Similar efforts
4 See also
5 References
6 External links

Preliminary history

Approaches in the early 2000s

Bretton Woods II was an informal designation for the system of currency relations which developed during the 2000s. As described by political economist Daniel Drezner, “Under this system, the U.S. is running massive current account deficits to be the source of export-led growth for other countries. To fund this deficit, central banks, particularly those on the Pacific Rim, are buying up dollars and dollar-denominated assets.”

The notion of a “revived Bretton Woods system” was introduced in a 2003 paper by Dooley, Folkerts-Landau, and Garber, in which it is described as arising after the end of the Cold War, out of the choice of countries,

mainly in Asia,

In 2005, Roubini and Setser argued that the system is unsustainable:

If the US does not take policy steps to reduce its need for external financing before it exhausts the world’s central banks willingness to keep adding to their dollar reserves – and if the rest of the world does not take steps to reduce its dependence on an unsustainable expansion in US domestic demand to support its own growth – the risk of a hard landing for the US and global economy will grow. The basic outlines of a hard landing are easy to envision: a sharp fall in the value of the US dollar, a rapid increase in US long-term interest rates and a sharp fall in the price of a range of risk assets including equities and housing. The asset price adjustment would lead to a severe slowdown in the US, and the fall in US imports associated with the US slowdown and the dollar’s fall would lead to a global severe economic slowdown, if not an outright recession.

Financial crisis of 2007–2008

On September 26, 2008, French, and current European Union president, Nicolas Sarkozy, said, “we must rethink the financial system from scratch, as at Bretton Woods.”

On October 13, 2008, British Prime Minister Gordon Brown said world leaders must meet to agree to a new economic system. “We must have a new Bretton Woods, building a new international financial architecture for the years ahead.”

Italian Economics Minister Giulio Tremonti has said that Italy will use its 2009 G7 chairmanship to push for a “New Bretton Woods.” He has been critical of the U.S.’s response to the global financial crisis of 2008, and has suggested that the dollar may be superseded as the base currency of the Bretton Woods system.

The Summit

G20 leaders and delegates attend the Summit on Financial Markets and the World Economy Saturday at the National Building Museum in Washington, D.C. on November 15, 2008.

Participating entities

The formula is “G-7 plus”. In announcing the summit, US President George Bush said that the summit would bring together members of the G20 industrial nations. The G-20 was set up to respond to the financial turmoil of 1997-99 through the development of policies that “promote international financial stability”. The G-20 comprises countries considered to be systemically important, but omits over 170 governments (192 governments are members of the United Nations).

The first meeting of the G-20 leaders on financial markets and the world economy was held in Washington, D.C. on November 14-15, 2008. The participants were: 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 of America, the European Union (represented by France’s President Nicolas Sarkozy as President of the European Council, as well as by José Manuel Barroso, president of the European Commission), the Netherlands (allowed extraordinary presence), Spain (allowed extraordinary presence), the World Bank, the International Monetary Fund and the Financial Stability Forum. Although Dutch Prime Minister Jan Peter Balkenende arrived at Andrews Air Force Base on the evening of November 14, he immediatley returned to the Netherlands when notified of the death of his father.

Suggestions

German Chancellor Angela Merkel and French President Nicolas Sarkozy said “Bretton Woods II” should bring about “genuine, all-encompassing reform of the international financial system”

Key achievements

The White House reported that the summit had achieved five key objectives. The leaders had:

reached a common understanding of the root causes of the global crisis;
reviewed actions countries had taken and would take in the future to address the immediate crisis and strengthen growth;
agreed on common principles for reforming their financial markets;
launched an action plan to implement those principles and asked ministers to develop further specific recommendations that would be reviewed by leaders at a subsequent summit; and
reaffirmed their commitment to free market principles.

A summary of the meeting’s other salient points is presented by the White House in the “Fact Sheet”

Despite the optimism expressed by many of those present, doubts soon began to emerge about the success of the meeting and the chances of achieving all its objectives.

