2008 G20 Washington summit

Bretton Woods II was an informal designation for the system of currency relations which developed during the '00s . As described by political economist Daniel Drezner, "Under this system, the U.S. is running massive current account deficits to be the source of export-led growth for other countries. To fund this deficit, central banks, particularly those on the Pacific Rim, are buying up dollars and dollar-denominated assets."{{cite web

|url=http://www.danieldrezner.com/archives/001912.html

|title=How Stable Is Bretton Woods 2?

|author=Daniel Drezner

|date=February 24, 2005

|accessdate=29 June 2008

|archiveurl=https://web.archive.org/web/20080703195937/http://www.danieldrezner.com/archives/001912.html

|archivedate=3 July 2008

|url-status=live

}}

The notion of a "revived Bretton Woods system" was introduced in a 2004 paper by Dooley, Folkerts-Landau, and Garber, in which it is described as arising after the end of the Cold War, out of the choice of countries, "mainly in Asia, [which] chose the same periphery strategy as immediate post-war Europe and Japan, undervaluing the exchange rate, managing sizable foreign exchange interventions, imposing controls, accumulating reserves, and encouraging export-led growth by sending goods to the competitive center countries.{{cite journal |first1=Michael P. |last1=Dooley |first2=David |last2=Folkerts‐Landau |first3=Peter |last3=Garber |title=The Revived Bretton Woods System |journal=International Journal of Finance and Economics |volume=9 |issue=4 |pages=307–313 |year=2004 |doi=10.1002/ijfe.250 |hdl=10.1002/ijfe.250 |hdl-access=free }} In 2005, Roubini and Setser opined that: "If the US does not take policy steps to reduce its need for external financing before it exhausts the world's central banks willingness to keep adding to their dollar reserves – and if the rest of the world does not take steps to reduce its dependence on an unsustainable expansion in US domestic demand to support its own growth – the risk of a hard landing for the US and global economy will grow.... a sharp fall in the value of the US dollar, a rapid increase in US long-term interest rates and a sharp fall in the price of a range of risk assets including equities and housing. The asset price adjustment would lead to a severe slowdown in the US, and the fall in US imports associated with the US slowdown and the dollar's fall would lead to a global severe economic slowdown, if not an outright recession."{{cite web

| url = http://www.stern.nyu.edu/~nroubini/papers/BW2-Unraveling-Roubini-Setser.pdf

| title = Will the Bretton Woods 2 Regime Unravel Soon? The Risk of a Hard Landing in 2005-2006

|author1=Nouriel Roubini |author2=Brad Setser | date = February 2005| accessdate= 29 June 2008 }}

On September 26, 2008, Nicolas Sarkozy, said, "We must rethink the financial system from scratch, as at Bretton Woods."{{cite news

|url=http://www.eurodad.org/whatsnew/articles.aspx?id=2988

|title=Senior figures call for new Bretton Woods ahead of Bank/Fund meetings

|author1=George Parker

|author2=Tony Barber

|author3=Daniel Dombey

|date=October 9, 2008

|accessdate=16 October 2008

|archiveurl=https://web.archive.org/web/20081014072859/http://www.eurodad.org/whatsnew/articles.aspx?id=2988

|archivedate=14 October 2008

|url-status=dead

}}

On October 13, 2008, British Prime Minister Gordon Brown said world leaders must meet to agree to a new economic system. "We must have a new Bretton Woods, building a new international financial architecture for the years ahead."{{cite web

|url=http://afp.google.com/article/ALeqM5iqbjATskwxNr2tyDViM7bbz8J_rg

|title=World needs new Bretton Woods, says Brown

|author=Agence France-Presse (AFP)

|date=October 13, 2008

|accessdate=16 October 2008

|archiveurl=https://web.archive.org/web/20081018193748/http://afp.google.com/article/ALeqM5iqbjATskwxNr2tyDViM7bbz8J_rg

