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G20 will seek new international framework for global financial regulation

Posted By admin On March 23, 2009 @ 12:01 pm In World News | Comments Disabled

BBC [1]
Monday, March 23, 2009

Union leaders from the UK and overseas have put forward a global five-point plan they want G20 leaders to adopt as a way of tackling the economic crisis.

The plan includes job creation, some bank nationalisation, tackling wage deflation, and climate change action.

The ITUC union body said global economic “neo-liberalism” had failed.

The G20 meeting in early April brings together leaders from industrial and emerging market countries that make up 85% of the world economy.



“If the G20 governments in London are only able to agree on half-measures, they will have failed to meet their responsibilities,” said ITUC General Secretary Guy Ryder.

“As the world’s largest economies, they have the responsibility and the possibility to replace the failed neo-liberalism of the past with a whole new direction for globalisation.”

The Brussels-based body, which represents 170 million workers in 312 affiliated national organisations from 157 countries, wants to see:

  • a co-ordinated international recovery and sustainable growth plan to create jobs and ensure public investment
  • nationalisation of insolvent banks and new financial regulations
  • action to combat the risk of wage deflation and reverse decades of increasing inequality
  • increased action on climate change
  • new international legal framework to regulate the global economy, and reform of the IMF, World Bank, OECD, WTO

Full article here [3]

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[1] BBC: http://news.bbc.co.uk/1/hi/business/7957862.stm

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[3] Full article here: http://abcnews.go.com/print?id=7146474

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