New Delhi: At the G-20 meet, finance ministers made tentative advances, promising to raise funds available for emerging markets that need help.
The highlight of the meet was a joint commitment to do whatever it takes to keep the world economy afloat, and Washington's plans to tackle the toxic assets that started the crisis.
A regulatory framework for handling bank rescue operations in addition to future regulations was also discussed.
Hedge funds will also be more closely regulated, as will the derivatives markets. The leaders also committed themselves to restoring bank lending, maintaining low interest rates and helping developing nations.
Speaking on restoring global financial stability, US Treasury Secretary Timothy Geithner said, "Let me just underscore how important it is not just in the US but around the world that we bring these broader markets, not just derivative markets but the broader markets, that are so critical as to how our financial system works within a framework of standards, disclosures, and oversight."
"You will see us outlining in the coming weeks our agenda reforms of the US financial system. In that context, we believe that it is appropriate to bring these over the standards of the markets onto central clearing houses and exchanges. There are big benefits for systemic stability and its time to do that and I think we will be able to do that," he added.
UK Chancellor of the Exchequer, Alistair Darling, said, "All of us are ready to do whatever it takes and whatever is necessary and as long as that is necessary."
Chairman IMF Policy Committee, Youssef Boutros-Ghali, said, "The International Monetary Fund has mentiond it before, it needs to bring up its available reserves to USD 500 billion."
Senior Strategist Newedge Group, Kirby Daley, said, "What the world is waiting for is details. Hopefully, they will get them in April. But I think this meeting may have done two things. It sort of reassured that the IMF will have the assets it needs for the emerging markets. Where are they going to get them, I am not sure. But they are sure they are going to get them."
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