G-20 world leaders gather to revamp economy
Twenty of the world's richest, most influential countries sent leaders to Pittsburgh on Friday to collaborate on an effort to return stability to the global economy.
Nations agreed to present their financial systems for review by other governments and the International Monetary Fund, The New York Times said. The president hopes these accountability measures among peer nations will prevent another financial crisis.
"Because our global economy is now fundamentally interconnected, we need to act together to make sure the recovery creates new jobs and industries while preventing the kind of imbalances and abuses that led us into this crisis," Obama said.
An article in The Washington Post follows a global financial timeline, sorting out for the reader what happened with the crisis, where we are now economically, and how world leaders are preparing nations to cooperate in the near future.
One of the more controversial aspects of the G-20 agreement that the Times discusses is the call for banks to keep higher reserves of capital as a margin against sudden, unplanned market disruptions. Such a practice would affect nations differently and leaders in Europe disagreed about the specifics, the Times said.
Nations agreed to present their financial systems for review by other governments and the International Monetary Fund, The New York Times said. The president hopes these accountability measures among peer nations will prevent another financial crisis.
"Because our global economy is now fundamentally interconnected, we need to act together to make sure the recovery creates new jobs and industries while preventing the kind of imbalances and abuses that led us into this crisis," Obama said.
An article in The Washington Post follows a global financial timeline, sorting out for the reader what happened with the crisis, where we are now economically, and how world leaders are preparing nations to cooperate in the near future.
One of the more controversial aspects of the G-20 agreement that the Times discusses is the call for banks to keep higher reserves of capital as a margin against sudden, unplanned market disruptions. Such a practice would affect nations differently and leaders in Europe disagreed about the specifics, the Times said.
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