|archivedate=18 October 2008

|url-status=dead

}} However, Brown's approach was quite different than the original Bretton Woods system, emphasising the continuation of globalization and free trade as opposed to a return to fixed exchange rates.{{cite web|url=http://www.egovmonitor.com/node/21484 |title=A Policy Dialogue Platform | Promoting Better Governance |publisher=eGov monitor |date=2008-10-14 |accessdate=2010-06-27 |url-status=dead |archiveurl=https://web.archive.org/web/20090911034637/http://www.egovmonitor.com/node/21484 |archivedate=2009-09-11 }} There were tensions between Brown and Sarkozy, who argued that the "Anglo-Saxon" model of unrestrained markets has failed.{{cite news|url=https://www.telegraph.co.uk/news/worldnews/europe/france/3205033/Gordon-Browns-Bretton-Woods-summit-call-risks-spat-with-Nicholas-Sarkozy.html|title=Gordon Brown's Bretton Woods summit call risks spat with Nicholas Sarkozy|work=The Daily Telegraph|author1=James Kirkup |author2=Bruno Waterfield |date=2008-10-17|accessdate=2008-11-16 | location=London| archiveurl= https://web.archive.org/web/20081019015516/http://www.telegraph.co.uk/news/worldnews/europe/france/3205033/Gordon-Browns-Bretton-Woods-summit-call-risks-spat-with-Nicholas-Sarkozy.html| archivedate= 19 October 2008 | url-status= live}}

Italian Economics Minister Giulio Tremonti said that Italy would use its 2009 chairmanship to push for a "New Bretton Woods." He was critical of the U.S.'s response to the 2008 financial crisis, and suggested that the dollar may be superseded as the base currency of the Bretton Woods system.{{cite news|url=https://www.reuters.com/article/euMergersNews/idUSLG34287520081016|title=Italy queries dollar's role in Bretton Woods reform|date=2008-10-16|accessdate=2008-11-16|publisher=Reuters|archive-url=https://web.archive.org/web/20090508093605/http://www.reuters.com/article/euMergersNews/idUSLG34287520081016|archive-date=2009-05-08|url-status=live}}{{cite news|url=https://www.forbes.com/home/2008/10/16/europe-summit-investors-update-markets-equity-cx_po_mlm_1016markets39.html|archive-url=https://web.archive.org/web/20200906210541/https://www.forbes.com/home/2008/10/16/europe-summit-investors-update-markets-equity-cx_po_mlm_1016markets39.html|url-status=dead|archive-date=September 6, 2020|author1=Parmy Olson |author2=Miriam Marcus|title=Bringing The Banking Mess To Broadway|work=Forbes|date=2008-10-16|accessdate=2008-11-16}}{{cite news|url=http://us.ft.com/ftgateway/superpage.ft?news_id=fto100920081302015280 |title=Giulio Tremonti: A critic demands a new Bretton Woods |author=Guy Dinmore |work=Financial Times |date=2008-10-08 |accessdate=2008-11-16 |url-status=dead |archiveurl=https://web.archive.org/web/20090506143404/http://us.ft.com/ftgateway/superpage.ft?news_id=fto100920081302015280 |archivedate=2009-05-06 }} On 20 October 2008, Tremonti told the Italian daily Corriere della Sera that proposals for a new Bretton Woods had been spread for many years by American political activist Lyndon LaRouche.Caizzi, Ivo, "Bretton Woods #2 of LaRouche and Tremonti,"[archiviostorico.corriere.it/2008/ottobre/20/Bretton Woods LaRouche Tremonti ce 0 081020029.shtml], Corriere della Sera, October 20, 2008 -- Google translation: [https://translate.google.com/translate?hl=en&sl=it&u=http://archiviostorico.corriere.it/2008/ottobre/20/Bretton_Woods_LaRouche_Tremonti_ce_0_081020029.shtml&sa=X&oi=translate&resnum=3&ct=result&prev=/search%3Fq%3Dcorriera%2Bivo%2Btremonti%2Blarouche%26hl%3Den%26client%3Dopera%26rls%3Den%26hs%3D5W3]

File:G20 2008 summit participants.svg

File:Cumbre G-20-Washington.jpg

The formula is "G7 plus". In announcing the summit, US President George Bush said that the summit would bring together members of the G20. The G20 was set up to respond to the financial turmoil of 1997-99 through the development of policies that "promote international financial stability". The G20 comprises countries considered to be systemically important, but omits over 170 governments (192 governments are members of the United Nations).

