Extracts from the press conference by Gordon Brown, British Prime Minister, on the G20 Summit
On 2 April 2009, the Heads of the State of Government and the Ministers for Finance of the G20 countries met in London to face the economic crisis and take common measures to tackle it. Gordon Brown, British Prime Minister, held a press conference to present the summit developments.
Stakeholders agreed on six pledges. The first one is on the reform of the global banking system -including hedge funds within the global regulatory net and the end of the tax havens. This measure is also including the creation of a new financial stability board to ensure cooperation across frontiers, to spot risks to the economy and with the International Monetary Fund to provide with an early warning mechanism. The second pledge includes as a short term goal, the cleaning up of the banks in order to allow that the lending can flow. The third pledge is to restore the global growth continuing stimulating the economy with fiscal expansion, which will finish at the end of 2010 with 5 trillion dollars. Additional resources and a reform of the IMF were also agreed, as well as the necessary boost of the world trade and the Doha round.