UK: G20 pledges continued economic stimulus
Sun Sep 6 03:42:12 EST 2009
Sat Sep 5 17:42:12 UTC 2009
LONDON, Sept 5 AP - The Group of 20 rich and developing countries have pledged to carry on with measures to boost the global economy, despite signs of a recovery.
At the end of a meeting in London on Saturday, G20 finance officials also promised a crackdown on bankers' pay and committed to giving developing countries a greater say in international financial regulation.
A joint communique says that fiscal and monetary policies will stay "expansionary" for as long as needed to reduce the chances of a double-dip recession after the worst financial crisis since World War II.
There is also an agreement to impose tighter control on bankers' pay. But officials have been forced to compromise after Britain and the US deemed French and German calls for a cap on bonuses unworkable.
