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Brown to meet Merkel ahead of G20 Brown to meet Merkel ahead of G20
(9 minutes later)
Gordon Brown is to hold talks with German leader Angela Merkel as he presses for tougher global financial regulation and efforts to boost demand.Gordon Brown is to hold talks with German leader Angela Merkel as he presses for tougher global financial regulation and efforts to boost demand.
Pressure is growing on the UK from other European countries over talk of a fresh economic stimulus package.Pressure is growing on the UK from other European countries over talk of a fresh economic stimulus package.
France and Germany said they would send a "common signal" at April's crucial G20 meeting in London that "spending more" was not an answer to the crisis.France and Germany said they would send a "common signal" at April's crucial G20 meeting in London that "spending more" was not an answer to the crisis.
G20 finance ministers are meeting in the UK to prepare for the summit.G20 finance ministers are meeting in the UK to prepare for the summit.
German chancellor Mrs Merkel will arrive in the UK on Friday for talks at Chequers as the build-up to the G20 summit gathers pace.German chancellor Mrs Merkel will arrive in the UK on Friday for talks at Chequers as the build-up to the G20 summit gathers pace.
'Economic catastrophe''Economic catastrophe'
Meanwhile Chancellor Alistair Darling will use a meeting of his G20 counterparts in Sussex to press the UK's case for tougher powers for financial regulators to curb excessive risk taking by banks.Meanwhile Chancellor Alistair Darling will use a meeting of his G20 counterparts in Sussex to press the UK's case for tougher powers for financial regulators to curb excessive risk taking by banks.
Agreement at April's summit is seen as vital to showing that Mr Brown's calls for a co-ordinated global response to the crisis are being heeded by other major economies.Agreement at April's summit is seen as vital to showing that Mr Brown's calls for a co-ordinated global response to the crisis are being heeded by other major economies.
Mr Brown has made repeated calls for tougher regulation and is under pressure from opposition parties to show tangible progress is made in London.Mr Brown has made repeated calls for tougher regulation and is under pressure from opposition parties to show tangible progress is made in London.
We have always made clear that the main objective is to demonstrate that the world is coming together to deal with the common challenges that we face Downing Street spokesman We have always made clear that the main objective is to demonstrate that the world is coming together to deal with the common challenges that we face Downing Street spokesman class="" href="/1/hi/business/7941382.stm">G20 ministers meet to discuss financial crisis
But the UK's efforts to convince other countries of the need to agree a further stimulus package next month seem under strain.But the UK's efforts to convince other countries of the need to agree a further stimulus package next month seem under strain.
Speaking ahead of her visit, Mrs Merkel appeared to rule out any such agreement.Speaking ahead of her visit, Mrs Merkel appeared to rule out any such agreement.
"The issue is not spending even more but to put in place a regulatory system to prevent the economic catastrophe that the world is experiencing from being repeated," she said at a meeting with French President Nicolas Sarkozy."The issue is not spending even more but to put in place a regulatory system to prevent the economic catastrophe that the world is experiencing from being repeated," she said at a meeting with French President Nicolas Sarkozy.
And White House spokesman Robert Gibbs said the Obama administration was not going to "negotiate some specific economic commitment" in London but would focus on the need for concerted future action.And White House spokesman Robert Gibbs said the Obama administration was not going to "negotiate some specific economic commitment" in London but would focus on the need for concerted future action.
He said the US had already agreed a massive stimulus package, which was approved by Congress last month.He said the US had already agreed a massive stimulus package, which was approved by Congress last month.
Mr Brown met the prime minister of Thailand Abhisit Vejjajiva at Downing Street on Friday. Mr Abhisit said it was "absolutely essential" to achieve a global policy response to the recession at the G20 summit.Mr Brown met the prime minister of Thailand Abhisit Vejjajiva at Downing Street on Friday. Mr Abhisit said it was "absolutely essential" to achieve a global policy response to the recession at the G20 summit.
A joint statement from the two leaders stressed the need for it to agree on "a concerted macro-economic stimulus plan, reform of the international financial institutions and a firm stand against protectionism".A joint statement from the two leaders stressed the need for it to agree on "a concerted macro-economic stimulus plan, reform of the international financial institutions and a firm stand against protectionism".
G20 LONDON SUMMIT World leaders will meet next month in London to discuss measures to tackle the downturn. See our in-depth guide to the G20 summit.The G20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the US and the EU. Q&A: G20 SummitG20 LONDON SUMMIT World leaders will meet next month in London to discuss measures to tackle the downturn. See our in-depth guide to the G20 summit.The G20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the US and the EU. Q&A: G20 Summit
Later a Downing Street spokesman said there were "ongoing discussions" with G20 members and any agreement at the summit would not be "overly prescriptive" and each country could decide how to implement its terms.Later a Downing Street spokesman said there were "ongoing discussions" with G20 members and any agreement at the summit would not be "overly prescriptive" and each country could decide how to implement its terms.
"We have always made clear that the main objective is to demonstrate that the world is coming together to deal with the common challenges that we face," he said."We have always made clear that the main objective is to demonstrate that the world is coming together to deal with the common challenges that we face," he said.
"We are certainly not going to get into some sort of absurd media expectations game.""We are certainly not going to get into some sort of absurd media expectations game."
The UK wants reform of international institutions such as the IMF, a new "early warning system" to prevent future financial shocks and commitments that free trade will not be undermined.The UK wants reform of international institutions such as the IMF, a new "early warning system" to prevent future financial shocks and commitments that free trade will not be undermined.
But opposition parties are unconvinced about what the G20 meeting will achieve.But opposition parties are unconvinced about what the G20 meeting will achieve.
The Lib Dems said proposed reforms were like "shutting the stable door after the horse has bolted" while the Conservatives have continued to press for a government apology for past regulatory failures.The Lib Dems said proposed reforms were like "shutting the stable door after the horse has bolted" while the Conservatives have continued to press for a government apology for past regulatory failures.
The UK and German governments have not always seen eye to eye over how to respond to the recession.The UK and German governments have not always seen eye to eye over how to respond to the recession.
German finance minister Peer Steinbruck caused controversy in December when he criticised UK policies such as the VAT cut.German finance minister Peer Steinbruck caused controversy in December when he criticised UK policies such as the VAT cut.
But Mr Brown has insisted the two countries are on the same path, with Germany launching its own stimulus package.But Mr Brown has insisted the two countries are on the same path, with Germany launching its own stimulus package.