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Steven Pearlstein - A Rare Triumph of Substance at the Summit
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Pearlstein argues that the US and the Obama administration achieved most of its goals, even though the Europeans took the credit. On regulatory reform, Geithner's regulatory reform proposal he says, could well have been written at the French Finance Ministry, as at the US Treasury. And it gives Obama ammunition to prepare, as private equity, hedge funds, and banks try to water down his proposals for regulatory reform. By having member countries commit to adding $850 billion to the resources at the IMF, and regional development banks to provide help to countries in serious difficulties- and giving instructions that the money can be used not only for debt rollover, bank recapitalization and balance of payments support, but also for stimulus spending, infrastructure investment, trade finance and social support- the Obama adminstration has accomplished a great deal. It has succeeded in putting in place the necessary financial resources to support not only the financial systems of countries in Eastern Europe, Asia and Latin America that need help, but put emphasis on the need for resources to go for helping reduce job losses, create jobs, and provide some forms of income or support to people in these countries. This is a major step as it means the countries of Eastern Europe and other developing countries can deal with their crises in confidence. Mexico is taking loans from the IMF. Dominique Strauss Kahn had begun the policy of shifting IMF's focus to these social goals as significant parts of the recovery process in countries, but he faced the old mindset among the IMF staff, as when its reported staff wanted to increase interest rates in Pakistan by 10% instead of the 3% that was finally agreed to. That would have caused serious difficulty to the people of Pakistan, created chaotic situation and disturbed the social fabric of that country. See the link to this for S. Korea and for Pakistan. And as Gordon Brown put it the old conditionality that lay behind the IMF loans, is phased out. This makes it the new policy at the IMF backed by the G20 mandate. The Washington consensus which prescribed open borders, floating exchange rates and fiscal prudence is now ended. And to support this change the developing countries will have a bigger say in IMF policy and decisions.
The G-20 London Docklands Summit in April 2009- a model of global cooperation for future crises stemming from the global financial crisis of 2008
04/03/2009
The Docklands Summit must rank as one of the largest global cooperation efforts in a global economy hit by a severe crisis, with output drops of over 25% in a a short time. It made ahuge difference in tackling this crisis, and yet its significance is not fully grasped as the crisis fades by 2014.
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On a Scale of 1-10, G-20 Scores a 7
New York Times 04/03/2009
New York Times 04/03/2009
Conceding U.S. Lapses, Obama Resists New Bank Rules
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Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
New York Times 04/05/2009
The Lines a German Won’t Cross
New York Times 04/05/2009
The Docklands G-20 London Summit- a high point in the premiership of Gordon Brown of Britain and presidency of Sarkozy in France
04/03/2009
As the first summit in which the G-8 became the G-20, with the participation of emerging market countries India, Indonesia, S. Korea, Turkey, Argentina, Brazil, Saudi Arabia, Mexico, making this a truly global summit. It also meant less developed countries and their concerns would be given priority in the international forum. In this sense Docklands provided a model for truly remarkable international collaboration and cooperation.
Grouped Articles
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
Conceding U.S. Lapses, Obama Resists New Bank Rules
New York Times 04/03/2009
As G-20 Host, Brown Gets ‘Excellent’ Marks
New York Times 04/03/2009
New York Times 04/05/2009
The Lines a German Won’t Cross
New York Times 04/05/2009
Opinion: G20 — go back to the roots | DW | 30.11.2018
DW.COM 11/30/2018
How Ms. Merkel is defining German goals and programs during the global economic and financial crisis of 2008-2009.
09/09/2008
Merkel has quietly established her own approach and style of governing, less on rhetoric, and more on substance and social market principles that are popular in Germany. Her popularity goes far beyond that of the CDU, and she has defined new positions for the CDU, from aiding workers, promoting daycare, fighting for environmental goals, and bringing a new perspective on immigration. The result is a distinctly German approach to the crisis based on German conditions and preferences.
