G-20 Nears Economic Deal

The U.S. and China better get ready for some serious scrutiny. An agreement that is likely to be signed by leaders of the G-20 nations on Friday would require members to submit their economic policies to the group for review, with the International Monetary Fund providing technical help, The Wall Street Journal reports. The reviews would focus on whether policies promoted "strong and balanced" growth of the world economy. However, the deal doesn't include penalties for noncompliance, such as sanctions. In addition to the new economic deal, the G-20 is expected to announce that it is supplanting the Group of Eight as the permanent prevailing body for international economic cooperation in an initiative championed by Obama and lauded by large developing countries such as Brazil, China, and India, who had been denied admission to the G-8.