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G-20 Summit raises hopes of curtailing recession
May '09
The G-20 summit raised high hopes that, the meeting would provide significant impetus for reviving the global economy. The summit's agenda included a stimulus for the revival of economy; coordinated calibration of stimulus measures; avoidance of protectionism, and clamping down on tax havens and reforming the world's financial system by introducing strong regulation and close supervision.

The summit declared an additional $1.1 trillion into the International Monetary Fund, multi-lateral development banks and international trade finance, agreement to crack down taxes, and strengthen the regulation of financial institutions including hedge funds and credit rating agencies.

The summit also reaffirmed the commitment of the World Trade Organization (WTO) to support free trade and check protectionism by the members. Another, encouraging news is its immediate and voluntary commitment of funds to fight back the world recession.

However, the fact remains that the G-20 Summit in London, billed by some as the "New Bretton Woods", is nowhere near the 1944 conference that gave the world its present financial architecture. Despite these arguments, considering the situation of the present global economy, and the extent of crisis, the G-20 Summit could be considered as its worthy successor.

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