Monday, 7 September 2009Finance ministers from G20 countries agreed at a meeting in London on the weekend to toughen banking regulation and continue emergency support for financial markets.
The ministers, who met on Saturday ahead of a summit of the world's largest economies to be held in Pittsburgh, Pennsylvania later this month, also agreed to seek "global standards on pay structure" in banks.
However, the countries failed to reach a consensus on specific measures to prevent excessive bonuses for bankers, and to ensure that banks' profits are used to prevent future financial crises.
On state bailouts of the financial system, the ministers said in a joint communique: "We will continue to implement decisively our necessary financial support measures and expansionary monetary and fiscal policies, consistent with price stability and long-term fiscal sustainability, until recovery is secured."
However, they agreed on the need "for a transparent and credible process for withdrawing our extraordinary fiscal, monetary and financial sector support as recovery becomes firmly secured."
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Monday, 7 September 2009
Ria Novosti
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