G20 Leaders Close to Deal

French, German demands for regulation are final sticking point
By Jason Farago,  Newser Staff
Posted Apr 2, 2009 6:19 AM CDT
Barack Obama speaks with British prime minister Gordon Brown during the Plenary Session at the G20 Summit at the ExCel Centre in London, Thursday, April 2, 2009.   (AP Photo/Anthony Devlin/PA)
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(Newser) – G20 leaders have nearly completed an agreement to confront the global financial crisis, reports the Times of London. Gordon Brown opened the summit by saying that the draft communique already prepared reflected "a high degree of consensus between us." The British PM said that the leaders needed to focus today on global financial regulation—which France and Germany said again last night must be beefed up if they are to sign the deal.

According to the BBC, the final communique should announce an increase of $500 billion for the International Monetary Fund to help struggling economies. There will also be a statement about limiting executive pay, although fixing numbers to that may be unlikely. Anti-protectionist measures will also be included, and the G20 may agree to "name and shame" countries that violate free trade rules.