The meeting, announced Wednesday, will be held at the headquarters of the International Monetary Fund to 22H00 GMT.
Its aim is to coordinate the efforts of developed countries, including the Friday meeting resulted in an "action plan" designed to restore confidence in financial markets with those of emerging countries.
The G20 should not endorse the five-point plan adopted Friday by the G7, but push states to act quickly to stop the bleeding on the markets, and limit the contagion of the credit crunch around the world . ( Finance Information City )
The Director General of the International Monetary Fund (IMF), Dominique Strauss-Kahn, and the World Bank president, Robert Zoellick will attend the meeting.
The G20 brings together finance ministers and central bank governors of the seven countries with more advanced economies (Germany, Canada, USA, France, Great Britain, Italy and Japan) plus South Africa, Arabia Saudi, Argentina, Australia, Brazil, China, South Korea, India, Indonesia, Mexico, Russia and Turkey. The 20th member is the European Union, represented by the country which ensures the rotating presidency (in this case France until December 31).
Emerging countries affected by the financial crisis without being at the origin, were among the applicants for such an action plan for achieving less turbulent conditions in world markets. For them, the fear is less that of bank failures than a sudden economic slowdown and widespread, affecting among other exports.
Emerging markets have plunged over the past week in the same way as those in Europe or the USA. The Sao Paulo Stock Exchange fell by 20% during the week, the Bombay 16% and that of Shanghai by almost 13%.
U.S. President George W. Bush, surrounded by the finance ministers of the G7 said Saturday in Washington that everyone was agreed on the need for "a serious response to global".
"There were crises in the past when powerful nations have mobilized their energies against each other, or have attempted to isolate themselves from the world," he recalled.
According to the five-point plan, the Seven pledged to "take decisive steps" to prevent the bankruptcy of major banks, and to do whatever it takes to "unblock the credit to" ensure that banks and financial institutions have access to large liquidity and capital ".
They pledged to act to banks to raise capital "sufficient" to the public and private sectors so that they can "continue to lend to households and businesses."
They called for safeguards "robust and coherent" government to depositors confidence in the safety of their savings and affirmed their commitment to unblock the mortgage market, led to the current financial crisis.
0 comments:
Post a Comment