Given all the fun and excitement in Toronto this past weekend, we might forget that a group of world leaders met and attempted to create some semblance of continuity in the world economic recovery (however delicate and easily broken it might be).
The leaders published a statement, which I can only find on the CBC web, with an interesting tag map, or brain map (or maybe just a word collage, I am not sure).
Some very interesting statements, with the word committed used a great deal, but not a lot of substance about what these commitments might actually mean, for instance:
We committed to accelerate the implementation of strong measures to improve transparency and regulatory oversight of hedge funds, credit rating agencies and over-the-counter derivatives in an internationally consistent and non-discriminatory way. We also committed to improve the functioning and transparency of commodities markets. We call on credit rating agencies to increase transparency and improve quality and avoid conflicts of interest, and on national supervisors to continue to focus on these issues in conducting their oversight.
Good thing to ask for this kind of stuff, wonder how it will all be implemented?
….Reflecting this balance, advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. Recognizing the circumstances of Japan, we welcome the Japanese government’s fiscal consolidation plan announced recently with their growth strategy. Those with serious fiscal challenges need to accelerate the pace of consolidation. Fiscal consolidation plans will be credible, clearly communicated, differentiated to national circumstances, and focused on measures to foster economic growth….
Very interesting, this one points the fingers at the big debtor states, like our friends to the south about how they should maybe stop relying on printing money to deal with overspending (my interpretation, feel free to disagree). How will this happen, I have no bloody idea, but it will be interesting to see if countries other than Canada push forward on this.
All in all an interesting weekend, I am glad I didn’t go to my “Pry Bar and Black Clothing Convention” held near the G-20 site (yes a very weak attempt at humor). I look forward to the next set of G-8 and G-20 meetings, which seem to be scheduled for Seoul, South Korea, and whether the disruptive forces that follow these meetings make their way to South Korea or not (and how they might be treated there).
Given this week is a fairly disrupted week in terms of Canada Day being on Thursday and other personal events in my life, there may be a couple of “Best of” postings that come up, my apologies, to my regular readers if this transpires. To my new readers enjoy some of my older postings.