G-20… “We Got You”
G-20 refers to a group of twenty finance ministers and central bank governors from 20 major economies, 19 of which are countries and the European Council. The 20 members that meet are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, México, Russia, Saudi Arabia, South Africa, Korea, Turkey, the United Kingdom, United States and European Union. They meet and discuss topics pertaining to the international financial system.
The summit had a great discussion over high-debt topic of European countries; Greece and Italy overshadowed the summit. They did not provide anything for sure throughout the summit. They also spoke about how China has a surplus of currency to try and create a demand for it. (the number put on the surplus amount was 3.2 trillion, according to The Associated Press) As told by CNN, G-20 leaders stated, “employment and social inclusion must be at the heart of our actions and policies to restore growth and confidence.” Greece and Italy also brought up the topic of creating a “task force” to help unemployed young to find great jobs.
Associate Press said, “In the wake of protests worldwide in the recent “Occupy Wall Street” movement against the excesses and risks posed by the global financial system, the leaders agreed to “comprehensive measures that no financial firm can be deemed ‘too big to fail.'”
The G20 said they would protect taxpayers from bearing the costs of bank failures. The leaders decided to develop unspecified rules and oversight of “shadow banking,” The network of financial institutions and markets that operate outside of the regulatory structure. They also will expand regulation to address risks of high frequency trading and “dark liquidity” (a system of secret, big-scale trading by banks, hedge funds and institutional investors).G-20 spoke about Somalia facing its worst famine in over 50 years, so they decided to provide for research to be done and to create a new information system, AMIS, to watch over the agriculture products’. Last but not least, Energy topic. They really did not have anything to say about to consumption of fossil fuels, According to MSN’s journalists, “inefficient fossil fuel subsidies that encourage wasteful consumption, while providing targeted support for the poorest.”