Reactions

– Brazil’s president Luiz Inacio Lula da Silva welcomed the summit’s decision to give a role to the emerging economic powers like Brazil, China and India in restructuring the global economy.
– China’s president Hu Jintao listed four priorities in reforming the international financial system: stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system.
– After the meeting, President Sarkozy of France said: “For the first time, countries as different as those at this G20 in the United States have reached agreement on the principles, the procedures for action and on an ambitious action plan.”
– German Chancellor Angela Merkel said that the stalled Doha round of global trade talks should be pushed forward so that a basic agreement could be reached before President Bush leaves office in January.
– India’s prime minister Manmohan Singh welcomed the summit “for the first time there was a genuine dialogue between many of the developed countries and the emerging economies”
– UK Prime Minister Gordon Brown spoke at a press conference: “These are extraordinary times and they require extraordinary measures.”
– President of the United States of America George W. Bush said “We are adapting our financial systems to the realities of the 21st century”
– EU Commission President Jose Manuel Barroso was pleased with the outcome of the summit: ‘I can really say that this was a historic summit. I am very, very happy.’ He added that no one had expected a miracle solution, emphasizing that there was now a ‘clear time schedule’ for reforming the world financial system. ‘This is the beginning of a process, not the end,’ he explained.

Similar efforts

There is a UN “Interactive Panel on the Global Financial Crisis”‘, set up by the UN General Assembly. It held its first meeting in New York on 30 October 2008, led by Professor Joseph Stiglitz. It is covering similar ground as the body described above, but involving a broader range of countries. It lobbies for an agreement involving the “G-192″ i.e. all the members of the UN, not just the G-20.

See also

Global financial crisis of 2008
Foreign exchange reserves
Exchange rate regime

References

^ a b “European call for ‘Bretton Woods II’”, Eurodad (2008-10-16). Retrieved on 16 November 2008.
^ “Summit on Financial Markets and the World Economy”. White House (2008-11-11). Retrieved on 2008-11-16.
^ Lex Rieffel (2008-10-27). “The G-20 Summit: What’s It All About?”. Brookings Institute.
^ Daniel Drezner (February 24, 2005). “How Stable Is Bretton Woods 2?”.
^ Michael P. Dooley, David Folkerts-Landau, Peter Garber (September 2003). “An Essay on the Revived Bretton Woods System”. National Bureau of Economic Research.
^ Nouriel Roubini, Brad Setser (February 2005). “Will the Bretton Woods 2 Regime Unravel Soon? The Risk of a Hard Landing in 2005-2006″.
^ George Parker, Tony Barber and Daniel Dombey (October 9, 2008). “Senior figures call for new Bretton Woods ahead of Bank/Fund meetings”.
^ Agence France-Presse (AFP) (October 13, 2008). “World needs new Bretton Woods, says Brown”.
^
^ James Kirkup, Bruno Waterfield (2008-10-17). “Gordon Brown’s Bretton Woods summit call risks spat with Nicholas Sarkozy”, The Daily Telegraph. Retrieved on 16 November 2008.
^ “Italy queries dollar’s role in Bretton Woods reform”, Reuters (2008-10-16). Retrieved on 16 November 2008.
^ Parmy Olson and Miriam Marcus (2008-10-16). “Bringing The Banking Mess To Broadway”, Forbes. Retrieved on 16 November 2008.
^ Guy Dinmore (2008-10-8). “Giulio Tremonti: A critic demands a new Bretton Woods”, Financial Times. Retrieved on 16 November 2008.
^ “Delegations to the Summit on Financial Markets and the World Economy”, White House (2008-11-14). Retrieved on 16 November 2008.
^ “Breton Woods II conference FAQs”, Eurodad (2008-10-23). Retrieved on 16 November 2008.
^ {cite news|url=http://timesofindia.indiatimes.com/India/Drop_protectionist_policies_PM_to_G-20/articleshow/3717948.cms|title=Protectionism should not be allowed|publisher=Times of India|date=2008-11-16|accessdate=2008-11-16}}
^ a b “Fact Sheet: Summit on Financial Markets and the World Economy”, White House (2008-11-14). Retrieved on 16 November 2008.
^ “Declaration of the Summit on Financial Markets and the World Economy”, White House (2008-11-15). Retrieved on 16 November 2008.
^ “Doubts surface over G-20 rescue plan”, Euronews (2008-11-16). Retrieved on 16 November 2008.
^ “Brazil president hails G20 summit”, BBC (2008-11-15). Retrieved on 16 November 2008.
^ “Washington summit targets at crisis”, China Daily (2008-11-16). Retrieved on 16 November 2008.
^ “Chinese FM: G20 summit “significant” for world to tackle financial crisis”, Xinhua News Agency (2008-11-16). Retrieved on 16 November 2008.
^ “Un ensemble de principes pour mettre fin à la crise”, Radio France Internationale. Retrieved on 16 November 2008.
^ a b “Summit pledge to restore growth”, BBC (2008-11-16). Retrieved on 16 November 2008.
^ “PM terms G-20 summit as ‘very successful’”, The Economic Times (2008-11-16). Retrieved on 16 November 2008.
^ “An overdue power shift”, Live Mint (2008-11-16). Retrieved on 16 November 2008.
^ “Brown heralds G20’s ‘route map’”, BBC (2008-11-16). Retrieved on 16 November 2008.
^ “Gordon Brown heralds progress at G20 financial crisis talks”, The Guardian (2008-11-16). Retrieved on 16 November 2008.
^ “Financial Summit Agrees Measures to Fight Deep Recession”, VOA (2008-11-15). Retrieved on 16 November 2008.
^ “Barroso: “This is the beginning of a process” (Extra)”, Monsters and Critics (2008-11-15). Retrieved on 16 November 2008.
^ “The Interactive Panel of the United Nations General Assembly on the global financial crisis”. United Nations (2008-10-30). Retrieved on 2008-11-16.

