Presenting a united front in the face of the economic crisis, leaders from both developed and developing nations promised to take “whatever further actions are necessary to stabilise the financial system” and said they would “use fiscal measures to stimulate domestic demand to rapid effect, as appropriate”.
People at the talks said the statement would give fresh momentum to national stimulus packages, in particular in the UK and continental Europe.
Leaders said they would require regulators to set up “colleges of supervisors” to monitor global banks and said ministers would report back by March 31 on issues such as strengthening of the credit derivatives markets, review of financial sector pay schemes, and valuation of complex securities.
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