G20 Finance ministers upbeat
by Alan Thornhill
The world’s developed countries are determined to tackle the deepening global economic crisis, but they can’t agree on how this should be done.
This became evident yesterday, when G20 finance ministers, meeting in England, adjourned without issuing a clear statement of intent.
However both President Obama’s representative, Timothy Geithner, and Australia’s Treasurer, Wayne Swan, emerged from the meeting, encouraged by it.
“The world is with us on this,’ Mr Geithner said.
“We will do what is necessary to get the economy moving again,” he added.
Mr Swan was also upbeat.
“It was a very encouraging outcome,” he said.
“I saw a resolve that I haven’t seen before,” Mr Swan said.
However Mr Swan admitted that “there are some reservations” about how the crisis should be tackled.
France and Germany, in particular, are making little secret of the fact that they are worried about rising government debt levels. They are arguing for tighter regulation of global financial markets.
Mr Swan said different circumstances in different countries might dictate different approaches to the crisis.
He warned, though, that the world must deal with the toxic assets, held by many banks, deliver fiscal stimulus and boost the International Monetary Fund, so that it can help less developed nations deal with the consequences of the crisis.
The Finance Ministers’ meeting was meant to pave the way for a G20 Leaders’ meeting, which President Obama, Kevin Rudd and other world leaders will attend, in London on April 2.
1 Comment
Profile
The Latest
9 February 2012
Doubts over Greek bail out weigh on European stock markets.
THE MARKETS
| All Ordinaries | 4357.100 | |||||||
| S&P 500 | 1354.04 | |||||||
| Aud To Usd | 1.0794 | |||||||
| Bhp Blt Fpo | 37.160 | |||||||
| Anz Bank Fpo | 21.620 | |||||||
| Cwlth Bank Fpo | 50.410 | |||||||
| Woodside Fpo | 35.580 | |||||||
| Macq Group Fpo | 26.860 | |||||||
News to Use
- Private health insurance may soon be dearer for many
- Joe Hockey’s admission
- The Latest
- Higher rates? You should know tomorrow
- Australia bans internet tobacco ads
- Extra help for flood victims
- A missed chance: builders
- Rates on hold – for now
- Business expectations “bounce back”
- Extra help for flood victims
- Retail sales still trending upwards
- A tight Christmas in resource rich States
- Child care assistance:don’t miss out
- A Ruddy spectre still haunts PM
- Treasurer slaps the big banks
Topics
- Airlines (12)
- Banking (1296)
- Business (1420)
- Communications (32)
- Disaster (83)
- Economics (1437)
- Environment (73)
- Financial advice (1186)
- Health (45)
- Housing (397)
- Inflation (393)
- Insurance (60)
- Investment (1243)
- Markets (977)
- Media (86)
- Politics (1304)
- Regulation (574)
- Rural australia (85)
- Security (13)
- Social security (134)
- Superannuation (160)
- Tax (224)
- The latest (1)
- Trade (268)
- Uncategorized (264)
Archives
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- September 2007
- August 2007
Recent Comments
- Liam Knuj on The Prime Minister, Julia Gillard’s, New Year’s Message
- Change is for the better,change is where your heart grows stronger on Family Assistance boost
- Harry on The Prime Minister, Julia Gillard’s, New Year’s Message
- Matthew on Rates likely to be steady
- Alan Thornhill on Carbon price:Treasury’s modelling




Alan Thornhill is a parliamentary press gallery journalist. Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
[...] G20 Finance Ministers upbeat [...]