External links

Eurodad: Bretton Woods II conference FAQs
Eurodad: IMF back in business as Bretton Woods II conference announced
UN Interactive Panel on the Global Financial Crisis
G20 official website
G20 Info Centre (Univ of Toronto)

v • d • e

Financial crisis of 2007–2008

Main issues

Financial crisis of 2007–2008 · Economic crisis of 2008 · 2008 G-20 Leaders Summit

Specific issues

United States housing market correction · 2007–2008 world food price crisis · 2000s energy crisis · 2008 Central Asia energy crisis · Subprime mortgage crisis (timeline) · List of writedowns · Bankrupt or acquired banks · Global financial crisis of 2008 • List of entities involved in 2007–2008 financial crises

By country

Belgium · Iceland · Russia

Legislation and policy

Banking (Special Provisions) Act 2008 · Housing and Economic Recovery Act of 2008 · Economic Stimulus Act of 2008 · Emergency Economic Stabilization Act of 2008 · Troubled Assets Relief Program · 2008 United Kingdom bank rescue package · China Stimulus Plan

Company failures

New Century Financial Corporation · American Freedom Mortgage · American Home Mortgage · Lehman Brothers (bankruptcy) · NetBank · Terra Securities (scandal) · Sentinel Management Group · Washington Mutual · Icesave · Kaupthing Singer & Friedlander · Yamato Life · Circuit City

Government bailouts
and takeovers

Northern Rock (nationalization) · IndyMac Federal Bank · Fannie Mae (takeover) · Freddie Mac (takeover) · American International Group · Bradford & Bingley · Fortis · Glitnir · Hypo Real Estate · Dexia · Landsbanki · Kaupthing · ING Group

Company acquisitions

Ameriquest Mortgage · Countrywide Financial · Bear Stearns · Alliance & Leicester · Merrill Lynch · Washington Mutual · Derbyshire Building Society · Cheshire Building Society · HBOS · Lehman Brothers · Wachovia · Sovereign Bank · Barnsley Building Society · Scarborough Building Society

Reorganizations

ACC Capital Holdings

Related entities

Federal Reserve System · Federal Housing Administration · Federal Housing Finance Agency · Federal Housing Finance Board · Government National Mortgage Association · Office of Federal Housing Enterprise Oversight · Office of Financial Stability · UK Financial Investments Limited

Types of securities involved

Auction rate securities · Collateralized debt obligations · Collateralized mortgage obligations · Credit default swaps · Mortgage-backed securities

Financial markets

Secondary mortgage market

Terminology: Bailout · Credit crunch (credit crisis) · Economic bubble · Financial contagion - Financial crisis · Interbank lending market · Liquidity crisis

Retrieved from “http://en.wikipedia.org/wiki/2008_G-20_Washington_summit”

Container industry in China

Mon, 17 Nov 2008 05:55:58 +0000

China’s container industry started in the late 1970s and early 1980s. After 20 years’ development the annual production capacity is approximately 5.8 million TEU which is 145 times as large as 20 years before, accounting for over 96% of world’s production capacity.

