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Major international meetings on fighting world financial crisis

Updated: 2009-09-25 17:22

PITTSBURGH, the United States: The third financial summit of the Group of 20 (G20) opened here on Thursday evening.

Leaders are expected to coordinate their positions on a global economic recovery, financial regulatory reform and world trade issues during the two-day meeting.

Many high-level international meetings have been held to fight the global financial crisis since September 2008 when the Wall Street investment bank giant Lehman Brothers collapsed. The following are some of the major events in chronological order:

G20 Washington Summit

The first round of the G20 financial summit was held in Washington on Nov 15, 2008.

Leaders discussed the root causes of the financial crisis, actions that had been taken and were to be taken, common principles for reform of financial markets, and commitment to an open global economy.

On the issue of financial reform, the G20 vowed to strengthen transparency and accountability, enhance sound regulation, promote integrity in financial markets, reinforce international cooperation and reform international financial institutions.

G20 London Summit

The second round of the summit was held in London on April 2, 2009.

Leaders who attended the meeting pledged to restore confidence, growth and jobs. They pledged to repair the financial system to restore lending, strengthen financial regulation to rebuild trust, fund and reform international financial institutions to overcome the crisis and prevent future ones.

They also vowed to promote global trade and investment, reject protectionism, underpin prosperity, and build an inclusive, green, and sustainable recovery.

The leaders also agreed to establish a new Financial Stability Board (FSB) with a strengthened mandate as a successor to the Financial Stability Forum. The FSB will collaborate with the IMF to provide early warning of macroeconomic and financial risks and actions needed to address them.

The World Bank and IMF 2009 spring meetings

The World Bank Group and International Monetary Fund held spring meetings on April 25-26, 2009 in Washington D.C.

Each spring, the IMF's International Monetary and Financial Committee and the joint World Bank-IMF Development Committee hold meetings to discuss progress on their work.

This year's spring meetings were particularly important to developing countries because of the global financial crisis and the 1.1 trillion U.S. dollars in resources for low-income countries promised at the G20 Summit in London.

Much of these pledged resources are to be channeled through the World Bank and the IMF and could provide critical relief for African countries hit hard by the crisis.

The Financial Stability Board plenary meetings

The FSB held its first plenary meeting in Basel, Switzerland, on June 26, 2009. The FSB, the key coordination body for the international financial system, assessed the financial situation and progress of the G20 London Summit's commitments.

The FSB met in Paris on September 15 for its second plenary meeting. The board assessed the risks, vulnerabilities and responses to the financial crisis. Its proposal will be an essential reference document for the G20 Pittsburgh Summit.

UN high-level meeting on world financial and economic crisis

The United Nations wrapped up a five-day debate on the economic crisis and its impact on development on July 1, 2009. It was the first time for the world body to host a high-level meeting to discuss the world financial crisis.

Leaders and representatives from more than 150 member states and international organizations focused their debate on the impact of the crisis on developing countries and reform of the global financial system.

G8 Summit 2009

Leaders of the Group of Eight (G8) industrialized countries concluded talks in L'Aquila, Italy, on July 10 with a pledge of 20 billion dollars to boost food supplies to poor nations. Commitments to food security and to stem global warming were among the highlights of the meeting.

Chinese President Hu Jintao and other leaders of major developing countries held talks with G8 leaders at the summit.

Many high-level international meetings have been held to fight the global financial crisis since September 2008 when the Wall Street investment bank giant Lehman Brothers collapsed.
The G20 summit in Pittsburgh has been highly anticipated for the active role it could play in bringing a stable and lasting momentum to the emerging global economic recovery.
I hope China will categorically outline her stance on vital international issues. I would be totally disappointed if deliberations after this UN summits turn out to be "the same old wine in old cups."
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