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The fourth G20 Summit has just concluded a plenary session at the Metro Toronto Convention Center. Global leaders in attendance have endorsed a bold pledge by rich nations to slash budget deficits in half in three years.
Leaders of the world's biggest economies, including Chinese President Hu Jintao, US President Barack Obama, and Russian President Dmitry Medvedev, as well as the heads of a number of international organizations and dignitaries from a number of non-member countries, were present at Sunday's G20 plenary session.
The officials agreed on plans to build a more stable global economy, but backed away from "one size fits all" pledges ... as two years of crisis give way to an uneven recovery.
The weekend summit issued a final statement which outlines deficit-cutting goals for the planet's most-industrialized nations.
Their fiscal plans would mean cutting red ink in half within three years, and getting total debt numbers stabilized by 2016.
The statement also incorporated Obama's cautions against pulling back government support too quickly, saying countries need to follow through on "delivering existing stimulus plans, while working to create the conditions for robust private demand."
Canadian Prime Minister Stephen Harper, host of the G20 Summit, says they need to walk a "tightrope."
|The fourth G20 Summit has just concluded a plenary session at the Metro Toronto |
Convention Center. Global leaders in attendance have endorsed a bold pledge by
rich nations to slash budget deficits in half in three years.
He said, "Here is the tightrope that we must walk: to sustain recovery, it is imperative that we follow through on existing stimulus plans, those to which we committed ourselves last year but, at the same time, advanced countries must send a clear message that, as our stimulus plans expire, we will focus on getting our fiscal houses in order."
Chinese President Hu Jintao adds that the G20 needs to be transformed from a mechanism for countering the global financial crisis, into a premier platform for advancing international economic cooperation.
He says the aspirations of developing countries should not be neglected, though the G20 is primarily composed of industrialized states.
The Toronto Summit is expected to build on the bloc's previous three gatherings, held in Washington, London, and Pittsburgh since the outbreak of the financial and economic crises in 2008.
The G20, which includes both developed powers and emerging economies, has become the predominant forum to coordinate the tackling of the planet's monetary challenges.