London G20: What each country wants
Leaders from across the world will enter into talks in London today
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Wednesday, 01, Apr 2009 12:30
Richard James examines what world leaders will be hoping to achieve at today's G20 summit.
Argentina: Buenos Aries has issued calls for reform to the global financial system, including the abolition of tax havens. The country's president Cristina Kirchner has demanded discussion on whether the US dollar should continue to be the international reserve currency.
Australia: Gordon Brown's much criticised plans to tackle the financial downturn can expect some support from Australian prime minister Kevin Rudd. The Australian government has backed suggestions on how to deal with the toxic assets, which are currently stopping banks from lending to each other.
Brazil: The global financial meltdown is not attracting the dramatic apocalyptic headlines elsewhere in the western world. Instead, for now, Brazil's Luiz Inácio Lula da Silva is more concerned with local issues, including the country's continuing drug-war.
Canada: Things did not start well for Canada after a leaked memo last month suggested it wasn't among the "11-high priority states" at the G20. Due to its proximity with the States and its trade reliance, Canada's president Stephen Harper is not likely to support talks of a crackdown on protectionism.
China: Beijing claims the current financial problem originated in the US and has suggested the creation of a new global reserve currency, alongside, and potential eventually replacing, the US dollar as the international currency.
European Union: The Czech Republic, which holds the rotating presidency of the EU, is vehemently opposed to fiscal spending plans from London and Washington. Meanwhile, the president of the European Commission Jose Manuel Barroso is likely to ask for tighter controls on the global financial system.
France: Nicolas Sarkozy has called for tighter global financial regulation and has even threatened to walk out of the summit if his demands are not met.
Germany: Germany supports Sarkozy's standing on regulation and has called for a new era of global regulation, executive bonuses, hedge funds and offshore tax havens. Chancellor Angela Merkel has expressed her opposition to further coordinated stimulus packages.
India: The Indian government as usual has called for a greater say at the World Bank and the IMF.
Indonesia: During the summit the president of Indonesia Susilo Bambang Yudhoyono will try and gather further support for reforms to the global financial system which would see developing nations receive greater funding and the creation fairer economic systems.
Italy: Italy has previously demanded an end to "unfair" bank bonuses, calling for the payments to be reigned in considerably. Sardinia will host the next G8 meeting in July which may involve further G20 talks if negotiations fail to reach any concrete conclusions in London.
Japan: Tokyo has suffered greatly in the downturn. The Japanese economy contracted over 12 per cent in the fourth quarter of last year. The decline in exports has hurt Japan in a big way and as a result it has issued its support for further efforts to stimulate the global economy and a tightening of regulation.
Mexico: "Protectionism is not the right answer, it is the wrong answer," Mexico's president Felipe Calderon has already stated. Support for reform to the IMF and the global financial system are expected to be priorities.
Russia: Thursday's summit will represent the first meeting between Russian president Dmitry Medvedev and US president Barack Obama. Moscow backs the German and European opposition to the US-UK plans for further spending.
Saudi Arabia: Broadly backs US policies.
South Africa: Kgalema Motlanthe will act as the sole representative from the entire African continent at Thursday's summit. South Africa will call for the G20 countries not to think simply about salvaging their own economies but those of the developing nations also.
South Korea: Backs further financial stimulus policies, more assistance for emerging economies and a reform of the international regulatory system.
Turkey: A failure to lend between banks is affecting Turkey's economy like many other nations. An agreement on global action to address the problem will be amongst Ankara's highest priorities.
United Kingdom: The G20 marks a huge moment for Gordon Brown and his standing within the international community. The world's leaders are coming to London as Brown tries desperately to form a global consensus on how to tackle to economic downturn.
Brown wants governments to increase their fiscal spending to help create growth and jobs.
United States: The White House also backs plans for further spending to encourage economic growth. Barack Obama will call for extended aid to developing nations and highlight the need for credit markets to be repaired.