Thursday, April 02, 2009

G20 Agree To End Tax Havens and So Much More

While the media continues their negative coverage of the G20, it looks as though the global leaders got down to business, just as Geithner predicted yesterday. Now, let's hope it sticks.

Leaders agree to fund the International Monetary Fund:
BBC: To help countries with troubled economies, the International Monetary Fund (IMF) will get extra resources worth up to $750bn.
There will also be sanctions against secretive tax havens and tougher global financial regulation.
And the G20 has committed about $250bn to boost global trade.
....
On behalf of the G20, Prime Minister Gordon Brown announced the following steps:
Bankers' pay and bonuses will be subject to stricter controls
A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system
There will be greater regulation of hedge funds and credit ratings agencies
A common approach to cleaning up banks' toxic assets has been agreed
The world's poorest countries will receive $100bn extra aid
G20 countries are already implementing the biggest economic stimulus "the world has ever seen" - an injection of $5tn by the end of next year.