Chiefs of state from G-20 group meet in Washington Brazilian president Luiz Inácio Lula da Silva has returned to Brazil satisfied with the summit of heads of state of the financial G-20, which brought together heads of state and government from 19 large developed and emerging economies last Saturday, November 15, in Washington.

    To Lula, the simple fact that so many nations have sat around the same table to discuss the world economy is historical.

    The leaders set March 31 as the deadline for elaboration of proposals turned to regulation of financial markets. A new summit is scheduled for April 30. Proposals will be created by workgroups comprised of government officials, technicians and businessmen.

    Activities will be coordinated by the triumvirate of the G-20 – Brazil, which currently presides over the group, the United Kingdom, which will be the next presiding country, and South Korea, which should head the G-20 in 2010.

    "I, who have been the president of Brazil for six years and already attended 300 meetings, in which I had individual debates with all of the leaders, can only say that today is a historical day for world politics," said Lula, shortly before heading back to Brazil.

    According to him, six or eight months ago, it would be impossible to imagine that the G-20 was going to meet and make the unanimous decisions that it has made so as to take better care of the international financial system, of the Doha Round, and to collectively define "what must be defined in the world economy."

    The G-20 has also advised its ministers to meet by late December, in an attempt to reach a conclusion of the Doha Round, which has been going on for seven years already. To Lula, the G8 – an exclusive group comprised of the world's most industrialized countries, plus Russia, which meets once a year to set the guidelines of the world economy – is not over, but has become a "group of friends" that will go on meeting with each other.

    "The fact is, given the political strength, the representation of the countries in the G-20, I believe that there is no logic whatsoever anymore in making decisions regarding economy and politics without taking this forum into consideration. I am pleased," he stated.

    According to the president, all of the leaders agree that there is a need for better managing the financial world and decisions must be made collectively.

    "I sensed a maturity that I had not seen in a long time. I have always witnessed lots of reluctance, people not willing to talk to each other, people being somewhat distrustful. After this crisis, we realize that everyone has become really humble," he asserted.

    According to Lula, the message of this meeting is that from now on, the leaders of wealthy and emerging countries that answer to 85% of the world's GDP are going to act in a more cohesive, coordinated manner. "This brings hope and a large dose of optimism to the world in this moment of crisis."

    ABr

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    • Show Comments (5)

    • Falupa

      G-20
      This summit is all talk. No one comes together to solve issues. They are never going to come together on a single solution. Maybe they should focus on building financial stability on their own countries before we focus around the world.

    • Morrison Bonpasse

      President, Single Global Currency Association
      Tthe G20 conference is a first step toward part of the long range solution, which is a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union. The success of the euro shows that monetary union is the best way to ensure monetary stability. If 16 countries can use the same
      currency, why not 192?
      In addition to eliminating currency risk, the use of a Single Global Currency would eliminate the current foreign exchange trading expense of $400 billion annually, eliminate current account imbalances; and bring other benefits worth trillions. By creating new regional monetary unions, including South America, and expanding existing monetary unions (Caribbean, West Africa and South Africa), the world is moving toward a Global Monetary Union.
      The Single Global Currency Assn. promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944 conference. Thatˢ۪s only 16 years away. The Assnˢ۪s website is
      http://www.singleglobalcurrency.org. See, the book, À¢€œThe Single Global Currency – Common Cents for the World.”
      Morrison Bonpasse
      President
      Single Global Currency Assn.
      Newcastle, Maine, USA

    • ch.c.

      The Single Global Currency Assn. promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944 conference.
      but…but…but…. it already exist in some countries !
      Such as in BRAZIL where many governments stats are already expressed in US$…..by the government itself !

      I challenge anyone to give me a Euroland stats, issued by THEIR government agencies….in US$ !
      Same for UK.
      Or for Switzerland (not a EU member)
      Or Japan
      Or China, etc etc etc

      In Argentina, nearly all real estate prices are quoted ONLY in U.S. dollars !

    • jon

      who knew?? Back in the 1990’s, a Canadian finance minister suggested the idea of G-20:

      http://www.theglobeandmail.com/servlet/story/RTGAM.20081117.wcosimp18/BNStory/specialComment

    • ch.c.

      And right after the summit…..
      ….Brazil and Argentina are talking of increasing some of their IMPORT TAXES !!!!!!

      Cheaters always cheat, liars always lie, hiders always hide ! Proven…once more !

      Hey hey

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