China’s container industry has made three world’s records since 1993, namely:

container manufacturing capacity,
container types and
size as well as container sales which have ranked the world’s first for fifteen continuous years (1993-2008).

Types

With the requirements of the international shipping industry, the ISO containers (international standard) and non-ISO containers made in China are nearly all exported to other countries. The international market share of China’s containers is getting larger and there have been various products released since 1993. The product structure was very simple at the beginning, but now it has various products for special purposes including many cargo containers such as warm-keeping containers, pot containers and dry bulk cargo containers, regional special containers and semi-trailer containers and so on. Altogether it has about 900 types with different sizes which can meet the needs of customers all over the world.

References

http://www.ccl-group.com/

See also

Containerization
Intermodal freight transport
Shipping

Retrieved from “http://en.wikipedia.org/wiki/Container_industry_in_China”

2008 G-20 summit

Sun, 16 Nov 2008 22:18:07 +0000

The G-20 Leaders Summit on Financial Markets and the World Economy took place on November 14-15, 2008 in Washington, D.C. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to to strengthen economic growth, deal with the financial crisis, and lay the foundation for reform to avoid similar crises in the future.

Contents

1 Preliminary history
- 1.1 Approaches in the early 2000s
- 1.2 Financial crisis of 2007–2008
2 The Summit
3 Follow-up
4 Similar efforts
5 See also
6 References
7 External links

Preliminary history

Approaches in the early 2000s

mainly in Asia,

In 2005, Roubini and Setser argued that the system is unsustainable:

Financial crisis of 2007–2008

On September 26, 2008, French, and current European Union president, Nicolas Sarkozy, said, “we must rethink the financial system from scratch, as at Bretton Woods.”

The Summit

Participating entities

Suggestions

German Chancellor Angela Merkel and French President Nicolas Sarkozy said “Bretton Woods II” should bring about “genuine, all-encompassing reform of the international financial system” early decisions on transparency, global standards of regulation, cross-border supervision and crisis management, to avoid conflicts of interest and to create an early warning system, so as to engender confidence among savers and investors in every country.” In announcing the meeting, the spokesperson for US President George Bush said that “leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world’s financial sector”. UK Prime Minister Gordon Brown, in a mid-October speech, set out several principles. These include transparency (internationally agreed accounting standards, credit insurance market standards), integrity (credit agencies, executive pay), responsibility (board member competency and expertise), sound banking practice (protecting against speculative bubbles).

Key achievements

The White House reported that the summit had achieved five key objectives. The leaders had:

reached a common understanding of the root causes of the global crisis;
reviewed actions countries had taken and would take in the future to address the immediate crisis and strengthen growth;
agreed on common principles for reforming their financial markets;
launched an action plan to implement those principles and asked ministers to develop further specific recommendations that would be reviewed by leaders at a subsequent summit; and
reaffirmed their commitment to free market principles.

A summary of the meeting’s other salient points is presented by the White House in the “Fact Sheet”

Despite the optimism expressed by many of those present, doubts soon began to emerge about the success of the meeting and the chances of achieving all its objectives.