The first meeting of the G20 leaders on financial markets and the world economy was held in Washington, D.C. on November 14–15, 2008, at the National Building Museum. The participants were: Argentina, Australia, Brazil, Canada, the People's Republic of China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America, the European Union (represented by France's President Nicolas Sarkozy as President of the European Council, as well as by José Manuel Barroso, president of the European Commission), the Netherlands (allowed extraordinary presence), Spain (allowed extraordinary presence), the World Bank, the International Monetary Fund and the Financial Stability Forum. Although Dutch Prime Minister Jan Peter Balkenende arrived at Andrews Air Force Base on the evening of November 14, he immediately returned to the Netherlands when notified of the death of his father; the Netherlands was instead represented by State Secretary Jan Kees de Jager.{{cite news|url=https://georgewbush-whitehouse.archives.gov/news/releases/2008/11/20081114-5.html|title=Delegations to the Summit on Financial Markets and the World Economy|publisher=White House|date=2008-11-14|accessdate=2008-11-16|archive-url=https://web.archive.org/web/20111023161800/http://georgewbush-whitehouse.archives.gov/news/releases/2008/11/20081114-5.html|archive-date=2011-10-23|url-status=live}}

Spanish Prime Minister José Luis Rodríguez Zapatero was not initially invited, but was "so desperate to secure an invitation" to the summit, that he traveled "to Asia to seek the help of President Hu Jintao of China."Victor Mallet, The Party Spain is Desperate to Crash, Financial Times, Nov. 1, 2008. [http://www.amchamspain.com/spanish/images/press/financialTimes1_11_08.pdf] {{dead link|date=September 2011}} Zapatero eventually extracted an invitation through "intense lobbying" of French President Nicolas Sarkozy, who happened to hold two invitations (the second French invitation was due to the fact that France held the Presidency of the Council of the European Union during this period).Diana Fong, Spain's Zapatero Takes Extra Seat at G20 Summit, Deutsche Welle, Nov. 15, 2008. [http://www.dw-world.de/dw/article/0,,3793520,00.html Spain's Zapatero Takes Extra Seat at G20 Summit | Europe | Deutsche Welle | 15.11.2008] {{Webarchive|url=https://web.archive.org/web/20091201205618/http://www.dw-world.de/dw/article/0,,3793520,00.html |date=2009-12-01 }}

The following participants of the Washington summit include the core members of the G20, which comprises 19 countries and the European Union which is represented by its two governing bodies, the European Council and the European Commission,Rieffel, Lex. [http://www.brookings.edu/opinions/2009/0327_global_governance_rieffel.aspx "Regional Voices in Global Governance: Looking to 2010 (Part IV),"] {{webarchive |url=https://web.archive.org/web/20100603074840/http://www.brookings.edu/opinions/2009/0327_global_governance_rieffel.aspx |date=June 3, 2010 }} Brookings Institution. March 27, 2009; [http://g20.gc.ca/about-the-g20/g20-members/ "core" members (G20 official site)] {{webarchive |url=https://web.archive.org/web/20100618203130/http://g20.gc.ca/about-the-g20/g20-members/ |date=June 18, 2010 }} as well as other nations and regional organizations invited to take part.

