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G-20 Pledges to Keep Stimulus Flowing

By the Associated Press

Posted Sep 5, 2009 12:50 PM CDT

(AP) – Top finance officials from rich and developing countries today pledged to maintain stimulus measures to boost the global economy, warning that the fledging recovery that provided the backdrop to their meeting is by no means assured. Group of 20 finance ministers also promised a crackdown on bankers' pay—but stopped short of a European push for a cap on bonuses after US and British objections.

A joint communique said monetary policy will stay "expansionary" for as long as needed to reduce the chances of a double-dip recession. The communique said work will continue on the possibility of introducing a cap mechanism on bankers' bonuses, but the group did not commit to the measure. Instead, the G-20 proposed clawback mechanisms to ensure that bonuses are linked to the long-term success of deals.

Mervyn King, governor of the Bank of England, right, arrives with U.S. Federal Reserve Chairman Ben Bernanke, for the G20 finance ministers dinner in London, Friday, Sept. 4, 2009. (Andrew Winning)

Robert Zoellick, president of the World Bank Group, right, and Wayne Swan, Australia's federal treasurer, arrive for the G20 finance ministers dinner in London, Friday, Sept. 4, 2009. (Chris Ratcliffe)

Governor of the Bank of England Mervyn King arrives for the G20 finance Minister's summit at the Treasury in Westminster, London, Saturday Sept. 5, 2009. (Dominic Lipinski)

US Treasury Secretary Timothy Geithner arrives for the G20 finance Minister's summit at the Treasury in Westminster, London, Saturday Sept. 5, 2009. (Dominic Lipinski)

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In Turkey, Biden Tweaks Hosts

VP adds comments in response to prodding by Turkish official

Chance of Greek PM Losing Confidence Vote: High

Meanwhile, the G20 wrestles with Greece mess

'Spectacular' Cyberattack Hit French Government

Chinese Internet addresses cited in attack seeking G20 docs

Ahead of G20, Obama, Sarkozy Seek United Economic Front

French, American presidents meet at White House

Fed Fires Back at China, Germany

Soaring unemployment an 'unacceptable outcome,' says Ben Bernanke

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OTHER STORIES ON OUR RADAR

global economy • Alistair Darling • G20 • global stimulus

MOST POPULAR STORIES

[ By Views ]

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More Newser Stories

In Turkey, Biden Tweaks Hosts

VP adds comments in response to prodding by Turkish official

Chance of Greek PM Losing Confidence Vote: High

Meanwhile, the G20 wrestles with Greece mess

'Spectacular' Cyberattack Hit French Government

Chinese Internet addresses cited in attack seeking G20 docs

Ahead of G20, Obama, Sarkozy Seek United Economic Front

French, American presidents meet at White House

Fed Fires Back at China, Germany

Soaring unemployment an 'unacceptable outcome,' says Ben Bernanke

About Us

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Newser By Users

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More News

What is Newser?