Well the financial summit did take place and the G20 world leaders came together in Washington DC and have pledged to work together to restore global growth. They said they were determined to work together to achieve "needed reforms" in the world's financial systems.
This financial summit brought together leading industrial powers, such as the US, Japan and Germany, and also emerging market countries such as China, India, Argentina, Brazil and others - representing 85% of the world economy. The significance of this G20 financial summit was clear to the emerging economies - they now have to be taken into consideration in the management of the global economy.
Key issues agreed by world leaders at the G20 financial summit included:
- Reform of international financial institutions such as the World Bank and the International Monetary Fund
- An agreement by the end of 2008, leading to a successful global free-trade deal
- Improvements to financial market transparency and ensuring complete and accurate disclosure by firms of theirfinancial conditions
- Making sure banks and financial institutions' incentives "prevent excessive risk taking"
- Asking finance ministers to draw-up a list of financial institutions whose collapse would endanger the global economic system
- Strengthening countries' financial regulatory regimes
- Taking a "fresh look" at rules that govern market manipulation and fraud