"A Deep Process of Reform and Restructuring"

Ten-minute video...a bit dry, but I watched it twice and took notes. Here is a bit of a run-down on the raw speech; there is sure to be much expert commentary soon to come (this video is very recent.)

Gordon Brown, PM of England, outlines the "Six Pledges" the G-20 has established during their meeting in London.

1. "For the first time, we have come together to set principles to reform the world banking system..." Brown announced, reflecting on a "new global regulatory net" that would inlude new levels of accountability and a "financial stability board" that would serve as an "early warning mechanism."

2. Second, Brown claimed that there would be new efforts to "clean up banks" through a "common global approach." He did not go into much more detail...

3. In order to "hasten global recovery," the G-20 has decided to launch the "biggest macroeconomic stimulus plan the world has ever seen", which consists of injecting 500 trillion dollars into the global markets. He also promised the IMF (International Monetary Fund) a trillion dollars (I find it so ironic that all these figures were given in dollars...). Anyway, he insisted that the increased involvement of the IMF in regulating, advising, and assisting nations, including "the world's poorest" would help nations fight the recession.

4. Brown vaguely promised to "strengthen surveillence" via international independant institutions--it sounded like he was talking about UN bodies, but it wasn't clear. He emphasized the need for these bodies to assist emerging economies and combat poverty.

5. An important point he made was the need to stimulate world trade, promising "250 billion dollars for trade finance."

6. He vowed a continued commitment to the Millenium Development Goals and global aid pledges. Referencing the story of the Good Samaritan, he insisted that "we will not pass by the other side" when it is "in our power" to help those who are "suffering." He also reiterated the G-20 commitment to helping the world's poorest and to the continual pursuit of envoirnmental sustainablity."