This is the VOA Special English Economics Report.
Last week's meeting in Pittsburgh,
Pennsylvania, was the third Group of 20 summit in less than a year. Leaders of the
major developed and developing economies discussed ways to fix the world
April they had agreed to do everything necessary to prevent a collapse. This
time they noted their success, but warned that the "process of recovery
and repair remains incomplete."
The presidents and prime ministers launched what they
called a Framework for Strong, Sustainable and Balanced Growth. At the same
time, they agreed to make the G20 the main group -- the "premier
forum" -- to guide international economic cooperation.
For years that has been a job for the Group of 8: Britain,
Canada, France, Germany, Italy, Japan, Russia and the United States. But the G8 leaves out developing
nations with big populations and growing economies like China, India and Brazil.
Pittsburgh, rich nations agreed to also give up some of their representation in
the International Monetary Fund. And they called for more voting power for developing
nations in the World Bank.
Ghiyath Nakshbendi is a professor of
international business at American University in Washington. He says the
decision to cooperate on economic policy is important given how much Gross
Domestic Product the G20 represents.
GHIYATH NAKSHBENDI: "They are going to work
together in order to achieve the goals of the world -- that really, when you
talk about the G20, you are talking about nineteen countries plus the E.U. that
produce ninety-five percent of the G.D.P. in the world."
Edwards is an assistant professor at Seton Hall University in New Jersey who
has written about the I.M.F. He says increasing the influence of developing
nations will increase the standing of the fund and the World Bank. But he notes
that having more players at the table could also mean more disputes.
In terms of financial reforms, experts
say there is widespread support for some proposals to control risks. But others
are unpopular in America and Britain. These include linking the pay of bankers to
their bank's long-term performance.
G20 leaders plan to meet next in Canada
in June and in South Korea next November. They face many hard choices in the
coming months. Professor Nakshbendi says the biggest question is to what extent
are they willing to follow their own advice.
that's the VOA Special English Economics Report, written by Mario Ritter. I'm