Emerging economies get new role

Friday, September 25, 2009

The G20 group of leading and emerging economies is to take on a new role as a permanent body co-ordinating the world economy, a White House statement said.

It will take on the role previously carried out by the developed powerhouses of the G8 group.
The G20 is meeting in the US city of Pittsburgh for a two-day summit.
EU officials also announced a deal to shift the balance of voting in the International Monetary Fund (IMF) towards growing nations such as China.
Currently, China wields 3.7% of IMF votes compared with France's 4.9%, although the Chinese economy is now 50% larger than that of France.
Robert Peston said that the rich nations of North America and Europe formally acknowledging that they no longer have a monopoly of wisdom on what's good for the global economy would be the most important thing to come out of this summit.

Source BBC

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