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German Banks Now Face Big Losses From Their Misadventures in Iceland
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Despite Crisis, Germany Sees Russia as Land of Opportunity
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The IMF's greater influence following the G-20 Docklands Summit in London in April 2009
04/03/2009
The IMF plays a large role in the crisis by freely lending to many countries and regains some of the reputation hurt during the 1997 financial crisis.
Grouped Articles
IMF Gains New Influence From Summit
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On a Scale of 1-10, G-20 Scores a 7
New York Times 04/03/2009
New York Times 04/03/2009
Conceding U.S. Lapses, Obama Resists New Bank Rules
New York Times 04/03/2009
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
New York Times 04/05/2009
The April 2009 G-20 Docklands, London Summit and the constructive confrontation between American and European positions.
02/15/2009
The positions of both sides. The Europeans credibly calling for global regulations as non-negotiable, and the US credibly calling for larger stimulus spending now when it would have the greatest impact. And the tough negotiations ahead.
Grouped Articles
Fixing a Perception Gap for the Underappreciated G-20
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On a Scale of 1-10, G-20 Scores a 7
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New York Times 04/05/2009
The Lines a German Won’t Cross
New York Times 04/05/2009
Big Ideas, Grand Plans, Modest Budgets
New York Times 02/15/2009
What the Chinese Want from Obama
New York Times 02/20/2009
Pressing concerns of people in Germany.
11/17/2008
The changes going on in German life, society and culture. the concerns as the economic crisis hits Germany.
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Germany’s Green Party Elects First Ethnic Turk as Leader
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A New Chapter: Europe Is Ready to Work With Obama
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Facing Losses, Billionaire Takes His Own Life
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A Berliner’s Portraits of People and Her Familiar, and Foreign, Home
New York Times 01/08/2009
For Berlin Museum, a Modern Makeover That Doesn’t Deny the Wounds of War
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Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
The NYT has a different view of the G-20 summit than Pearlstein in the Washington Post.
04/03/2009
NYT editorial says the summit came up short on strong global regulation and on the Stimulus for Europe.
Linked Articles
New York Times 04/03/2009
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
By achieving US goal for stimulus spending and European goals for regulatory reform the G20 summit has achieved a lot for all countries.
04/03/2009
The US agrees to the European demands for strict global regulation, and the Europeans agree to stimulus committment of $850 billion through the IMF for emerging countries, making the summit a success.
Linked Articles
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
Conceding U.S. Lapses, Obama Resists New Bank Rules
New York Times 04/03/2009
IMF Conditionality that ignored people in developing countries and exacerbated crises and the new G20 focus on social help and stimulus spending.
03/31/2009
The new G20 mandate for social help and stimulus spending makes official the new policy direction for the IMF. It and marks the end of old style conditions that worsened the living conditions of people in countries that accepted IMF help, and exacerbated crises. Which is why the very word IMF scares people in S.Korea and in Pakistan and in so many other places.
Linked Articles
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
An Empowered IMF Faces Pivotal Test
Wall Street Journal 03/31/2009
The crisis in Eastern Europe and other developing countries and the G20 policy mandate to the IMF to support social help and stimulus spending
03/28/2009
The G-20 mandate that the IMF be the conduit for funds to help emerging countries, with the policy direction that an additional $850 billion be used not only to fix finances, but also emphasize social goals, and help people in these countries cope with the crisis. This is of great help to countries in difficulty, and assurance that the social fabric in these countries will not be torn apart as has happened before, and that people will get the necessary assistance.
Linked Articles
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
Eastern Europe and the Financial Crisis
Wall Street Journal 03/28/2009
The different positions taken by the Europeans and the US and Britain at the G-20 summit.
04/02/2009
The different positions taken by the US and the Europeans and the thinking and culture behind each position.
Linked Articles
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
Wall Street Journal 04/02/2009
The deeper changes underway in America, as American business and corporate ways of working are themselves changing.
03/29/2009
The ways in which business and companies operate are changing in America as this crisis continues. The social fabric and people and the kinds of lives they live are becoming important in American business view of the country and the world.
Linked Articles
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
How Crisis Shapes the Corporate Model
New York Times 03/29/2009
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