G-20 to agree on Stimulus, more market oversight – Europe takes charge and waits to deal with Obama instead of Bush
Joe Weinman
Nov. 15, 2008

In a draft of the statement to be issued after their meeting today, members of the Group of 20 endorse steps already underway to fight a global recession by pursuing active monetary and fiscal policies, French officials told reporters on condition they not be named. There are also proposals to bolster the role of the International Monetary Fund and complete the Doha round of world trade talks by the end of the year.

The Europe finally took control of the problem. They cited the failures of the Bush Administration and its wave of deregulatory actions.

Disagreements between the U.S. and European governments over the future shape of the global financial system by agreeing each should pursue more effective regulation of markets and institutions in their own countries. They will commit to meet again by the end of April, after President-elect Barack Obama takes office, the French officials said.

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