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G20 meeting ends with pledges to tackle global financial meltdown
 

November 10, 2008

Finance ministers and central bank governors from the Group of 20 (G20) major industrial and emerging economies closed their annual meeting here Sunday, vowing to jointly tackle the global financial crisis.     The G20 has "a critical role to play in ensuring global financial and economic stability," said a joint statement released at the end of the two-day meeting.
    Brazilian Finance Minister Guido Mantega, who chaired the meeting, said the participants agreed that "joint and coordinated action," "greater regulation of financial markets" and "total agreement" on policies are required to regain financial stability.     Other actions agreed upon at the meeting include fiscal incentives to enterprises, and more international cooperation to identify and rapidly respond to signs of national and international crisis.
    The officials agreed that tax cuts and increased government spending are necessary to avoid a recession. They also pledged increased communication and coordination in the face of the crisis.     The agreements reached at the meeting will be discussed further at the upcoming summit of the group's leaders scheduled for Friday and Saturday in Washington.

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