G20 officials pledge ‘whatever action necessary’ to revive economy
Saturday, March 14th, 2009
Flashback: IMF emergency fund is doubled to $500bn, Northern Rock bank granted $14bn bailout | Gordon Brown seeks sweeping reforms to give IMF global ’surveillance role’ | Kissinger Calls For New International System Out Of World Crises | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | IMF may need to “print money”, act as “world’s central bank” as crisis spreads
CBC News
March 14, 2009
Finance officials from the world’s richest and leading developing countries agreed Saturday to take “whatever action is necessary” to restore global economic growth and support lending.
Finance ministers from the Group of 20 nations issued a statement at the end of a meeting in Horsham, England, in which they promised to maintain expansionary monetary policies as long as needed.
They agreed their key priority is to restore bank lending “through continued liquidity support, bank recapitalization and dealing with impaired assets,” the G20 statement said.
“We … are prepared to take whatever action is necessary until growth is restored. We commit to fight all forms of protectionism and maintain open trade and investment,” the statement said.
The four major emerging economies — Brazil, Russia, India and China — released their own statement calling for a bigger role in the International Monetary Fund.