Reactions

- President of the United States of America George W. Bush said “We are adapting our financial systems to the realities of the 21st century”
After the meeting, President Sarkozy of France, said: “For the first time, countries as different as those at this G20 in the United States have reached agreement on the principles, the procedures for action and on an ambitious action plan.”
- India’s prime minister Manmohan Singh welcomed the summit “for the first time there was a genuine dialogue between many of the developed countries and the emerging economies”
- UK Prime Minister Gordon Brown spoke at a press conference: “These are extraordinary times and they require extraordinary measures.”
- China’s president Hu Jintao listed four priorities in reforming the international financial system: stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system.
- German Chancellor Angela Merkel said that the stalled Doha round of global trade talks should be pushed forward so that a basic agreement could be reached before President Bush leaves office in January.
- Brazil’s president Luiz Inacio Lula da Silva welcomed the summit’s decision to give a role to the emerging economic powers like Brazil, China and India in restructuring the global economy.
- EU Commission President Jose Manuel Barroso was pleased with the outcome of the summit: ‘I can really say that this was a historic summit. I am very, very happy.’ He added that no one had expected a miracle solution, emphasizing that there was now a ‘clear time schedule’ for reforming the world financial system. ‘This is the beginning of a process, not the end,’ he explained.

Follow-up

It was specifically agreed that there would be a further meeting “by April 30, 2009, to review the implementation of the principles and decisions agreed today.”

Similar efforts

See also

Global financial crisis of 2008
Foreign exchange reserves
Exchange rate regime

References

^ a b “European call for ‘Bretton Woods II’”, Eurodad (2008-10-16). Retrieved on 16 November 2008.
^ “Summit on Financial Markets and the World Economy”. White House (2008-11-11). Retrieved on 2008-11-16.
^ Lex Rieffel (2008-10-27). “The G-20 Summit: What’s It All About?”. Brookings Institute.
^ Daniel Drezner (February 24, 2005). “How Stable Is Bretton Woods 2?”.
^ Michael P. Dooley, David Folkerts-Landau, Peter Garber (September 2003). “An Essay on the Revived Bretton Woods System”. National Bureau of Economic Research.
^ Nouriel Roubini, Brad Setser (February 2005). “Will the Bretton Woods 2 Regime Unravel Soon? The Risk of a Hard Landing in 2005-2006″.
^ George Parker, Tony Barber and Daniel Dombey (October 9, 2008). “Senior figures call for new Bretton Woods ahead of Bank/Fund meetings”.
^ Agence France-Presse (AFP) (October 13, 2008). “World needs new Bretton Woods, says Brown”.
^
^ James Kirkup, Bruno Waterfield (2008-10-17). “Gordon Brown’s Bretton Woods summit call risks spat with Nicholas Sarkozy”, The Daily Telegraph. Retrieved on 16 November 2008.
^ “Italy queries dollar’s role in Bretton Woods reform”, Reuters (2008-10-16). Retrieved on 16 November 2008.
^ Parmy Olson and Miriam Marcus (2008-10-16). “Bringing The Banking Mess To Broadway”, Forbes. Retrieved on 16 November 2008.
^ Guy Dinmore (2008-10-8). “Giulio Tremonti: A critic demands a new Bretton Woods”, Financial Times. Retrieved on 16 November 2008.
^ “Delegations to the Summit on Financial Markets and the World Economy”, White House (2008-11-14). Retrieved on 16 November 2008.
^ “Breton Woods II conference FAQs”, Eurodad (2008-10-23). Retrieved on 16 November 2008.
^ a b “Fact Sheet: Summit on Financial Markets and the World Economy”, White House (2008-11-14). Retrieved on 16 November 2008.
^ a b “Declaration of the Summit on Financial Markets and the World Economy”, White House (2008-11-15). Retrieved on 16 November 2008.
^ “Doubts surface over G-20 rescue plan”, Euronews (2008-11-16). Retrieved on 16 November 2008.
^ a b “Summit pledge to restore growth”, BBC (2008-11-16). Retrieved on 16 November 2008.
^ “Financial Summit Agrees Measures to Fight Deep Recession”, VOA (2008-11-15). Retrieved on 16 November 2008.
^ “Un ensemble de principes pour mettre fin à la crise”, Radio France Internationale. Retrieved on 16 November 2008.
^ “PM terms G-20 summit as ‘very successful’”, The Economic Times (2008-11-16). Retrieved on 16 November 2008.
^ “Brown heralds G20’s ‘route map’”, BBC (2008-11-16). Retrieved on 16 November 2008.
^ “Gordon Brown heralds progress at G20 financial crisis talks”, The Guardian (2008-11-16). Retrieved on 16 November 2008.
^ “Washington summit targets at crisis”, China Daily (2008-11-16). Retrieved on 16 November 2008.
^ “Chinese FM: G20 summit “significant” for world to tackle financial crisis”, Xinhua News Agency (2008-11-16). Retrieved on 16 November 2008.
^ “Brazil president hails G20 summit”, BBC (2008-11-15). Retrieved on 16 November 2008.
^ “Barroso: “This is the beginning of a process” (Extra)”, Monsters and Critics (2008-11-15). Retrieved on 16 November 2008.
^ “Second G20 summit planned for London”, The Independent (2008-11-15). Retrieved on 16 November 2008.
^ “The Interactive Panel of the United Nations General Assembly on the global financial crisis”. United Nations (2008-10-30). Retrieved on 2008-11-16.

