This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7731139.stm
The article has changed 23 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Bush warns over 'protectionism' | Bush warns over 'protectionism' |
| (40 minutes later) | |
| US President George W Bush says he is pleased with progress in world leaders' talks on the financial crisis, but has warned of the dangers of protectionism. | US President George W Bush says he is pleased with progress in world leaders' talks on the financial crisis, but has warned of the dangers of protectionism. |
| Mr Bush said there had been frank discussions and some progress, but there was still more work to be done. | Mr Bush said there had been frank discussions and some progress, but there was still more work to be done. |
| UK PM Gordon Brown said he wanted to see international banking systems "cleaned up" and any measures agreed at the summit implemented immediately. | UK PM Gordon Brown said he wanted to see international banking systems "cleaned up" and any measures agreed at the summit implemented immediately. |
| Leaders from 20 of the world's biggest economies are at the Washington summit. | Leaders from 20 of the world's biggest economies are at the Washington summit. |
| Correspondents say there are some divisions between Europe, which wants stricter market rules, and the US and other countries, which prefer more moderate reforms. class="lp" href="http://news.bbc.co.uk/1/hi/talking_point/default.stm">HAVE YOUR SAY Everyone is affected by this downfall. Budgets of households and big corporations are equally affected Asif Chaudhry, Pakistan Send us your comments | |
| "One of the dangers during a crisis such as this is that people will start implementing protectionist policies," Mr Bush said as talks resumed on Saturday. | |
| But he said he was pleased leaders had reaffirmed the "principles of open markets and free trade". | |
| Mr Brown said the leaders faced a "difficult" set of negotiations, but also welcomed progress made so far. | Mr Brown said the leaders faced a "difficult" set of negotiations, but also welcomed progress made so far. |
| "I think it is obviously important to make decisions today about what can be done," he said. | "I think it is obviously important to make decisions today about what can be done," he said. |
| "There are a lot of countries with their own interests and their own policy directions at the moment that will have to change." | "There are a lot of countries with their own interests and their own policy directions at the moment that will have to change." |
| He added that he wanted to see a timetable for a world trade deal and more credit made available to banks to allow them to start lending again. Economic reforms | |
| The German chancellor, Angela Merkel, insisted that the summit would adopt an action plan to deal with the global economic crisis."There exists here a major common willingness to reassure that such a crisis will not be repeated and to revive the world economy as quickly as possible," she said. It is up to us to build confidence in the world economy by taking all the actions that are necessary Gordon BrownUK Prime Minister class="" href="/1/hi/business/7727712.stm">Q&A: The G20 summit Saturday's meeting is expected to pave the way for another summit, perhaps in March next year. | |
| Then, a newly-installed President Obama could consider potentially far-reaching changes to the financial system. | |
| As well as new regulation, leaders are considering ways to open up global institutions such as the International Monetary Fund to emerging economies who have become key economic players in recent years. | |
| The leaders are also likely to spell out what kind of measures their countries intend to take to blunt the bite of the economic downturn - such as more public spending. | |
| Later summits are expected to focus on working out the details of the reforms needed. | Later summits are expected to focus on working out the details of the reforms needed. |
| The G20 meeting is bringing together both leading industrial powers such as the US, Japan and Germany, and emerging market countries such as China, India and Brazil. | The G20 meeting is bringing together both leading industrial powers such as the US, Japan and Germany, and emerging market countries such as China, India and Brazil. |
| The countries represent 85% of the world economy. | The countries represent 85% of the world economy. |