G20 sets up action group to learn lessons from recent financial market turmoil |
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Published
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Sun, 18 Nov 2007 12:58
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KLEINMOND, South Africa (Thomson Financial) - The G20 group of leading industrial and emerging economies have set up an action group to learn the lessons from the recent turbulence in financial markets.In their communique following their meeting here, the G20 finance ministers and central bankers said recent events have 'emphasised the need for greater effectiveness of financial supervision and the management of financial risks as well as to increase transparency among financial institutions'.They added that there may be 'important new lessons' to be learnt by understanding the origins of the crisis and the way financial shocks are transmitted, which led to the near drying up of liquidity in credit markets.'We agreed to pursue further work to improve our understanding of these issues and their application to G20 members in the year ahead,' they said.The G20 reiterated their commitment to working to a 'rapid and successful' conclusion of the Doha trade round and the need to strengthen the 'credibility, effectiveness and legitimacy' of the IMF and the World Bank.pan.pylas@thomson.compp/ss/jrrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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