Europe, IMF take center stage at G-20

[Pharaoh]

Run time: 05:49 https://www.youtube.com/watch?v=iuNT361vOx0   Posted on YouTube: November 16, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: November 16, 2008 By DU Member: Pharaoh Views on DU: 352

 
The two most significant developments at the G-20 summit on financial markets and the world economy in Washington relate to new prominent roles played by the European Union and the International Monetary Fund (IMF). The Europeans, speaking at least this time with one voice, managed to convince the Americans of the necessity of some - but not all - tough regulatory measures they want to implement to control speculation and turbulence in global financial markets. The IMF, fresh from a new cash infusion by Japan and courting more Saudi participation, is shaping up to become an "international Central Bank," according to British PM Gordon Brown; able to help dozens of developing countries in distress. As the IMF is basically subordinated to the US Treasury, this development is more than welcome from an American point of view. The G-20 is bound to surpass the G-7 to become the prime decision forum on the global economy. But the really tough decisions are left to the next summit in April 2009, with Barack Obama as US President.