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Global Leaders Pledge Growth at G20 Summit

Global leaders met this weekend to talk about the problems facing their countries in light of the global recession.

Leaders from all over the world including such countries as the U.S., England, Japan, Germany, Brazil, India, and many more were at the summit. 85% of the world's economy was represented there, according to the BBC.

England's Prime Minister Gordon Brown declared some of the agreements reached at the summit "historic" while U.S. President George W. Bush said that countries now had detailed reform proposals to get working on and report back with when the next G20 summit occurs in April, 2009.

Included in the proposals agreed upon at the summit were a call to reform global financial institutions such as the World Bank and International Monetary Fund, a promise to establish global free-trade by the end of 2008, and a call to make sure financial institutions incentives "prevent excessive risk taking."

All of this came together after over a month of rollercoasting markets. Bush said in his closing address at the summit that there was "no doubt" the problem face the U.S. and other countries was severe. He even went as far to say that in today's world, a depression in the U.S. brought about by falling markets could be worse than that of the 1929 market collapse.

World leaders headed back to their home countries after the conference to begin testing and implenting the new proposals. They will report how they are coming along when the G20 summit reconvenes April 30, 2009, in what is expected to be London.