G20 summit focuses on economic progress
The latest G20 summit will take place in Pittsburgh today
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Thursday, 24, Sep 2009 12:30
By Richard James.
The latest G20 summit will take place in Pittsburgh today, with the global economic crisis the main theme for discussion.
The event will be hosted by US president Barack Obama, who volunteered to stage a follow up to the London summit in April, and will see 19 leaders of developed and developing countries meet for talks.
Earlier this year, world leaders committed themselves to a number of pledges to counter the global recession.
Nations called for greater regulation of the financial sector, a closure of tax havens and pledged greater funds to the International Monetary Fund (IMF) to help support the world's poorest.
Its has now been a year since the global finances went into meltdown with the epic nationalising of banks and various car-markers, huge stimulus packages have also been introduced by governments in countries such as Britain, China and the US.
Since the London summit though a number of leading economies have begun to show sign of recovery, and this week's meeting will instead focus on ways to continue to encourage growth and a return to prosperity.
In a statement released ahead of the summit, Mr Obama said: "The Pittsburgh summit is an important opportunity to continue the hard work that we have done in confronting the global economic crisis and renewing prosperity for our people.
"Together, we will review the progress we have made, assess what more needs to be done, and discuss what we can do together to lay the groundwork for balanced and sustainable economic growth."
Germany, France and Japan have all announced they have emerged from recession, with the remainder of the G20 nations - who represent 85 per cent of the world's economic output - hoping to also record positive growth soon.
Nations are expected to discuss differing exit strategies from the huge stimulus packages and further consensus on the bonuses culture in the banking sector.
The summit in London was marred by unrest in and around the centre of the city as public outrage at the cavalier actions of some within the financial sector peaked.
Clashes between protestors and police resulted in a number of people being injured and numerous complaints of police brutality - with news vendor Ian Tomlinson collapsing and dying shortly after coming into contact with officers near the Bank of England.
Security has been ramped up for this week's summit also, with thousands of additional police officers brought into Pittsburgh to help police anti-G20 protests on Thursday and Friday.
Tall steel fencing has also been erected along streets around the convention centre where the world leaders will meet.
Climate change is also expected to be high on the agenda for negotiations during the summit.