G-20 summit in Washington: the weapon against World Financial Crisis was found!

On November 14-15 Washington has hosted the summit which has gathered together the leaders of 20 most powerful countries in the world including: Argentina, Austria, Brazil, Canada, China, France, Germany, the Great Britain, India, Indonesia, Italy, Japan, Mexico, the Republic of South Africa, Russia, Saudi Arabia, South Korea, Turkey, the USA. The leaders of the countries called as Group 20 came together to discuss today’s most relevant issue – world financial crisis. Also summit has opened its doors to International Monetary Fund Managing Director Dominique Strauss-Kahn, World Bank President Robert Zoellick, U.N. Secretary-General Ban Ki-moon and Financial Stability Forum Chairman Mario Draghi. 

The leaders have discussed the current problems, and have agreed on five major core principles to guide regulatory reform: Strengthening Transparency and Accountability, Enhancing Sound Regulation, Promoting Integrity in Financial Markets, Reinforcing International Cooperation, and Reforming International Financial Institutions. 

The leaders of the participating countries has called on their finance ministers to develop the schedule of their struggle with the World Financial Crisis as it was agreed that the G20 countries will act according to one plan. 

The meeting held in Washington, the capital of the country where crisis has started, was the first one in the series of the G20 meetings. The next one will be held on April 30, 2009, and it is expected that by that date all the measures agreed and approved during the first meeting will be implemented. The meeting will probably be held in London, the capital of the country that will preside next year in the EU. 

This time the USA was represented by George Bush who has initiated that summit whereas the newly elected president Barack Obama was absent. But it was told that the new leader of the US has dispatched some emissaries to meet with foreign leaders privately. The next meeting will take place 111 day after his inauguration, so Obama will go there as a president of the US. 

Please see the full report released from the Summit on Financial Markets and the World Economy in attachment.