Raw Finance

The Group of Twenty (G-20) Finance Ministers and Central Bank Governors held a meeting in St. Andrews, Scotland, and on Nov. 7, 2009, announced their intention “to maintain support for the [economic] recovery until it is assured.”  Noting the uneven nature of the worldwide economic recovery to date and the high rate of unemployment, the G-20 effectively silenced recent rumor and speculation that fiscal stimulus and other economic support programs would be drastically curtailed if not ended in the near future.  Although this will likely put more pressure on the U.S. dollar, stock markets are also likely to continue rallying with the knowledge that government support will continue.

The G-20 also announced the following additional goals and objectives for the coming year:

• to set out our national and regional policy frameworks, programmes and projections by the end of January 2010;
• to conduct the initial phase of our cooperative mutual assessment process, supported by IMF and World Bank analyses, of the collective consistency of our national and regional policies with our shared objectives, taking into account our institutional arrangements, in April 2010;
• to develop a basket of policy options to deliver those objectives, for Leaders to consider at their next Summit in June 2010; and,
• to refine our mutual assessment and develop more specific policy recommendations for Leaders at their Summit in November 2010.

To view the full announcement from the G-20, please click on the following link: 7 November 2009 Communiqué