PATH TO ECONOMIC RECOVERY
G-20 has assumed the ultimate responsibility and power to manage world economy. From hereon, the G-8 will not exist and subsume into G-20. IMF will play key role with over $500 billion additional funds to spur growth. World GDP growth target set at three per cent for 2010.
The newly created International Markets Stability Board will take charge of overseeing the financial and equity markets worldwide.
TEACHING MARKET PARTICIPANTS A LESSON
Over the counter (OTC) derivative instruments used by banks and financial institutions to offer credit on housing assets already pledged will come under hammer.
By 2011, all countries will have to come under Basel-II convention and reduce the capital risks taken by their banks to avoid "boom and bust" in the respective markets.
This will mean US markets cannot be above Basel-II.
German Chancellor Angela Merkel's plan to regulate markets has been adopted by G-20 setting aside resistance from Obama appointed banks chief executives.
Hence, bankers' pay and bonuses will be linked to value created for their firms on long term basis. This will have to come into being by 2010.
TAX HAVENS: DEADLINES FOR OPENING UP
Global Forum on Transparency & Exchange Information has come into being. It will deal with money laundering, corruption money, terrorist financing and prudential standards.
Tax havens especially in Europe have been set a March 2010 deadline to open up.
SHAREHOLDING IN WORLD BANK TO CHANGE
As per G-20 decision, shareholding of emerging countries like India will go up by three per cent. This is in addition to 1.46 per cent already agreed upon. This may happen by June 2010.
Over the counter (OTC) products in oil will come under regulation to stop volatility in crude prices that swayed between $ 25 -- 145 per barrel in one year. This is obviously intended at mollifying oil producers like Saudi Arabia. Transparency in oil products pricing by OPEC will be brought about through Intern-ational Energy Agency (IEA) by 2020 with a proviso that developed countries will cut their greenhouse gases emission by 10 per cent.
M e m b e r- c o u n t r i e s including India have undertaken to phaseout oil subsidies. It is linked to availability of funds and technology to intr-oduce clean-fuel technologies.
CLIMATE CHANGE ISSUES G-20
finance ministers and central bank governors will come up funding options by November 4-5 when they meet in Scotland.UNFCC negotiations on climate change set to be completed by the year end.
A dedicated Trust Fund would be set up to ensure food security.
Four billion people without access to education, no access to capital funds and technology targeted.
WAY FORWARD G-20
Presidents and PM will now meet in June 2010 in Canada. It will be followed with another conclave in November 2010 in South Korea.
Beginning 2011, the heads of state will meet once a year. France to host the G-20 heads in 2011.
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