G20 Source: Leaders to Agree on Action Plan

G20 Source: Leaders to Agree on Action Plan

World leaders on Saturday are ready to task finance ministers with drawing up recommendations for improving the regulation and functioning of financial markets, according to a G20 official reading from a draft agreement.

New guidelines should be established by the end of March for discussion at a follow-up meeting in April, after President-elect Barack Obama takes over in the White House, the official said. The host nation of the next summit is not specified in the draft document, he said.

The official said leaders are close to giving their approval to the draft statement. He declined to be identified before the text is formally adopted.

The text is divided into two parts.

A five-page document of principles calls for intensified government efforts at bolstering national economies, cooperation on international regulation of the financial system, reform of global structures to aide needy developing countries and a refusal of protectionism, the official said.

A second five-page document, called an ''action plan'' looks at measures intended to improve transparency and responsibility, improve regulation, improve the trustworthiness of markets, strengthen international cooperation and reform international institutions, the official said.


Novemebr 15, 2008

http://www.nytimes.com/aponline/business/AP-US-Meltdown-Summit.html