Leader: Let's See If the Sun Is Still Shining This Time Next Year
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Summary
YESTERDAY, the sun shone, metaphorically as well as in reality. While we basked in April sunshine, the economy started to show some genuine signs of recovery. Last month, house prices in Britain rose for the first time since October 2007. The increase was a modest 0.9 per cent, and taking the last 12 months into account, property values are still down overall; but we might just be turning a corner. Banks and financial institutions are also starting to ease up on credit restrictions, according to a new Bank of England survey. The green shoots of recovery may be modest still, and an unexpected frost is always a possibility in the present chaotic global economy, but at least there is genuine good news for a change.
It is against this hopeful background we should interpret the outcome of the G20 summit. Rhetoric and political ambition aside, the London summit demonstrated that the major nations are serious about working together to minimise the impact of the worst global recession since the 1930s. If we see the summit as part of a process, rather than being an instant solution, then we can conclude it was a useful event.See the full content of this document
Extract
Leader: Let's See If the Sun Is Still Shining This Time Next Year
In practical terms, the summit agreed a big boost to the coffers of the International Monetary Fund. Some of the new IMF money is achieved by accounting black magic, some relies on the US Congress voting yet more US taxpayers' cash f...
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