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G20 summit: markets surge with confidence after $1.1 trillion global boost

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http://www.timesonline.co.uk/tol/news/politics/G20/article6025542.ece


The London summit pledged a $1.1 trillion boost to the international economy last night, hailing a confidence-building deal that would lift the world out of recession next year.


Stock markets around the world soared as the heads of 20 of the largest economies trebled International Monetary Fund resources to $750 billion, gave emerging nations access to $250 billion of emergency currency reserves and promised an extra $250 billion in credit for trade finance.


The agreement was a diplomatic success for Mr Brown after Mr Sarkozy and Angela Merkel, the German Chancellor, had threatened to scupper a deal unless there was tough action to reform the global financial system.


In the event, both leaders proclaimed themselves satisfied with the outcome – which included new rules on bankers' pay and bonuses, action on tax havens and curbs on hedge funds.


Mr Brown said that the new rules on bankers' remuneration would ensure that there were “no more rewards for failure”.


On trade, there were commitments not to retreat into protectionism and to reach a conclusion on the stalled world trade talks - although there is no timetable.


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