London G20: $1 trillion fight-back starts here

02-04-2009

London G20: $1 trillion fight-back starts here
Gordon Brown says the recovery against the global recession has begun with a package of stimulus measures worth $1 trillion today announced at the London G20 summit.

Pledging "global action for global problems", the prime minister unveiled $750 billion worth of new resources for the International Monetary Fund, which includes $250 billion strong special drawing rights.

"The old Washington consensus is over," Mr Brown said.

"This is the day that the world came together to fight back against the global recession.

"Not with words but with a plan for global recovery and for reform."

Today's announcement, which follows two days of talks, would be no quick fix, the prime minister said.

Instead he pledged six steps to shorten the recession.

  • Reform of the banking and shadow banking industries, including regulation for hedge funds and an end to tax-tax havens
  • A comprehensive 'cleaning-up' of banks
  • The largest-ever macro-economic stimulus in history
  • Increase independent scrutiny for international financial organisations to help combat poverty
  • A $300 billion kick-start in trade financing and $50 billion for the world's poorest people
  • Commitment to meet later this year at a follow-up summit


"We have begun the process," Mr Brown said. "A new world order is emerging, one of progressive cooperation, that will demand responsibility from, and deliver fairness, to all."

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