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THURSDAY, NOVEMBER 26, 2009
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 ANALYSIS 
5

Surprise: G20 Had More Substance Than Hot Air

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(Newser) – Unlike most economic summits, the G20 talks have delivered more than just a promise to talk some more in the future, Steven Pearlstein writes in the Washington Post. The meeting may not have been the turning point declared by President Obama, but the market-boosting measures agreed upon represent a more substantial result than many had expected.

European leaders will likely try to claim victory over the US with the summit’s promises for an overhaul of the IMF and a global crackdown on financial regulation, but those measures actually tie in neatly with Obama's reform agenda. The president did well and the G20 talks can be considered a success, Pearlstein concludes—at least by the standards of previous meetings.

President Barack Obama speaks at the end of the G20 Summit at the Excel center, in London Thursday, April 2, 2009.
President Barack Obama speaks at the end of the G20 Summit at the Excel center, in London Thursday, April 2, 2009.   (AP Photo/Lawrence Looi, pool)
President Barack Obama walks into his press conference at the end of the G20 Summit at the Excel center in London, Thursday, April 2, 2009.
President Barack Obama walks into his press conference at the end of the G20 Summit at the Excel center in London, Thursday, April 2, 2009.   (AP Photo/Kirsty Wigglesworth)
British Prime Minister Gordon Brown speaks at a press conference at the end of the G20 Summit at the Excel center in London, Thursday, April 2, 2009.
British Prime Minister Gordon Brown speaks at a press conference at the end of the G20 Summit at the Excel center in London, Thursday, April 2, 2009.   (AP Photo/Alastair Grant)
French President Nicolas Sarkozy gestures at his press conference at the G20 Summit at the Excel center in London, Thursday, April 2, 2009.
French President Nicolas Sarkozy gestures at his press conference at the G20 Summit at the Excel center in London, Thursday, April 2, 2009.   (AP Photo/Alastair Grant)
Spanish Prime Minister Jose Luis Rodriguez Zapatero speaks at a press conference at the end of the G20 Summit.
Spanish Prime Minister Jose Luis Rodriguez Zapatero speaks at a press conference at the end of the G20 Summit.   (AP Photo/Matt Dunham)
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If any countries are likely to lose out in the restructuring, they are those of 'old Europe' that, by dint of history, now wield power far in excess of their importance in the global economy. - Steven Pearlstein

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5 comments
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Robert_Dada
Apr 3, 09 7:29 AM CDT
Nicely done Barack! Reply
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Mad
Apr 3, 09 9:33 AM CDT
How wonderful, having a president the world respects again. Obama makes me feel proud to announce I am an American! Reply
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0
Caps
Apr 3, 09 9:41 AM CDT
Such a nice feeling to have a leader with brains. Reply
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adamsmith1922
Apr 4, 09 1:43 AM CDT
Give me a break, several major issues were parked and much of the $1T was old news re-announced and/or not confirmed. Smoke & Mirrors, smoke & mirrors http://adamsmith.wordpress.com/2009/04/04/smoke-and-mirrors/ Reply
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IN RESPONSE:
maevealleine
Apr 5, 09 12:36 AM CDT
This is only the beginning. Don't be one of those fools who thought our stock markets would hit 10,000 and everyone would have a job within 30 days of Obama getting into office. Please?
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