WASHINGTON, Sept 30 (Reuters) – A member of the U.S. Federal Reserve Board of Governors said on Wednesday it may be difficult to find international consensus on cross-border unwinding of troubled financial institutions.
Cross-border resolution of troubled banks may be hard – U.S. Fed’s Tarullo
International accounting board rejects U.S. “fair value” rule plans
By Huw Jones
LONDON, Sept 30 (Reuters) – The top accounting rule setter said on Wednesday that U.S. plans to widen the scope of a rule blamed for amplifying the credit crunch was unacceptable, raising doubts over a 2011 deadline for a global set of accounting rules.
G20 faces credibility test on markets
By Sumeet Desai and Chris Buckley
PITTSBURGH, Sept 26 (Reuters) – The Group of 20 rich and developing economies, fresh from a triumphant show of unity at Pittsburgh, faces months of deal-making and communication to markets that will test its credibility as the premier global forum for economic cooperation.
ANALYST VIEWS: G20 ends reign of G7 in Pittsburgh
PITTSBURGH (Reuters) – Group of 20 leaders on Friday designated themselves as the new forum for steering the world economy, ending the long reign of the G7 as the preeminent committee for guiding global growth:
The G20 leaders said their representatives would report back to them at the next meeting “on how to maximize the effectiveness of our cooperation”, and agreed to have a G20 summit in Canada in June 2010 and in Korea in November.
Meetings thereafter will probably be held annually, and France will be the host in 2011.
Following is a selection of analyst reactions:
G20 economic peer review to start by year-end: Australian premier
PITTSBURGH (Reuters) – The world’s major economies will begin sharing information about their growth plans by the end of 2009 as the G20 embarks on a novel process of peer review, Australian Prime Minister Kevin Rudd said on Friday.
G20 to agree phase-out of fossil fuel subsidies – draft
By Jeff Mason and Darren Ennis
PITTSBURGH, Sept 25 (Reuters) – The world’s largest economies will agree to phase out subsidies on oil and other carbon dioxide-spewing fossils fuels over the “medium term” in an effort to fight global warming, a G20 document said.
G20 takes charge of world economy at U.S. summit
By Sumeet Desai and Chris Buckley
PITTSBURGH, Sept 25 (Reuters) – The Group of 20 will become the forum for global economic management, giving rising powers such as China more clout, and roll out tougher rules on bank capital by the end of 2012, a draft communique said on Friday. (more…)
G20 final text has accord on banker bonuses
PITTSBURGH, Sept 25 (Reuters) – The Group of 20 nations reached a final agreement on regulating banker bonuses that calls on countries’ regulators to apply corrective measures, such as higher capital requirements, on non-complying institutions, a European G20 source said on Friday. (more…)
G20 urges banks to muscle up on capital by 2012-draft
By Kevin Drawbaugh
PITTSBURGH, Sept 25 (Reuters) – Banks would have to bulk up on capital and slim down on bonuses under a conditioning plan recommended on Friday at the G20 summit by world leaders seeking to avert future financial crises.
Whether member nations of the international body get with the program remains to be seen. The G20 has no lawmaking power, but it sets the tone for institutions that do. (more…)
G20 takes center stage in new economic world order
By Emily Kaiser and Darren Ennis
PITTSBURGH, Sept 25 (Reuters) – The Group of 20 rich and developing countries were set to anoint themselves as caretakers of the global economy on Friday, giving rising stars such as China and India more say in world affairs. (more…)
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