Word: communique
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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...
...moved to implement OECD standards. The U.S. President took Sarkozy aside, then Chinese President Hu Jintao, and finally brought them together in a private meeting at the side of the room. "If he hadn't done that, we'd still be there," remarked a White House official after the communiqué had been safely published. (See pictures of Obama in Europe...
...German Chancellor Angela Merkel, who with Sarkozy had insisted on banishing any Anglo-Saxon laxity from financial regulation, also expressed satisfaction at the conclusion of the summit, which produced not only a six-point communiqué but also two detailed annexes on how a tighter regulatory regime would work. But the key to success, Merkel added at her closing press conference, would be how those measures are implemented. "That's why I'm glad we've agreed to another G-20 meeting, to check our progress," she said. A date and venue for the next meeting have not yet been...
...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...
...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...