G20 meeting in London – an attempt to save the world from the recession?

The world G20 leaders met in London on the 2nd & 3rd of April to discuss the current economical situation, and to come up with a good set of solutions.

From the homepage you can find the decisions that the leaders made and signed on 2 April 2009. Global plan for recovery and reform: the Communiqué from the London Summit includes 29 points.

I will point out the most interesting ones, but you can check out the entire list here. Overall the list includes pledges and the most critical areas that have to be dealt with during “the greatest challenge to the world economy in modern times”.

Point 3 states that wealth is inseparable, but needs long-term global planning for successful sustain.

Point 4: We have today therefore pledged to do whatever is necessary to:

• restore confidence, growth, and jobs;
• repair the financial system to restore lending;strengthen financial regulation to rebuild trust;
• fund and reform our international financial institutions to overcome this crisis and prevent future ones;
• promote global trade and investment and reject protectionism, to underpin prosperity;
• andbuild an inclusive, green, and sustainable recovery.

By acting together to fulfil these pledges we will bring the world economy out of recession and prevent a crisis like this from recurring in the future.

Point 5: The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy. Together with the measures we have each taken nationally, this constitutes a global plan for recovery on an unprecedented scale.

It seems like the leaders know where the main problems lay, and have thought through how to spend the financial resource in order to get the economy up and running again. For some reason I really have hope in the G20 and its new Action Plan.

Let’s give the economy a facelift!