Still divided over the best way to fight the global economic downturn, finance officials of the leading industrial nations agreed on Saturday to commit more money to help developing countries, step up efforts to revive bank lending and regulate hedge funds. Still divided over the best way to fight the global economic downturn, finance officials of the leading industrial nations agreed on Saturday to commit more money to help developing countries, step up efforts to revive bank lending and regulate hedge funds. The United States Treasury secretary, Timothy F. Geithner, took pains on Saturday to present a united front, saying that the world was committed to increasing consumer demand — despite stated European reluctance on that matter. “The world is with us on this,” Mr. Geithner said. “We will do what is necessary to get the economy moving again.”
Germany and France were the only two countries to give a joint news conference following the meeting, in which they reiterated their position that the focus of the G-20 meeting in London next month should be on reforming regulation rather than additional stimulus measures to deal with the global economic emergency. Note EU-Digest: the EU approach is the right one - without taking the medicine the patient can't get better.
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