British PM Gordon Brown announced on Thursday, in a press conference in London that G20 leaders reached an agreement over a 3 trillion dollars agreement for the recovery of the global economy which includes an improvement of hedge funds regulations and end tax havens and a stricter regulatory framework for the global financial system.
Here are some of the most important declarations:
- G20 leaders decided to end fiscal heaves that fail to comply to international fiscal regulations and who do not agree to supply financial information requested by authorities
- the banking secrecy needs to see an end
- world leaders established new rules for salary payments and benefits awarded to big company directors
- G20 is expected to spend some 5 trillion dollars to strengthen the world's economy by 2010
- G20 leaders decided to supplement IMF funds and those of other international financial institutions by 3 trillion dollars
- G20 promises to take urgent measures to close the Doha round
- G20 leaders will meet again later this year
- IMF will sell its gold reserves to help poor countries
- a new world order is sketched after G20 talks in London
- IMF and the World Bank will suffer important changes to reflect the changes in the world's economy
At his turn, French President Nicholas Sarkozy declared that the G20 results represent more than initially expected and German Chancellor Angela Merkel talked about a historic agreement in an extraordinary crisis period.
Immediately after Brown's press conference, European markets registered significant increases and the Wall Street stock market exceeded an 8,000 points level.
Here are the main results after the G20 measures:
- 1 trillion dollars to international financial institutions, of which 750 billion dollars to IMF
- G20 will spend 5 trillion dollars to support the economic recovery by 2010
- 250 billion dollars to finance commerce at the global level
- End banking secrecy
- Ne regulations for salaries and benefits for big corporations directors
- IMF to sell gold reserves worth 1 billion dollars to help poor countries
- urgent measures to resolve the Doha round
- G20 will meet again later this year