Germany and Australia push 'sustainable' economics for G20

3rd September 2009, Comments 0 comments

German Chancellor Angela Merkel and Australian Prime Minister Kevin Rudd said more progress was needed on international regulation of financial markets by the world's top economies in the wake of the crisis.

Berlin -- The leaders of Germany and Australia spoke by telephone Wednesday and agreed on the need for an international pact on "sustainable economics" at this month's Group of 20 summit, Berlin said.

German Chancellor Angela Merkel and Australian Prime Minister Kevin Rudd said more progress was needed on international regulation of financial markets by the world's top economies in the wake of the crisis, her spokesman said.

"He strongly supported the chancellor's proposal for the G20 to approve a charter for sustainable economics," Merkel's spokesman, Ulrich Wilhelm, said in a statement.

Merkel said it was crucial that conclusions drawn from the G20 summits in Washington in November and in London in April be implemented quickly, and for further market regulation to be approved at the summit in Pittsburgh on September 24 and 25.

"In particular, the G20 must approve clear rules for compensation in the financial sector," she was quoted as saying in a reference to a French proposal to cap bonuses in the banking industry.

Merkel also stressed the importance of bringing an eventual end to the massive public spending to which governments have resorted in order to fight the economic crisis, saying the G20 countries must coordinate these moves.

AFP/Expatica

 

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