Word: communique
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Dates: during 2000-2009
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...what extent has the outcome of today's meeting of 19 leading economies and the European Union already been agreed? That's the $2 trillion question. The sum is the proposed level of fiscal stimulus by G-20 nations identified in an early leaked draft of the final communiqué expected later today. But amid squabbling in the run-up to the meeting, with France and Germany especially vocal in their objections to making specific commitments, the figure has been recast as the collated estimate of measures already planned as the world tries to stave off a prolonged downturn...
...That is why Obama's comments on Wednesday were so notable. The issue of imbalances is not expected to play a big role in the coming G-20 communiqué, which focuses on regulation, aid to developing countries, protectionism and stimulus. But Obama clearly signaled that the issue is on his radar, and that policy shifts may be coming. In practice, this means measures in the medium term that will encourage greater consumption and spending in developing nations like China, and more saving and less debt in the U.S. Although he was vague, Obama discussed what would amount...
...Rather than confront this conflict head-on, both the Obama Administration and European leaders have agreed to effectively dodge the issue for now by adopting language, in a draft communiqué, that pledges all nations to take "whatever action is necessary until growth is restored." At the same time, White House aides have been arguing in recent weeks that the glass is half full, and that the real test will come only if a second round of stimulus efforts is needed. "There's been an unprecedented coming together around stimulating the global economy," says Michael Froman, one of Obama...
...London meeting will last only a day, and its agenda is potentially vast, so don't expect everything to be settled. Remember, too, that the outcomes of international summits are, in the jargon, "precooked." That is to say, unless something goes really wrong, the final communiqué will have been hammered out in advance by the summiteers' "sherpas" - the officials who do the heavy lifting for heads of government before the grand panjandrums get together for their little chats...
...crucially important event for the future of the global economy when it was first called just four months ago, it's now clear that this meeting is likely to be anticlimactic at best and, at worst, a dangerous failure. Clever civil servants are already working on a draft final communiqué that will suggest great progress has been made. A skeptical and worried world is unlikely to believe...