First published: The Times, 14/09/2009
Leaders of the G20 nations will convene in Pittsburgh on September 24-25, about a year since the world’s financial system teetered on the brink of collapse.
The global economy went into deep freeze and, at a G8 meeting in mid-October, leaders issued a communiqu? in which they said that they were “united in our commitment to fulfil our shared responsibility to resolve the current crisis, strengthen our financial institutions, restore confidence in the financial system and provide a sound economic footing for our citizens and businesses”. One year on, how have they done?
They certainly succeeded in bringing the financial system back from the brink. Money markets have normalised, capital markets have opened for business again, banks have boosted their capital and earnings, equity markets have risen strongly and now merger….more