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Politics & press news – Special Report Mar 2009

G20: Who wants what

Now we know what the diplomats think, but here’s a summary of what the various G20 nations are hoping will be going into the mix for the communiqué this afternoon.

Argentina – More IMF voting rights for emerging economies; less conditions and longer terms for IMF loans; increased effectiveness of IMF oversight mechanisms

Australia – Doubling of IMF resources; China should get a more central role; G20 should play more prominent role in global affairs

Brazil – Boost IMF funds; create £70bn Fund credit line for international trade; rich nations should accept responsibility for bringing about the crisis; stronger voice for emerging economies; conclusion of Doha Round of trade talks

Canada – Measures to restore global growth; commitment against protectionism; stronger banking regulation; boost to IMF resources

China – More IMF voting rights and firmer international financial regulation; global reserve currency based on IMF special drawing rights

EU – Boost IMF funds; more effective financial regulation; resistant to calls for new stimulus measures

France – Against more fiscal stimulus, pro-regulation; wants a new global financial architecture; favours clamping down on hedge funds and tax havens.

Germany – Financial markets and products to be subject to stricter supervision; favours modified bank capital adequacy rules; reform of IMF

India – More lending to emerging economies hit by collapse of private capital; improved representation in IMF; wants to implement confidence-building measures in world economy and discourage protectionism

Indonesia – Wants guidance on fiscal stimulus in relation to GDP; calling for Global Expenditure Support Fund to help developing countries weather the crisis; wants to make IMF more representative of new world order

Italy – Backs reform of global financial system and cooperation on regulation between the G8 (which it chairs) and G20

Japan – Wants to focus on kickstarting the world economy; not prioritising longer-term efforts to improve financial regulation

Mexico – Urging international financial organisations to bolster their support for emerging economies; also wants a coordinated fiscal stimulus

Saudi Arabia – Seeking reform of IMF; any increased contributions must be matched by greater influence; wants to avoid the global crisis further undermining demand for oil

South Africa – Wants stronger role and better resources for IMF, World Bank and regional development banks

South Korea – Wants anti-protectionist measures; also wants agreement on how much fiscal stimulus is needed to counter recession

Turkey – Seeks stronger European commitment to stimulate economies; pledges to avoid protectionism; calling on rich nations to deliver on aid promises

UK – Priorities are reform of global banking system and creation of jobs; wants G20 to curb protectionism and clamp down on tax havens

US – Seeks robust approach to stimulus measures; wants an approach to dealing with toxic assets, agreement on regulatory reform to prevent repeat of crisis; backs greater transparency by tax havens

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Protesters at the US Embassy had their own message to G20 leaders

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