G 20 and financial turmoil

Main points from the summit:

  • Extra $US1 trillion for international bodies, including trebling of IMF financing to $US750m
  • G20 nations expect to have spent $5 trillion battling economic crisis by end of 2010
  • Agreement to shame and name blacklisted tax havens
  • New rules on pay and bonuses for corporate chiefs
  • IMF will sell billions of dollars of gold reserves to help poor countries
  • Agreement to ‘act urgently’ to conclude WTO’s Doha round
  • G20 leaders will meet again this year

The new rules will be worked out later this year and around that time another G20 summit will be held to look at progress

The G20 summit’s resolution to impose tougher regulations on executive salaries has resulted in some confusion over how the new rules would bring those pay levels down.

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