File:G20 Washington 15 December 2008.jpg

File:G-20 Cena dia 14.jpg

German Chancellor Angela Merkel and French President Nicolas Sarkozy said "Bretton Woods II" should bring about "genuine, all-encompassing reform of the international financial system".{{cite news|url=http://www.eurodad.org/whatsnew/articles.aspx?id=132&item=3008 |title=Breton Woods II conference FAQs |publisher=Eurodad |date=2008-10-23 |accessdate=2008-11-16 |url-status=dead |archiveurl=https://web.archive.org/web/20090114074955/http://www.eurodad.org/whatsnew/articles.aspx?id=132&item=3008 |archivedate=2009-01-14 }} The Council of the European Union sees the meeting as "tak[ing] early decisions on transparency, global standards of regulation, cross-border supervision and crisis management, to avoid conflicts of interest and to create an early warning system, so as to engender confidence among savers and investors in every country." In announcing the meeting, the spokesperson for US President George Bush said that "leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sector". UK Prime Minister Gordon Brown, in a mid-October speech, set out several principles. These include transparency (internationally agreed accounting standards, credit insurance market standards), integrity (credit agencies, executive pay), responsibility (board member competency and expertise), sound banking practice (protecting against speculative bubbles). While addressing the G20 leaders, Chinese President Hu Jintao listed four priorities in reforming the international financial system: stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system.{{cite news|url=http://www.chinadaily.com.cn/china/2008-11/16/content_7208365.htm |title=Washington summit targets at crisis |work=China Daily |date=2008-11-16 |accessdate=2008-11-16 |archiveurl=https://web.archive.org/web/20090226221202/http://www.chinadaily.com.cn/china/2008-11/16/content_7208365.htm |archivedate=2009-02-26 |url-status=live }} Foreign ministry spokesman Qin Gang said the agreement was "comprehensive, positive and balanced".{{cite news|url=http://news.xinhuanet.com/english/2008-11/16/content_10365670.htm |title=Chinese FM: G20 summit "significant" for world to tackle financial crisis |publisher=Xinhua News Agency |date=2008-11-16 |accessdate=2008-11-16 |archiveurl=https://web.archive.org/web/20121102135210/http://news.xinhuanet.com/english/2008-11/16/content_10365670.htm |archivedate=2012-11-02 |url-status=dead }} Prior to this summit, Japan's Prime Minister, Taro Aso, had contributed feasible action plan based on the analysis of the surplus of Japan's international balance of payments in spite of her prolonged economic slump to The Wall Street Journal,{{cite news|url=https://www.wsj.com/articles/SB122660683367025399 |title=Restoring Financial Stability; Use Japan's experience as a guide to near-term problems ? then think bigger. |publisher=Wall Street Journal |date=2008-11-14 |first=Taro |last=Aso |accessdate=8 September 2010 |archiveurl=https://web.archive.org/web/20101010024302/http://online.wsj.com/article/SB122660683367025399.html |archivedate=10 October 2010 |url-status=live }} and also provided his idea includes funding in the meeting. Eventually Japan provided the International Monetary Fund 100 billion U.S. dollar to bolster the fund during the 2007–2008 financial crisis.{{cite news|url=http://www.imf.org/external/pubs/ft/survey/so/2009/new021309a.htm |title=IMF Signs $100 Billion Borrowing Agreement With Japan. |publisher=IMF Survey online |date=2009-02-13 |accessdate=8 September 2010 |archiveurl=https://web.archive.org/web/20100823193531/http://www.imf.org/external/pubs/ft/survey/so/2009/new021309a.htm |archivedate=23 August 2010 |url-status=live }}

The White House reported that the summit had reached what would be the Washington declaration. The five key objectives the leaders agreed upon were:

• reached a common understanding of the root causes of the global crisis;
• reviewed actions countries had taken and would take in the future to address the immediate crisis and strengthen growth;
• agreed on common principles for reforming their financial markets;
• launched an action plan to implement those principles and asked ministers to develop further specific recommendations that would be reviewed by leaders at a subsequent summit; and
• reaffirmed their commitment to free market principles.{{cite news|url=https://georgewbush-whitehouse.archives.gov/news/releases/2008/11/20081115-4.html|title=Fact Sheet: Summit on Financial Markets and the World Economy|publisher=White House|date=2008-11-14|accessdate=2008-11-16|archive-url=https://web.archive.org/web/20110122211300/http://georgewbush-whitehouse.archives.gov/news/releases/2008/11/20081115-4.html|archive-date=2011-01-22|url-status=live}}

A summary of the meeting's other salient points is presented by the White House in the "Fact Sheet" while the full conclusions are given in the Summit Declaration.{{cite news|url=https://georgewbush-whitehouse.archives.gov/news/releases/2008/11/20081115-1.html|title=Declaration of the Summit on Financial Markets and the World Economy|publisher=White House|date=2008-11-15|accessdate=2008-11-16|archive-url=https://web.archive.org/web/20090715083739/http://georgewbush-whitehouse.archives.gov/news/releases/2008/11/20081115-1.html|archive-date=2009-07-15|url-status=live}}

Despite the optimism expressed by many of those present, doubts soon began to emerge about the success of the meeting and the chances of achieving all its objectives.{{cite news|url=http://www.euronews.net/en/article/16/11/2008/doubts-surface-over-g-20-rescue-plan/|title=Doubts surface over G-20 rescue plan|publisher=Euronews|date=2008-11-16|accessdate=2008-11-16}}{{dead link|date=May 2016|bot=medic}}{{cbignore|bot=medic}}

