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MONDAY, NOVEMBER 23, 2009
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G-20 Pledges to Keep Stimulus Flowing

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(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.
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.
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.
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.
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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1 comment
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schmidtkoff
Sep 5, 09 2:31 PM CDT
i don't purport to to understand finance and banking etc. however i do understand that the us needs to create jobs, needs to encourage manufacturing on us soil and (gasp, dare i say it) become protectionist in that we must look out for our own interests first. ok, but too bad if this is politically incorrect. you can scream left and you can scream right, but the bottom line is the average american is swinging in the wind due to those who hold the reins of money and power. and they are going to hold on to that at all cost - because they do not care one iota about your situation. at all. Reply
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