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Emerging economies 'get new role' Emerging economies 'get new role'
(19 minutes later)
The G20 group of leading and emerging economies will take on a new role as a permanent body co-ordinating the world economy, a US official has 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 move 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.
Senior EU officials later announced a deal to shift the balance of voting in the International Monetary Fund to benefit growing economies like 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 to 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.
Near the venue, police fired rubber bullets at protesters on a march. The previous G20 meeting, in London in April, was 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.
'Party over''Party over'
"The G20 is going to be the new body counsel that will be the coordinating body for international economic cooperation," said an unnamed US official, quoted by Reuters news agency, as the two-day meeting began on Thursday evening. 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
Police used tear gas to disperse hundreds of protestersPolice used tear gas to disperse hundreds of protesters
The plan is expected to be outlined in detail by President Obama on Friday. 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.
"Today, leaders endorsed the G20 as the premier forum for their international economic cooperation."
With many major economies beginning to climb out of recession, attention at the G20 will turn to when and how to withdraw government stimulus packages.With many major economies beginning to climb out of recession, attention at the G20 will turn to when and how to withdraw government stimulus packages.
Cracking down on bankers' bonuses has popular appeal with the public, it is expected that an agreement will be reached on how that might be achieved. Cracking down on bankers' bonuses has popular appeal with the public and it is expected that an agreement will be reached on how that can be achieved.
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.
Earlier, UK Chancellor of the Exchequer Alistair Darling warned bankers that the "party was over" and they must realise that the world has changed. Earlier, UK Chancellor of the Exchequer Alistair Darling warned bankers that the "party was over" and said they must realise that the world has changed.
Balance growthBalance growth
A spokesman for the White House said that financial regulatory reform was the most important agenda item for summit, but that addressing global economic imbalances was also a priority.A spokesman for the White House said that financial regulatory reform was the most important agenda item for summit, but that addressing global economic imbalances was also a priority.
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
President Obama has led a campaign to smooth out imbalances in the flow of global capital to try to secure greater long-term economic stability.President Obama has led a campaign to smooth out imbalances in the flow of global capital to try to secure greater long-term economic stability.
The US proposal calls on economies such as China, Brazil and India to boost domestic consumption in order to lower their trade surpluses.The US proposal calls on economies such as China, Brazil and India to boost domestic consumption in order to lower their trade surpluses.
Meanwhile the US and Europe would encourage more saving to reduce long-term budget deficits. Meanwhile, the US and Europe would encourage more saving to reduce long-term budget deficits.
"The US can't, should not and won't continue to experience the consumption-led growth driving very high volumes of imports and lending impulse to the rest of the world economy," director of the US president's National Economic Council, Larry Summers, told the BBC."The US can't, should not and won't continue to experience the consumption-led growth driving very high volumes of imports and lending impulse to the rest of the world economy," director of the US president's National Economic Council, Larry Summers, told the BBC.
"That's not a sustainable financial situation for the US and that's why we're in the process of adjusting.""That's not a sustainable financial situation for the US and that's why we're in the process of adjusting."
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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