Crisis

G20 Leaders Pledge Cooperation

After five hours of meetings in Washington, the leaders on the world's top economies emerged from the Group of 20 financial summit with a predictable announcement: they will expand efforts to shore up the global economy and do more to improve regulation of financial markets. The leaders urged individual countries to act appropriately in order to support growth and stability and called for more resources for the International Monetary Fund to help developing countries. They also established "colleges of supervisors" that will monitor the world's largest financial institutions. "Against this background of deteriorating economic conditions worldwide, we agreed that a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries," a statement from the leaders read.