G-20 sets ambitious goals, but short on details
PITTSBURGH (AP) ¿ World leaders lined up Friday behind sweeping promises to fix a malfunctioning global economic system in hopes of heading off future financial meltdowns. For now, they said, they would keep stimulus programs going "until recovery is assured."
In the first international summit hosted by President Barack Obama, the G-20 moved to give China and other fast-growing economies a bigger say in decision-making and to crack down on greedy bankers.They moved to require members to subject their economic policies to the scrutiny of a peer review process that would determine whether they were "collectively consistent" with sustainable global growth. They promised tighter and more coordinated financial regulation. And, repeating pledges from G-20 summits in November and April, when financial panic was rampant, they vowed anew to "reject protectionism in all its forms." ___