Indiana Grain Company, LLC

Posted: 09/24/09

By: tomgrisafi

The Group of 20 summit this week will be key for financial reforms, German Chancellor Angela Merkel said on Thursday, warning that efforts to make the world less prone to financial disasters may lose momentum.

Merkel, speaking before departing for the summit, said however that G20 countries looked to be on the right track for now and Axel Weber, the head of the German central bank, voiced optimism that G20 leaders would agree to changes in the global financial system.

Leaders of the world's biggest economies meet in Pittsburgh later in the day to discuss ways of nurturing the fragile recovery from the worst global recession since 1930s and how to help cushion the global economy from future crises.

European leaders are pressing for a deal on financial regulation reforms, while President Barack Obama's agenda will be topped by a plea for coordinated policies that will even out massive imbalances between export powerhouses such as China and our growing debt.

Source: Reuters, CNBC

Be the first to comment on this blog!