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G20 vows to spur fragile growth G20 vows to spur fragile growth
(about 1 hour later)
Finance ministers from developing and rich countries meeting in Scotland have pledged to keep stimulus measures in place until global recovery is assured.Finance ministers from developing and rich countries meeting in Scotland have pledged to keep stimulus measures in place until global recovery is assured.
A statement issued after the G20 meeting says the recovery is "uneven" and remains dependent on support, while unemployment is a "major" concern.A statement issued after the G20 meeting says the recovery is "uneven" and remains dependent on support, while unemployment is a "major" concern.
Earlier, British PM Gordon Brown called for a fund for bank bailouts, possibly paid for by a tax on transactions.Earlier, British PM Gordon Brown called for a fund for bank bailouts, possibly paid for by a tax on transactions.
But the proposal received a lukewarm response from other G20 countries.But the proposal received a lukewarm response from other G20 countries.
After the meeting in St Andrews, US Treasury Secretary Tim Geithner said there was a "very broad consensus that growth remains the dominant policy imperative across our economies".After the meeting in St Andrews, US Treasury Secretary Tim Geithner said there was a "very broad consensus that growth remains the dominant policy imperative across our economies".
Earlier, British Chancellor of the Exchequer Alistair Darling said that although the threat of a downturn had receded, it was too early to withdraw emergency support. We agreed to maintain support for the recovery until it is assured Alistair Darling
British Chancellor of the Exchequer Alistair Darling said that although the threat of a downturn had receded, it was too early to withdraw emergency support.
"There is no one who believes the job is yet done," he said."There is no one who believes the job is yet done," he said.
The G20 statement said: "The recovery is uneven and remains dependent on policy support, and high unemployment is a major concern.The G20 statement said: "The recovery is uneven and remains dependent on policy support, and high unemployment is a major concern.
"To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured.""To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured."
Earlier, Mr Brown called for a new "social contract" with the world's banks to make them more responsible to society. Climate change ambitions
He said the financial sector was so key that governments had no choice but to step in when it failed. The BBC's Andrew Walker at the meeting says it was overshadowed by a call by the British prime minister for a new "social contract" with banks to make them more responsible to society.
Mr Brown said the financial sector was so key that governments had no choice but to step in when it failed.
He added: "And it cannot be acceptable that the benefits of success in this sector are reaped by the few but the costs of its failure are borne by all of us."He added: "And it cannot be acceptable that the benefits of success in this sector are reaped by the few but the costs of its failure are borne by all of us."
Mr Brown admitted there would be "enormous and difficult practical and technical issues" but a "better social contract" was needed with banking systems to make them more responsible. Mr Brown said a global levy on financial transactions was one of the ways to make banks pay, but said the UK would not introduce such a tax unless other countries did so as well.
He said it could be funded in a number of ways, including a global levy on transactions.
Other options, he said, were an insurance scheme, a global "resolution fund" or a contingent capital arrangement.Other options, he said, were an insurance scheme, a global "resolution fund" or a contingent capital arrangement.
The UK has in the past been opposed to transaction levies, known as Tobin taxes, believing they could damage the interests of the City of London.The UK has in the past been opposed to transaction levies, known as Tobin taxes, believing they could damage the interests of the City of London.
'Step forward' Our correspondent says the UK proposal has been received politely by the finance ministers - but several made remarks which suggest that other ways of tacking the problem are rather more likely to be adopted.
The BBC's Joe Lynam, in Saint Andrews, says Mr Brown's calling for an insurance levy or transaction tax took many delegates by surprise. The British Bankers' Association has also cast doubt on the effectiveness of such financial transaction levies.
Sources close to the Canadian and American delegations suggest their response could be lukewarm, our correspondent says.
Timothy Geithner of the US talks with France's Christine Lagarde
The British Bankers' Association quickly cast doubt on the effectiveness of such financial transaction levies.
Chief executive Angela Knight said: "[They] don't work as they require perfect or near-perfect global implementation."Chief executive Angela Knight said: "[They] don't work as they require perfect or near-perfect global implementation."
But a senior policy adviser for Oxfam, Max Lawson, said he would welcome a tax on banks as "a major step towards clearing up the mess caused by their greed". The G20 countries also promised to step up efforts to tackle climate change and "work towards an ambitious outcome" at next month's climate conference in Copenhagen.