10 Apr

The London Summit was a first step in the process that made the G20 a “leading forum for discussion, planning and monitoring of international economic cooperation.” [24] The G20 Heads of State and Government have reached an agreement that, in principle, allocates $1 trillion to various international finance improvement, lending, trade and economic stability and recovery programs. There have been some arguments about how best to move forward. On the one hand, Britain and the United States wanted a great deal of financial incentive. On the other hand, France and Germany wanted stricter financial regulation. [25] Programs include:[26] An agreement has also been reached to achieve a more comprehensive global regulation of hedge funds and rating agencies, a common approach to cleaning up toxic assets of banks. The G20 heads of state and government also agreed to create a financial stability forum that will work with the IMF to ensure greater global cooperation and establish an early warning system for future financial crises. The following participants at the London Summit include key G20 members, the 19 countries and the European Union, represented by its two governing bodies, the European Council and the European Commission,[19] as well as other nations and regional organisations invited to participate. In June 2013, it was reported that the Government Communications Headquarters, a British government intelligence service, had wiretapped phone calls and monitored computers used by foreign delegates at the summit. Their actions were sanctioned by the British government and the secret services were forwarded to the ministers and ministers of the British government. [4] In the weeks leading up to the London Summit, British Prime Minister Gordon Brown visited several countries on three continents to secure support for his goals at the London Summit. During the trip, Brown was forced to clarify his position on tax incentives after criticism from the Governor of the Bank of England. During his speech to the European Parliament in Strasbourg, France, he was challenged by an MEP over his spending plans. He also visited the United States, Brazil, Argentina and Chile.

[10] He harshly attacked protectionism and said: “One of the messages that must come from next week`s summit is that we will reject protectionist countries, we will monitor those countries and, if necessary, we will designate and dishonor countries that do not respect free trade practices.” [11] This is what the IMF has promised for the additional money in the form of loans from countries to the IMF, which they would recycle in the form of loans to countries in crisis short of foreign exchange reserves.