Europe, IMF take center stage at G-20
source: http://therealnews.com/t/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=2803
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- Vierotchka
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At the G-20 in Washington, Europe spoke with one voice, and the IMF increased its power.
The two most significant developments at the G-20 summit on financial markets and the world economy in Washington relate to new prominent roles played by the European Union and the International Monetary Fund (IMF). The Europeans, speaking at least this time with one voice, managed to convince the Americans of the necessity of some - but not all - tough regulatory measures they want to implement to control speculation and turbulence in global financial markets. The IMF, fresh from a new cash infusion by Japan and courting more Saudi participation, is shaping up to become an "international Central Bank," according to British PM Gordon Brown; able to help dozens of developing countries in distress. As the IMF is basically subordinated to the US Treasury, this development is more than welcome from an American point of view. The G-20 is bound to surpass the G-7 to become the prime decision forum on the global economy. But the really tough decisions are left to the next summit in April 2009, with Barack Obama as US President.
Pepe Escobar, born in Brazil is the roving correspondent for Asia Times and an analyst for The Real News Network. He's been a foreign correspondent since 1985, based in London, Milan, Los Angeles, Paris, Singapore, and Bangkok. Since the late 1990s, he has specialized in covering the arc from the Middle East to Central Asia, including the wars in Afghanistan and Iraq. He has made frequent visits to Iran and is the author of Globalistan and also Red Zone Blues: A Snapshot of Baghdad During the Surge both published by Nimble Books in 2007.
Related Stories:
http://current.com/items/89534104/the_lame_duck_economic_summit.htm
http://current.com/items/89536861/g_20_summit_punts_till_april.htm
The two most significant developments at the G-20 summit on financial markets and the world economy in Washington relate to new prominent roles played by the European Union and the International Monetary Fund (IMF). The Europeans, speaking at least this time with one voice, managed to convince the Americans of the necessity of some - but not all - tough regulatory measures they want to implement to control speculation and turbulence in global financial markets. The IMF, fresh from a new cash infusion by Japan and courting more Saudi participation, is shaping up to become an "international Central Bank," according to British PM Gordon Brown; able to help dozens of developing countries in distress. As the IMF is basically subordinated to the US Treasury, this development is more than welcome from an American point of view. The G-20 is bound to surpass the G-7 to become the prime decision forum on the global economy. But the really tough decisions are left to the next summit in April 2009, with Barack Obama as US President.
Pepe Escobar, born in Brazil is the roving correspondent for Asia Times and an analyst for The Real News Network. He's been a foreign correspondent since 1985, based in London, Milan, Los Angeles, Paris, Singapore, and Bangkok. Since the late 1990s, he has specialized in covering the arc from the Middle East to Central Asia, including the wars in Afghanistan and Iraq. He has made frequent visits to Iran and is the author of Globalistan and also Red Zone Blues: A Snapshot of Baghdad During the Surge both published by Nimble Books in 2007.
Related Stories:
http://current.com/items/89534104/the_lame_duck_economic_summit.htm
http://current.com/items/89536861/g_20_summit_punts_till_april.htm
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Katmai512
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Hmmm, the world's Central Bank is being born right before our eyes.
- 3 years ago
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Katmai512
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