G20 nations promise change at summit

17/11/2008

The way in which the financial system works should be changed, world leaders agreed at a meeting last weekend.

At the G20 summit, the heads of government made pledges to reform the system - and promised to work together in order to restore growth and end the current downturn.

Together, the 20 countries represented at the meeting, which was held in Washington DC, control 85 per cent of the global economy.

They included the US, Japan and the major European powers - as well as emerging economies such as China, Brazil and India.

Over the weeks to come, concrete details of the reform pledges are expected to be worked out.

In a joint statement, the leaders said: "Against this background of deteriorating economic conditions worldwide, we agreed that a broader policy response is needed, based on closer…co-operation, to restore growth."

Gordon Brown, Britain's prime minister, added that the discussions gave a "route map" out of the recession.

"These are extraordinary times and they require extraordinary measures," he said.

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