External links

Eurodad: Bretton Woods II conference FAQs
Eurodad: IMF back in business as Bretton Woods II conference announced
UN Interactive Panel on the Global Financial Crisis
G20 official website
G20 Info Centre (Univ of Toronto)

v • d • e

Financial crisis of 2007–2008

Main issues

Financial crisis of 2007–2008 · Economic crisis of 2008 · 2008 G-20 Leaders Summit

Specific issues

By country

Belgium · Iceland · Russia

Legislation and policy

Company failures

Government bailouts
and takeovers

Company acquisitions

Reorganizations

ACC Capital Holdings

Related entities

Types of securities involved

Auction rate securities · Collateralized debt obligations · Collateralized mortgage obligations · Credit default swaps · Mortgage-backed securities

Financial markets

Secondary mortgage market

Terminology: Bailout · Credit crunch (credit crisis) · Economic bubble · Financial contagion - Financial crisis · Interbank lending market · Liquidity crisis

Retrieved from “http://en.wikipedia.org/wiki/2008_G-20_summit”

2008 G-20 Leaders Summit on Financial Markets and the World Economy

Sat, 15 Nov 2008 23:00:07 +0000

The G-20 Leaders Summit on Financial Markets and the World Economy results from an initiative by French President Nicolas Sarkozy and U.K. Prime Minister Gordon Brown. Shortly before following the preceding meeting of G7 finance ministers on October 11, 2008, U.S. President George W. Bush stated that the next meeting of the G-20 would be important in finding solutions to the economic crisis of 2008.

Since many economist and politicians called for a new Bretton Woods system (a monetary management which was instituted after World War II) to overhaul the world’s financial structure, the meeting has sometimes been described by the media as Bretton Woods II.

Contents

1 Preliminary history
- 1.1 Approaches in the early 2000s
- 1.2 Financial crisis of 2007–2008
2 The Summit
3 Similar efforts
4 See also
5 References
6 External links

Preliminary history

Approaches in the early 2000s

mainly in Asia,

In 2005, Roubini and Setser argued that the system is unsustainable:

Financial crisis of 2007–2008

On September 26, 2008, French, and current European Union president, Nicolas Sarkozy, said, “we must rethink the financial system from scratch, as at Bretton Woods.”

The Summit

Participating entities

The formula is “G-7 plus”. In announcing the summit, US President George Bush said that the summit would bring together members of the G20 industrial nations. The first meeting was held in Washington, D.C. on November 15, 2008. The G-20 is made up of the G7 plus Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, and the European Union. The IMF and the World Bank also participate in G-20 meetings. The G-20 was set up to respond to the financial turmoil of 1997-99 through the development of policies that “promote international financial stability”. The G-20 comprises countries considered to be systemically important, but omits over 170 governments (192 governments are members of the United Nations).

Despite Spain being the world’s 8th largest economy, As a compromise, France plans to give one of the two places it is entitled to, as it is both current President of the European Council and a member of the G7, to Spain.

Suggestions

This article does not cite any references or sources.
Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed.

German Chancellor Angela Merkel and French President Nicolas Sarkozy said “Bretton Woods II” should bring about “genuine, all-encompassing reform of the international financial system”. The Council of the European Union sees the meeting as “tak early decisions on transparency, global standards of regulation, cross-border supervision and crisis management, to avoid conflicts of interest and to create an early warning system, so as to engender confidence among savers and investors in every country.” In announcing the meeting, the spokesperson for US President George Bush said that “leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world’s financial sector”. UK Prime Minister Gordon Brown, in a mid-October speech, set out several principles. These include transparency (internationally agreed accounting standards, credit insurance market standards), integrity (credit agencies, executive pay), responsibility (board member competency and expertise), sound banking practice (protecting against speculative bubbles).

