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Emerging economies 'get new role' Emerging economies 'get new role'
(9 minutes later)
The G20 group of leading and emerging economies is to take on a new role as a permanent body co-ordinating the world economy, a White House statement said.The G20 group of leading and emerging economies is to take on a new role as a permanent body co-ordinating the world economy, a White House statement said.
The change will give more power to emerging economies, rather than to the developed powerhouses of the G8 group.The change will give more power to emerging economies, rather than to the developed powerhouses of the G8 group.
The G20 is meeting in the US city of Pittsburgh for a two-day summit.The G20 is meeting in the US city of Pittsburgh for a two-day summit.
EU officials also announced a deal to shift the balance of voting in the International Monetary Fund to benefit growing economies such as China.EU officials also announced a deal to shift the balance of voting in the International Monetary Fund to benefit growing economies such as China.
Currently, China wields 3.7% of IMF votes compared with France's 4.9%, although the Chinese economy is now 50% larger than that of France.Currently, China wields 3.7% of IMF votes compared with France's 4.9%, although the Chinese economy is now 50% larger than that of France.
Police used tear gas to disperse hundreds of protestersPolice used tear gas to disperse hundreds of protesters
Near the venue, police fired rubber bullets at protesters on a march. The previous G20 meeting, in London in April, was also marred by clashes.Near the venue, police fired rubber bullets at protesters on a march. The previous G20 meeting, in London in April, was also marred by clashes.
The disturbances are thought to have begun after hundreds of protesters tried to march, without permission, towards the convention centre where the summit is being held.The disturbances are thought to have begun after hundreds of protesters tried to march, without permission, towards the convention centre where the summit is being held.
'Years of low growth''Years of low growth'
UK Prime Minister Gordon Brown stressed the importance of co-operation and action at the summit.UK Prime Minister Gordon Brown stressed the importance of co-operation and action at the summit.
"Without concerted action there is a danger of years of low growth and low employment," he told Sky News."Without concerted action there is a danger of years of low growth and low employment," he told Sky News.
WHAT IS THE G20? Set up after the Asian financial crisis in 1999 as a forum for finance ministers and central bankersFirst G20 leaders summit in 2008 to discuss response to economic crisisTwenty official members joined by Spain and the Netherlands and representitives of the International Monetary Fund and the World Trade Organisation Q&A: The G20 Pittsburgh summit G20: Are promises being kept? In pictures: Leaders arriveWHAT IS THE G20? Set up after the Asian financial crisis in 1999 as a forum for finance ministers and central bankersFirst G20 leaders summit in 2008 to discuss response to economic crisisTwenty official members joined by Spain and the Netherlands and representitives of the International Monetary Fund and the World Trade Organisation Q&A: The G20 Pittsburgh summit G20: Are promises being kept? In pictures: Leaders arrive
A White House statement announced the new role for the G20.A White House statement announced the new role for the G20.
"The G20 leaders reached a historic agreement to put the G20 at the center of their efforts to work together to build a durable recovery while avoiding the financial fragilities that led to the crisis," it said."The G20 leaders reached a historic agreement to put the G20 at the center of their efforts to work together to build a durable recovery while avoiding the financial fragilities that led to the crisis," it said.
"Today, leaders endorsed the G20 as the premier forum for their international economic cooperation.""Today, leaders endorsed the G20 as the premier forum for their international economic cooperation."
US Treasury Secretary Timothy Geithner said G20 countries had reached a consensus on the "basic outline" of a proposal to limit pay and bonuses by the end of 2009.US Treasury Secretary Timothy Geithner said G20 countries had reached a consensus on the "basic outline" of a proposal to limit pay and bonuses by the end of 2009.
Each country would set their own standards, he said, but that these would be overseen by the G20's Financial Stability Board - made up of central bankers and regulators.Each country would set their own standards, he said, but that these would be overseen by the G20's Financial Stability Board - made up of central bankers and regulators.
But there are G20 members that would like to see the agreement going further.But there are G20 members that would like to see the agreement going further.
German Finance Minister Peer Steinbrueck wrote in the Financial Times that a "global financial-transaction tax" of about 0.05% should be introduced.German Finance Minister Peer Steinbrueck wrote in the Financial Times that a "global financial-transaction tax" of about 0.05% should be introduced.
Send your G20 pictures to yourpics@bbc.co.uk, text them to +44 7725 100 100 or if you have a large file you can upload here.Send your G20 pictures to yourpics@bbc.co.uk, text them to +44 7725 100 100 or if you have a large file you can upload here.
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