Financial Regulatory Forum

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:

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   By Darren Ennis and Krittivas Mukherjee
   L’AQUILA, Italy, July 8 (Reuters) – G8 leaders believe the world economy still faces “significant risks” and may need further help, according to summit draft documents that also reflect failure to agree climate change goals for 2050. (more…)

   By Stephen Brown
   ROME, July 7 (Reuters) – China, Russia and Brazil will use this week’s G8 summit in Italy to push their view that the world needs to think about a new global reserve currency as an alternative to the dollar, officials said on Tuesday. (more…)

   (The following story contains no dateline to protect the sources of the information) 
    July 7 (Reuters) – G8 leaders plus Brazil, India, China, Mexico and South Africa will agree at a summit on Thursday to conclude the Doha round of world trade talks successfully in 2010, according to a draft communique seen by Reuters. (more…)

                                         By Laura Macinnia and Patricia Zengerle
  (GENEVA/SHINGTON, July 6 (Reuters) – World economic leaders called on commercial banks on Monday to step up lending to revive an economy pitched into recession by failure of the global financial system.  The World Bank, in a letter to Group of Eight nations due to meet this week, said interventions by central banks and governments appeared to have “broken the fall in the global economy,” but 2009 remained a dangerous year. 

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(This story is without a dateline to protect the identities of the sources) 

    (Reuters) – China has asked to debate proposals for a new global reserve currency at next week’s Group of Eight summit in Italy and the issue could be referred to briefly in the summit statement, G8 sources said on Wednesday.   (more…)