The new international architecture Brown and others are discussing will allegedly involve an effective global early warning system for risk prevention, globally accepted standards to supervise cross-border capital flows and the activities of global firms, and stronger institutions for cooperative action in the event of crises. For CSOs it will be important that equity as well as stability is discussed at the conference and that fairer rules are developed for aid, debt, trade, investment, taxation and capital flight. The governance of the international financial institutions must be radically changed, fair debt workout mechanisms introduced, and much more.

Agenda

This article does not cite any references or sources.
Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed.

There was no official agenda for the meeting.

Similar efforts

There is a UN “Interactive Panel on the Global Financial Crisis”‘, set up by the UN General Assembly. It hold its first meeting in New York on 30 October 2008, led by Professor Joseph Stiglitz. It is covering similar ground to the body described above, but involving a broader range of countries. It lobbies for an agreement involving the “G-192″ i.e. all the members of the UN, not just the G-20.

See also

Global financial crisis of 2008
Foreign exchange reserves
Exchange rate regime

References

^ The G-20 Summit: What’s It All About?, from the Brookings Institute
^ Eurodad (October 16, 2008). “European call for ‘Bretton Woods II’”.
^ George Parker, Tony Barber and Daniel Dombey (October 16, 2008). “European call for ‘Bretton Woods II’”.
^ Daniel Drezner (February 24, 2005). “How Stable Is Bretton Woods 2?”.
^ Michael P. Dooley, David Folkerts-Landau, Peter Garber (September 2003). “An Essay on the Revived Bretton Woods System”. National Bureau of Economic Research.
^ Nouriel Roubini, Brad Setser (February 2005). “Will the Bretton Woods 2 Regime Unravel Soon? The Risk of a Hard Landing in 2005-2006″.
^ George Parker, Tony Barber and Daniel Dombey (October 9, 2008). “Senior figures call for new Bretton Woods ahead of Bank/Fund meetings”.
^ Agence France-Presse (AFP) (October 13, 2008). “World needs new Bretton Woods, says Brown”.
^
^ Italy queries dollar’s role in Bretton Woods reform. Reuters, October 16, 2008.
^ Parmy Olson and Miriam Marcus. Bringing The Banking Mess To Broadway. Forbes (online), October 16, 2008.
^ Guy Dinmore. Giulio Tremonti: A critic demands a new Bretton Woods. Financial Times (online), October 8, 2008.
^ Fondo Monetario Internacional (2008). “World Economic Outlook Database, abril de 2008″.
^ Rajoy: ‘Hay que estar en Washington’
^ El Rey: ‘Por supuesto, España tiene que estar en la cumbre del G20′
^ See all references in the Spanish Wikipedia article

External links

Eurodad: Bretton Woods II conference FAQs
Eurodad: IMF back in business as Bretton Woods II conference announced
UN Interactive Panel on the Global Financial Crisis
G20 official website
G20 Info Centre (Univ of Toronto)

v • d • e

Financial crisis of 2007–2008

Main issues

Financial crisis of 2007–2008 · Economic crisis of 2008 · 2008 G-20 Leaders Summit

Specific issues

By country

Belgium · Iceland · Russia

Legislation and policy

Company failures

Government bailouts
and takeovers

Company acquisitions

Reorganizations

ACC Capital Holdings

Related entities

Types of securities involved

Auction rate securities · Collateralized debt obligations · Collateralized mortgage obligations · Credit default swaps · Mortgage-backed securities

Financial markets

Secondary mortgage market

Terminology: Bailout · Credit crunch (credit crisis) · Economic bubble · Financial contagion - Financial crisis · Interbank lending market · Liquidity crisis

Retrieved from “http://en.wikipedia.org/wiki/2008_G-20_Leaders_Summit_on_Financial_Markets_and_the_World_Economy”