Posted: Sep 25, 2009 6:55 AM by Associated Press
Leaders of the world's major economies gathered in Pittsburgh today are coming together on reforms to rein in huge bank bonuses, toughen financial regulations and guard against the dangerous imbalances that contributed to the global economic downturn.
In the process, the Group of 20 have decided they will now serve as the board of directors on decisions for the global economy.
President Barack Obama initiated the move to transfer responsibilities of economic coordination from the Group of Eight major developed countries -- the United States, Japan, Germany, France, Britain, Canada, Italy and Russia -- to the bigger G-20, which includes major emerging economies such as China, Brazil and India.
Obama and the other leaders are preparing a joint action plan to address regulatory overhaul and efforts to achieve more balanced growth.