G20 to become global economic caretaker

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Updated September 25, 2009 19:47:57

The G20 summit has opened in the United States city of Pittsburgh, aiming to pull the world economy out of its worst recession in generations. Its draft communique says emergency government spending will stay in place until a recovery is secured. It also contains tougher rules on bank capital and executive pay, to be rolled out by the end of 2012, a move welcomed by US Treasury Secretary, Timothy Geithner.

The G20 has also decided to take over the role of caretaker for the global economy, shifting prominence away from the G8, and giving rising powers such as China more clout.

Presenter: Corinne Podger
Speaker: Jan Friederich, global forecasting economist, Economist Intelligence Unit, Hong Kong

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