The 2009 G20 management troika (U.K., Brazil, South Korea) is charged with coordinating the task of coming up with the content and method of implementing the 47 short and mid-term objectives by March 2009.{{cite news|url=https://www.nytimes.com/2008/11/16/washington/summit-text.html?pagewanted=2&_r=1&sq=G-20&st=cse&scp=2/|title=Statement From G-20 Summit|work=The New York Times|date=2008-11-15|accessdate=2008-11-15|archive-url=https://web.archive.org/web/20180623005532/https://www.nytimes.com/2008/11/16/washington/summit-text.html?pagewanted=2&_r=1&sq=G-20&st=cse&scp=2%2F|archive-date=2018-06-23|url-status=live}}

Follow-up Summit meetings were held on April 2, 2009 in London,{{cite news|url=http://www.number10.gov.uk/Page17684|title=Announcement from Number 10 |publisher=Number 10|date=2008-12-03|accessdate=2009-01-03| archiveurl= https://web.archive.org/web/20090124022525/http://www.number10.gov.uk/Page17684| archivedate= 24 January 2009 | url-status= dead}} and in September 2009 in Pittsburgh.

• {{flagicon|Brazil}} – Brazilian President Luiz Inácio Lula da Silva welcomed the summit's decision to give a role to the emerging economic powers like Brazil, Mexico, Russia, China and India in restructuring the global economy.{{cite news|url=http://news.bbc.co.uk/2/hi/business/7731881.stm|title=Brazil president hails G20 summit|publisher=BBC|date=2008-11-15|accessdate=2008-11-16| archiveurl= https://web.archive.org/web/20081117004931/http://news.bbc.co.uk/2/hi/business/7731881.stm| archivedate= 17 November 2008 | url-status= live}}
• {{flagicon|China}} – Chinese President Hu Jintao listed four priorities in reforming the international financial system: stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system. Foreign ministry spokesman Qin Gang said the agreement was "comprehensive, positive and balanced"
• {{flagicon|France|1974}} – After the meeting, French President Nicolas Sarkozy said: "For the first time, countries as different as those at this G20 in the United States have reached agreement on the principles, the procedures for action and on an ambitious action plan."{{cite news|url=http://www.rfi.fr/actufr/articles/107/article_74870.aspG20|title=Un ensemble de principes pour mettre fin à la crise|publisher=Radio France Internationale|accessdate=2008-11-16}}{{dead link|date=May 2016|bot=medic}}{{cbignore|bot=medic}}
• {{flagicon|Germany}} – German Chancellor Angela Merkel said that the stalled Doha round of global trade talks should be pushed forward so that a basic agreement could be reached before President Bush leaves office in January.
• {{flagicon|India}} – Indian Prime Minister Dr. Manmohan Singh welcomed the summit "for the first time there was a genuine dialogue between many of the developed countries and the emerging economies"{{cite news|url=http://economictimes.indiatimes.com/Economy/G-20_summit_very_successful_PM/articleshow/3719528.cms|title=PM terms G-20 summit as 'very successful'|work=The Economic Times|date=2008-11-16|accessdate=2008-11-16}} He also added that the summit was "a clear indication that the balance of power is shifting in favour of emerging economies".{{cite news|url=http://www.livemint.com/2008/11/16235657/An-overdue-power-shift.html?h=B|title=An overdue power shift|publisher=Live Mint|date=2008-11-16|accessdate=2008-11-16|archive-url=https://web.archive.org/web/20110815020603/http://www.livemint.com/2008/11/16235657/An-overdue-power-shift.html?h=B|archive-date=2011-08-15|url-status=live}}
• {{flagicon|Japan}} – Japanese Prime Minister Taro Aso spoke about the impact on the poorer countries if nothing is done, how to avoid it, and how to help them. 12 out of 15 plans written by Aso(Based on so called Aso-plan, sent to New York Times) ended up on the final agreement. Including Japan funding IMF with 100 billion dollars. This had led other countries to put in larger sums of funds, thus stabilizing the safety net for the countries in need financially. This is believed to have stopped the total collapse of world economy from the 2007–2008 financial crisis.{{cite news|url=https://www.theguardian.com/world/2008/nov/14/usa-g20-summit-washington|title=G20 summit marks largest such gathering in a decade.|publisher=Guardian|date=2008-11-14|location=London|first=Ed|last=Pilkington|accessdate=8 September 2010 |archive-url=https://web.archive.org/web/20130904060402/http://www.theguardian.com/world/2008/nov/14/usa-g20-summit-washington|archive-date=4 September 2013|url-status=live|df=dmy-all}}
