Friday, 25 September 2009

Brown to G20: We must work together

Gordon Brown and Barack Obama at the G20 summit
Gordon Brown has urged nations to work together to help stimulate international economic growth and recovery.

The prime minister made the comments at the G20 summit in Pittsburgh where world leaders have gathered for two days of talks on establishing measures on how to continue recovery from the global recession and prevent similar crises occurring in the future.

Speaking to Sky News, Mr Brown said: 'Without concerted action there is a danger of years of low growth and low employment.'

It has now been a year since the global financial system went into meltdown with the epic nationalising of banks and various carmakers and huge stimulus packages being introduced by governments in countries such as Britain, China and the US.

A number of the world's leading economies have already announced they have left recession since then, resulting in the Pittsburgh negotiations focusing on ways to continue to encourage growth and a return to prosperity.

Seemingly in answer to Mr Brown's plea for greater cooperation, the White House has now announced measures which will see the emerging economies play a greater role in coordinating the world economy.

The move will see power shift away from the developed nations of the G8 and hand more control to emerging nations such as China.

The European Union has also announced more power will be handed to the developing economies in relation to influence over the International Monetary Fund.

During the talks today ministers are expected to discuss differing exit strategies from the huge stimulus packages and further consensus on the bonuses culture in the banking sector.ADNFCR-708-ID-19378511-ADNFCR

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