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G20 proposes joint action on global financial crisis
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13:13, November 10, 2008

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The Group of 20 (G20) industrialized and emerging economies agreed Sunday that joint action and greater controls were necessary to tackle the international financial crisis.

The G20 has "a critical role to play in ensuring global financial and economic stability," G20 finance ministers and central bank governors said in a joint statement at the end of a two-day meeting here.

Brazilian Finance Minister Guido Mantega, who chaired the meeting, said the participants agreed that "joint and coordinated action," "greater regulation of financial markets" and "total agreement" on policies are required to regain financial stability.

Brazilian Finance Minister Guido Mantega attends a press conference in Sao Paulo, Brazil, Nov. 9, 2008. The G-20 Finance Ministers and Central Bank Governers' Meeting was closed on Sunday.

Other actions agreed upon at the meeting include fiscal incentives to enterprises and more international cooperation to identify and rapidly respond to signs of national and international crisis.

The officials also pledged increased communication and coordination in the face of the crisis.

World Bank President Robert Zoellick and the managing director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, also attended the annual meeting.

The agreements reached at the meeting will be discussed further at the upcoming summit of the group's leaders scheduled for Friday and Saturday in Washington.

The G20 is a forum to promote dialogue between advanced and emerging economies on key issues concerning economic growth and the stability of the financial system.

The bloc comprises the European Union, the United States, Britain, France, Germany, Italy, China, Russia, Japan, India, South Korea, Indonesia, Turkey, Saudi Arabia, South Africa, Canada, Australia, Argentina, Brazil and Mexico.


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