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The Global Financial Summit

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A Round Up of the Summit

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Global Summit Fails To Cheer World

Europe & Japan In Recession

The Global Summit on the world's financial crisis has failed to inspire hopes that the world's economy will avoid recession.

Japan reports that its economy already began to shrink in the 3rd quarter. The European sector is also in recession, while the US teeters on the brink of recession.

In response to the lack of good news coming from the summit, currency markets saw the value of the US dollar rising as investors around the world rushed to buy US dollars as a safe haven. Oil continues to slump, falling another dollar. Oil is now trading below $56.00. Falling oil prices should cushion the shock of a recession and help reduce inflationary pressures.

G-20 Summit

Leaders of the world's 20 largest economies, meeting in Washington over the weekend to address the worst financial crisis in 80 years, agreed on a host of fiscal and monetary steps to rescue the global economy. But they left it to individual governments to tailor their response to their own circumstances and troubled industries.

"Taken as a whole, it does not appear that the outcome of the summit will be sufficient to stem the financial crisis. This was a high bar from the start," said Marc Chandler, global head of currency strategy with Brown Brothers Harriman in New York.

The post-meeting statement from the group of major industrialized and developing countries contained a laundry list of reform pledges aimed at soothing volatile markets and calming consumers' worries.

"This weekend's G20 summit failed to deliver any new stimulus measures to rescue the world economy from the current recession, but at least it avoided the knee-jerk responses (such as rushed regulation) that would have made things worse," Julian Jessop at London-based Capital Economics said in a report.

"The real purpose of this summit was to agree a work program for reform of the global financial system. In that respect we would suggest that it has been a success."

The G20 statement said that all financial markets, products and participants would be subject to supervision, vowed tougher accounting rules, a review of compensation practices and greater cooperation between national regulators. Even the long-running Doha round of free-trade talks was given a new lease on life.

Finance ministers were told to develop specific plans for implementing the recommendations.

The first set of actions is to be completed by the end of March, and a follow-up meeting will be held by the end of April.

U.S. President-elect Barack Obama sent emissaries to the event, and issued a statement in support of a coordinated response to the global financial crisis.

Fore more details, LINK HERE.-

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Birth-Pangs of a New Global Order

French Prez Sarkozy Looms Large

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Next Global Summit In London

In April of 2009

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