Obama Condones 'Tough Regulations' To Avoid Economic Crisis

The world's leading nations have agreed to much tougher regulations in order to preserve the global economy and to strengthen it. President Obama outlined plans that would enable emerging economies to have a much greater say in the global economy, economies he says are dynamic even though they represent developing countries. These countries would have more sway in supranational corporations like the IMF and the World Bank. The G20 leaders also detailed plans to ultimately address the shortcomings of the global economy. These issues included determining the amount of reserve money for each nation, instating formal economic assessment, and how and when financial bonuses for executives of large corporations should be distributed. There was also discussion of whether the G20 summit would replace the G8 summit, but Canada put up 'such a fuss' about the matter that this decision will be detained until 2010.

Source: BBC (Business)

By: Grace Heimerl