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Summary G 20 committed to a strong and coordinated response to renewed challenges, a statement said.
The worlds major economies are pledging to take strong actions to restore financial stability and calm financial markets that plunged on Thursday over renewed fears that the global economy was headed toward a new recession.Finance officials of the Group of 20 major economies issued a statement saying they were committed to a strong and coordinated response to renewed challenges coming from the European debt crisis and weak economic growth in the United States and other countries.The finance officials of traditional economic powers such as the United States, Japan and Germany and major emerging nations such as China want to demonstrate strong resolve in the hope that it will calm jitters that had sent financial markets down sharply.We are taking strong actions to maintain financial stability, restore confidence and support growth, the G-20 joint statement said. We commit to take all actions to preserve the stability of banking systems and financial markets as required.Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke represented the United States at the meeting.The G-20 group, which includes officials from countries that represent 85 percent of the global economy, had not been originally scheduled to issue a statement after Thursdays meeting. But officials said the decision was made to put out a joint statement as a way to show resolve in the face of Thursdays market turbulence.
