The Group of 20 leaders yesterday pledged an additional $1.1 trillion to restore credit, growth and jobs in the world economy, announcing a broad raft of measures designed to hasten the end of the global financial crisis.
They also declared a crackdown on tax havens, regulation of hedge funds and a new supervisory body to flag problems in the world financial system.
In a press conference after the summit, the host, British Prime Minister Gordon Brown, said: "Today, the largest countries of the world have agreed on a global plan for economic recovery and reform." He revealed all the issues that the leaders agreed upon during the one-day meeting.
In a sweeping G20 communique, the world leaders vowed to join hands to spur the global economy, repair the financial system, strengthen global financial regulation, battle trade protectionism and achieve green and sustainable recovery.
All the major indices were trading at more than 3.5 percent at mid-day with optimism that the world's economy was on the mend.