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| Version 20 | Version 21 |
|---|---|
| Emerging economies 'get new role' | Emerging economies 'get new role' |
| (30 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. |
| It will take on the role previously carried out by 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 (IMF) towards growing nations 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. |
| 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 crisisMembers are: Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, USAMembers are joined by Spain, Netherlands, International Monetary Fund and World Trade Organisation Q&A: The G20 Pittsburgh summit G20: Are promises being kept? In pictures: Leaders arrive | |
| BBC business editor Robert Peston said that the rich nations of North America and Europe formally acknowledging that they no longer have a monopoly of wisdom on what's good for the global economy would be the most important thing to come out of this summit. | BBC business editor Robert Peston said that the rich nations of North America and Europe formally acknowledging that they no longer have a monopoly of wisdom on what's good for the global economy would be the most important thing to come out of this summit. |
| The IMF has 186 member-states. It lends money to countries that are facing problems, but in return economic changes have to be made by those countries. | |
| The IMF has been criticised in the past as being a group of developed countries trying to lay down the law to struggling, developing countries, which is why the decision to give growing nations more votes is important. | |
| Reports also suggest that the US is seeking a reduction in the number of seats on the IMF board from 24 to 20, which could mean the UK and France lose their seats. | |
| 'Years of low growth' | |
| 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. |
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| Police used pepper spray to disperse hundreds of protesters | Police used pepper spray to disperse hundreds of protesters |
| 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. |
| 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. |
| The G20 is endeavouring to patch up the failed framework of banking regulation rather than going for more fundamental and radical change Robert Peston, BBC business editor href="http://www.bbc.co.uk/blogs/thereporters/robertpeston/2009/09/g20_history_and_fudge.html">Read Robert Peston's blog href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=7041">Send us your comments | |
| "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. |