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G20 leaders promise tighter regulations

World leaders took credit Friday for pulling the economy "back from the brink," and promised a new world order of tighter financial regulation and more inclusive global governance to protect the world from future meltdowns.

 

The leaders of the G20 Summit pose for a group photo at the G20 Summit in Pittsburgh, Pennsylvania, September 25, 2009.

The gathering of the world's 20 top economies cautioned that the recovery remained fragile and agreed to keep stimulus plans, which include government spending and low interest rates, in place in their respective countries.

Turning from the crisis-management of previous summits, the Group of 20 leaders pledged to set up more rigorous financial rules that would cut down on some of the risky behavior and excesses that have been blamed for rocking the global economy. And they vowed better coordination over economic policies.

"Going forward, we cannot tolerate the same old boom-and-bust economy of the past," US President Barack Obama said, speaking as the summit in Pittsburgh ended. "We can't grow complacent. We can't wait for a crisis to cooperate."

Obama had pressed for keeping the stimulus plans just such a course and praised the group's decision.

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 Source : Xinhua  Editor: Ivy
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