Toronto (Canada) \u2013 After two days of debate, heads of state from the world\u2019s wealthiest countries and some emerging ones, which comprise the G20, finished the summit\u2019s final communiqu\u00e9 last Sunday (27th). The effort had the intention of signaling to the international community that a series of measures must be adopted in order to prevent financial crises. <\/p>\n
The advice is to seek economic recovery. There are, however, no specifications or detailed instructions. The tone was one of admonition. <\/p>\n
An attempt has been made to contemplate all \u2013 wealthy and emerging nations. The most controversial item was the halving of the deficit by 2013, a measure with which Brazil did not agree because it deemed it too bold. The recommendation includes all countries, except for Japan.<\/p>\n
Over the course of 27 pages, with three annexes, the G20 outlines a series of targets and guidelines that should be adopted by the countries. These measures, however, should only be adopted after the group\u2019s meeting in Seoul, in South Korea, in November.<\/p>\n
\u201cThe G-20\u2019s highest priority is to safeguard and strengthen the recovery and lay the foundation for strong, sustainable and balanced growth, and strengthen our financial systems against risks.,\u201d according to the document.<\/p>\n
The balanced tone highlights the need for all to contribute with stimulus plans, strengthening and support for the global economic recovery. \u201cEconomic recoveries\u201d are underscored several times.<\/p>\n
Emerging nations, Brazil included, managed to include in the document an item about reforming international financial institutions \u2013 meaning the International Monetary Fund (IMF) and the World Bank. No deadlines or dates have been set, but the matter was deemed as \u201cawaiting conclusion.\u201d<\/p>\n
\u201cA number of G-20 members have already formally accepted the recently agreed reforms,\u201d according to the final communiqu\u00e9. \u201cOther participating G-20 members will complete the acceptance process by the next meeting of G-20 Finance Ministers and Central Bank Governors. We call on all existing and new NAB participants to do the same,\u201d the document adds.<\/p>\n
The communique highlights the European community\u2019s efforts for fighting the effects of the financial crisis, which mostly affected Greece, Spain and Portugal. China is indirectly mentioned for having appreciated the yuan (Chinese currency), as thus far the country was being criticized for maintaining a low rate of appreciation in order to benefit the country\u2019s industry and harm those of others.<\/p>\n
The United States have managed once again to postpone debate on ending protectionism. The North American president, Barack Obama, admitted to having problems when it comes to promoting domestic debate on trade liberalization. For that reason, there was only one mention of the willingness to resume discussions. <\/p>\n
\u201cWe therefore reiterate our support for bringing the WTO Doha Development Round to a balanced and ambitious conclusion as soon as possible,\u201d informs the communiqu\u00e9. \u201cWe direct our representatives, using all negotiating avenues, to pursue this objective,\u201d the document states.<\/p>\n
*Translated by Gabriel Pomerancblum<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
The recommendation, made during a meeting over the weekend in Canada, concerns the group\u2019s member countries. The aim is to reduce public deficit by half by 2013.<\/p>\n","protected":false},"author":2315,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-35103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy"},"wps_subtitle":"The recommendation, made during a meeting over the weekend in Canada, concerns the group\u2019s member countries. The aim is to reduce public deficit by half by 2013.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/35103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2315"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=35103"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/35103\/revisions"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=35103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=35103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=35103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}