News - National
G-20 pledge continued economic stimulus
Posted: Sep 5, 2009 9:47 AM by Associated Press
The Group of 20 rich and developing countries have pledged to carry on with measures to boost the global economy, despite signs of a fledging recovery.
At the end of a meeting here Saturday, G-20 finance officials also promised a crackdown on bankers' pay and committed to giving developing countries a greater say in international financial
regulation. A joint communique says that fiscal and monetary policies will stay "expansionary" for as long as needed to reduce the chances of a double-dip recession after the worst financial crisis since World War II.
There is also an agreement to impose tighter control on bankers' pay. But officials have been forced to compromise after Britain and the U.S. deemed French and German calls for a cap on bonuses unworkable.
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