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World leaders meeting in Washington today may agree to shore up the deteriorating global economy, while papering over differences on additional regulation of financial markets.
Members of the Group of 20 will likely endorse steps already under way to alleviate the global recession, including an increase in government spending and extra cash for the International Monetary Fund, economists said.
They will hide disagreements between U.S. and European governments over the future shape of the international financial system by committing to further discussions after President-elect Barack Obama takes office in January.
“It’s difficult to imagine the heads of state getting together on the worst financial crisis since the Depression and announcing only baby steps,” said Tony Crescenzi, chief bond market strategist for Miller Tabak & Co. in New York. “The G-20 will almost certainly want to give the impression that broad and coordinated actions will be taken to combat the financial crisis.”
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Tumbling stock markets and forecasts for global recession are putting pressure on the G-20 leaders, who last night met for a dinner of quail, roast lamb and pear torte at the White House. They will release a statement after further talks today.
- A d v e r t i s e m e n t
A Recession
Statistics released yesterday showed the euro area entered a recession in the third quarter for the first time since the single currency was introduced a decade ago, and retail sales in the U.S. fell by the most on record in October. The Standard & Poor’s 500 index fell 38 points yesterday to close at 873, a loss of 6 percent for the week and 41 percent for the year so far.
