The G20 summit will get underway on Thursday in London”s Docklands with a working breakfast, as world leaders aim to set a clear agenda for tackling the global financial crisis.
The summit, bringing together leaders of developed and emerging economies and international organizations, is expected to announce new rules to regulate hedge funds and financial markets, an aid package for poor countries, an increase in the IMF”s reserves, and measures to stimulate trade.
Many countries have arrived with strong agendas, with French President Nicolas Sarkozy, whose position has been backed by German Chancellor Angela Merkel, threatening to walk out of the summit if his demand for stricter financial regulations is not included in any final agreement.
France and Germany”s stance has been resisted by U.S. President Barack Obama and many other Western leaders, who are more focused on introducing a package of measures to boost economies and trade.
UN Secretary General Ban Ki-moon has urged the G20 to come up with practical measures to halt a further economic downturn and to support those developing countries worst effected by the crisis.
Security around the Excel center in East London is expected to be tight following Wednesday”s demonstrations across the capital, which led to over 60 arrests and the death of one demonstrator, who was found unconscious in a London side street.
Russia earlier submitted proposals for the summit, including the establishment of an international reserve currency, and measures to ensure national banks and international financial institutions diversify their foreign currency reserves.
At a meeting with Russian President Dmitry Medvedev on Wednesday, Obama said he saw no need for the creation of a new global reserve currency.