• {{flagicon|South_Korea|1997}} – President of South Korea Lee Myung-bak said "G20 nations must lead the way for the stalled WTO Doha Agreement to be concluded as soon as possible"{{cite news|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aj2jEnA4zXTM|title=Lee Myung-bak Urges G20 to Join South Korea in Completing WTO Trade Deal.|publisher=bloomberg|date=2008-11-14|accessdate=2008-11-14|archive-url=https://web.archive.org/web/20121023090922/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aj2jEnA4zXTM|archive-date=2012-10-23|url-status=live}} And He made keynote speech at G20 summit that G20 countries make a "Stand-Still" declaration on trade and investment restrictions.{{cite news|url=https://www.koreatimes.co.kr/www/news/nation/2008/11/116_34465.html|title=Full text of Lee's keynote speech at G-20 summit|work=The Korea Times|date=2008-11-16|access-date=2008-11-16|archive-url=https://web.archive.org/web/20110520155417/http://www.koreatimes.co.kr/www/news/nation/2008/11/116_34465.html|archive-date=2011-05-20|url-status=live}}
• {{flagicon|United Kingdom}} – British Prime Minister Gordon Brown spoke at a press conference: "These are extraordinary times and they require extraordinary measures."{{cite news|url=http://news.bbc.co.uk/2/hi/uk_news/politics/7731932.stm|title=Brown heralds G20's 'route map'|publisher=BBC|date=2008-11-16|accessdate=2008-11-16| archiveurl= https://web.archive.org/web/20081122004615/http://news.bbc.co.uk/2/hi/uk_news/politics/7731932.stm| archivedate= 22 November 2008 | url-status= live}} "If my sense of last night is right, at a next meeting, plans for the detailed reform of international institutions will be brought forward", he said after the meeting.{{cite news|url=https://www.theguardian.com/business/2008/nov/15/economics-globaleconomy1|title=Gordon Brown heralds progress at G20 financial crisis talks|work=The Guardian|date=2008-11-16|accessdate=2008-11-16|location=London|first=Ed|last=Pilkington|archive-url=https://web.archive.org/web/20130904043712/http://www.theguardian.com/business/2008/nov/15/economics-globaleconomy1|archive-date=2013-09-04|url-status=live}}
• {{flagicon|USA}} – President of the United States George W. Bush said: "We are adapting our financial systems to the realities of the 21st century".{{cite news|url=http://news.bbc.co.uk/2/hi/business/7731139.stm|title=Summit pledge to restore growth|publisher=BBC|date=2008-11-16|accessdate=2008-11-16| archiveurl= https://web.archive.org/web/20081116004714/http://news.bbc.co.uk/2/hi/business/7731139.stm| archivedate= 16 November 2008 | url-status= live}} VOA reported that after the summit Bush stated: "Our nations agreed that we must make the financial markets more transparent and accountable. Transparency is very important so that investors and regulators are able to know the truth."{{cite news|url=http://www.voanews.com/english/2008-11-15-voa25.cfm|title=Financial Summit Agrees Measures to Fight Deep Recession|publisher=VOA|date=2008-11-15|accessdate=2008-11-16|archiveurl=https://web.archive.org/web/20081212130745/http://voanews.com/english/2008-11-15-voa25.cfm|archivedate=12 December 2008|url-status=dead|df=dmy-all}}
• {{flagicon|EU}} – President of the European Commission José Manuel Barroso was pleased with the outcome of the summit: 'I can really say that this was a historic summit. I am very, very happy.' He added that no one had expected a miracle solution, emphasising that there was now a 'clear time schedule' for reforming the world financial system. 'This is the beginning of a process, not the end,' he explained.{{cite news|url=http://www.monstersandcritics.com/news/business/news/article_1443184.php/Barroso_"This_is_the_beginning_of_a_process%22__Extra__ |title=Barroso: "This is the beginning of a process" (Extra) |publisher=Monsters and Critics |date=2008-11-15 |accessdate=2008-11-16 |url-status=dead |archiveurl=https://web.archive.org/web/20110520100136/http://www.monstersandcritics.com/news/business/news/article_1443184.php/Barroso_%26quotThis_is_the_beginning_of_a_process%22__Extra__ |archivedate=2011-05-20 }}

