Major pain for world economy if G20 reforms not adopted: Bank of Canada

OTTAWA — Canada’s finance minister says he is encouraged by “very positive feedback” from his Group of 20 peers to the Liberal government’s economic blueprint outlined during a two-day summit in Shanghai. But while Bill Morneau said the gathering of industrialized nations — coming at a time of growing concerns over the stability of the global economy — “made good progress” to help to strengthen sustained growth, the actual text of the group’s communiqué offered few details of the agreement.

Brisbane (Australia) (AFP) - Australia made a last ditch call Sunday for the G20's powerful leaders to use all policy levers to rehabilitate global economies and generate prosperity, which could see their target of two percent growth bettered.

Apparently all it takes to kick the world out of a secular recession and back into growth mode, is for several dozen finance ministers and central bankers to sit down and sign on the dotted line, agreeing it has to be done. That is the take home message from the just concluded latest G-20 meeting in Syndey, where said leaders agreed that it is time to finally grow the world economy by 2% over the next 5 years.

By Wayne Cole

By Simon Johnson The April 2009 London summit of the G20 is widely regarded as having been a great success.  The world’s largest economies agreed on an immediate coordinated approach to the global financial crisis then raging and promised to work together on banking reforms that would support growth.  At the time, President Obama got high marks for his constructive engagement.

REUTERS/Mark Schiefelbein/PoolHANGZHOU, China (Reuters) - The global economy is being threatened by rising protectionism and risks from highly leveraged financial markets, Chinese President Xi Jinping said at the open of a two-day summit of leaders from G20 nations. 

OTTAWA — Finance Minister Bill Morneau will use this week’s meeting of industrial nations to promote Canada’s economic blueprint as a possible path for improving growth and financial stability in other member countries. Morneau makes his first appearance on the global stage with his Group of 20 counterparts during a two-day summit in Shanghai — a meeting that comes at a critical time for economies now facing renewed threats to growth and financial stability.