Brown Calls for 'Global New Deal'

(NEWSER) - President Obama touted the resolutions of the G20 summit today in London, saying swift and muscular action was needed to reverse the global economic downturn, the AP reports. Steps like the injection of funds into the IMF and the creation of a global regulatory body “were necessary,” he told a packed press conference. “Whether they were sufficient, we’ve got to wait and see.” More»

French, German demands for regulation are final sticking point

(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. More»

Treasury seeks billions to help IMF prop up struggling nations

(NEWSER) - Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion to help the IMF aid the worst-hit economies, and urged other leaders to substantially increase their contributions. More»

World economy is growing, but recovery will be slow

(NEWSER) - The global recession is over, the International Monetary Fund said today, revising its economic forecasts in response to Asian growth and more than $2 trillion in stimulus packages worldwide. The IMF now says the world economy is growing and will expand by 3.1% in 2010, with China growing at a 9% clip and the US at 1.5%. Nevertheless, the institution warned that growth will be "sluggish, credit-constrained and, for quite some time, jobless." More»

'Peer review' system will let nations assess each other's policies

(NEWSER) - The G20 is on the brink of a deal this morning that will require members to "peer review" one another's economic policies—a substantial shift that will expose the US and China to wider scrutiny from less wealthy countries. The new top table for international negotiation wants less American borrowing, more Chinese consumption, and more European investment. But while the IMF will assess whether those plans are working, the G20 won't introduce any enforcement mechanisms, such as sanctions, reports the Wall Street Journal. More»