The financial press generally welcomed the results of the summit but the Financial Times drew attention to the need for real global cooperation on the ambitious agenda[http://www.ft.com/cms/s/0/78548fb8-b411-11dd-8e35-0000779fd18c.html? G20 marks a shift in economic power, FT website.] {{Webarchive|url=https://web.archive.org/web/20081117004730/http://www.ft.com/cms/s/0/78548fb8-b411-11dd-8e35-0000779fd18c.html |date=2008-11-17 }}. Retrieved 17 November 2008. while The Wall Street Journal questioned whether the "regulatory crackdown on the kind of high-risk lending and investment that has led the world into a financial mess" might not backfire by causing an unwanted credit crunch.[https://www.wsj.com/articles/SB122679484106131155 G-20 Leaders Tighten Grip on Banks. Wall Street Journal.] {{Webarchive|url=https://web.archive.org/web/20160310110125/http://www.wsj.com/articles/SB122679484106131155 |date=2016-03-10 }}. Retrieved 17 November 2008. Business Week listed a number of difficult fundamental questions finance ministers would now have to resolve by the end of March. These included trade tensions and protectionism, consumer spending, housing prices, a clampdown on lending practices and how to achieve global coordination.[http://www.businessweek.com/bwdaily/dnflash/content/nov2008/db20081114_874415.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis Key Questions From the G-20 Summit. Business Week website] {{webarchive|url=https://web.archive.org/web/20090113200114/http://www.businessweek.com/bwdaily/dnflash/content/nov2008/db20081114_874415.htm?chan=top%20news_top%20news%20index%20-%20temp_news%20%20%20analysis |date=January 13, 2009 }}. Retrieved 17 November 2008. The Hindu's Business Line opined that "it is all very well to speak blithely of new Bretton Woods institutions but, when there is no acceptance of a world mediated by Western ideas, the move is doomed ab initio."[http://www.thehindubusinessline.com/2008/11/18/stories/2008111850590800.htm The G-20 Summit: No Happy Ending], The Hindu Business Line, Nov. 18, 2008 {{webarchive |url=https://web.archive.org/web/20090226180716/http://www.thehindubusinessline.com/2008/11/18/stories/2008111850590800.htm |date=February 26, 2009 }}

The UN General Assembly set up an Interactive Panel on the Global Financial Crisis which held its first meeting in New York on 30 October 2008, led by Professor Joseph Stiglitz. It covered similar ground as the G20, but involving a broader range of countries, and lobbied for an agreement involving all members of the UN.{{cite web|url=https://www.un.org/ga/president/63/PDFs/gfc_concept.pdf|title=The Interactive Panel of the United Nations General Assembly on the global financial crisis|publisher=United Nations|date=2008-10-30|accessdate=2008-11-16| archiveurl= https://web.archive.org/web/20081215105238/http://www.un.org/ga/president/63/PDFs/gfc_concept.pdf| archivedate= 15 December 2008 | url-status= live}} The panel's work was carried forward by a Commission of Experts on Reform of the International Financial System, also led by Stiglitz.

• 2008 financial crisis
• Eurodad
• Exchange rate regime
• Foreign exchange reserves
• List of G20 summits

{{Reflist|2}}

{{Commons category|nowrap=yes}}

• [http://www.g8.utoronto.ca/g20 G20 Information Centre]
• [http://www.parliament.uk/ImageVault/Images/storage_Edited/filename_Y1Lv-YZwOlkcVJm7eBHn.jpg/id_6214/ImageVaultHandler.aspx Graphic: G20 is not simply the 20 largest economies]
• [https://web.archive.org/web/20081028013716/http://www.eurodad.org/whatsnew/articles.aspx?id=3008 Eurodad: Bretton Woods II conference FAQs]
• [https://web.archive.org/web/20090114080607/http://www.eurodad.org/whatsnew/articles.aspx?id=3010 Eurodad: IMF back in business as Bretton Woods II conference announced]
• [https://www.un.org/ga/president/63/interactive/gfc.shtml UN Interactive Panel on the Global Financial Crisis]
• [https://www.un.org/ga/president/63/commission/financial_commission.shtml UN Commission of Experts on Reform of the International Financial System]
• [http://wsws.org/articles/2004/nov2004/usdol-n23.shtml US dollar slide to continue after G20 meeting]
• [http://www.wsws.org/articles/2009/apr2009/g20s-a03.shtml G20 summit: US and Europe paper over divisions]

{{G-20 leaders' summits}}

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