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Global leaders pledged an additional $1 trillion
to restore credit, growth and jobs in the world economy on
Thursday, exceeding expectations in their plan to deal with the
financial crisis.


      The Group of 20 nations also agreed to renounce protectionism
and pledged $250 billion in trade finance over the next two years -
a key measure to help struggling developing countries, whom they
promised to give a greater say in world economic affairs.


      The G-20 also outlined a raft of policies to rebuild trust in
the financial system, including a crackdown on tax havens and hedge
funds and new rules on linking executive pay to performance.


      While they did not agree to any new fiscal measures, Prime
Minister Gordon Brown said the $1 trillion deal to boost funds for
the International Monetary Fund, World Bank and other global
institutions was unprecedented.


      "Today the largest countries of the world have agreed on a
global plan for economic recovery and reform," Brown said after
hosting the emergency summit in London's Docklands district.


      "For the first time we have a common approach to cleaning up
banks around the world to restructuring of the world financial
system. We have maintained our commitment to help the world's
poorest," Brown said.


      "This is a collective action of people around the world working
at their best."


      The sweeping G-20 communique bridged a gap between the United
States and European countries led by France and Germany over how
far to push changes on regulation to curb the market excesses that
led to the current crisis.
      

Gallery

Global leaders meet in London for the G-20 economic summit

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Obama says his plan 'inseparable' from U.S. recovery

Business and Economic News

Politics and Government News

Global leaders pledged an additional $1 trillion
to restore credit, growth and jobs in the world economy on
Thursday, exceeding expectations in their plan to deal with the
financial crisis.


G-20 to give $1 trillion to IMF, World Bank

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