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G20 will seek new international framework for global financial regulation

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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.

  • A d v e r t i s e m e n t

“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

This article was posted: Monday, March 23, 2009 at 12:01 pm

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