[The Times, U.K.]

 

 

Folha, Brazil

'Unbelievably, G-20 Meeting was Positive!'

 

"The current financial crisis appears to be the departure point for a more multilateral world, something that had nearly been forgotten. To put it simply: the rich world has given the signal that it will benefit if it begins to listen to the emerging world."

 

By Kennedy Alencar

                                   

 

Translated By Brandi Miller

 

November 16, 2008

 

Brazil - Folha- Original Article (Portuguese)

While some may think things went well at the G-20 Summit that was just held in Washington, it wasn't a good day for the dollar, which fell against the euro and yen on Monday after G-20 leaders failed to offer specific measures to boost the global economy.   BBC NEWS AUDIO: G-20 leaders meet to 'save global economy from collapse' during four hour meeting; agree to emergency plan, Nov. 15, 00:03:16

I word of caution must be said. This was a first meeting organized by a weak leader that will soon leave the scene - George W. Bush. Everyone was full of good intentions. And we know that real life is more complicated - especially the world financial market in these times of globalization.

 

The objective of overseeing the planet’s financial market is very ambitious - and no one knows exactly how to do it or if carrying out this type of regulation will improve the situation.

 

But that was the goal of this meeting in Washington. For the first time, the heads of state from the G-20 got together. The group is composed of the 20 largest economies in the world, representing 85 percent of the planet's wealth. Spain and Holland will enlarge the next meeting, transforming the group into the G-22. 

Posted by WORLDMEETS.US

 

The meeting outlined six priorities until March of next year, when another meeting is scheduled to take place in London, and this time with the most powerful man in the world, Barack Obama.

 

The objectives are: reform of regulatory practices that led to the crisis; new accounting standards; greater transparency for derivatives markets; the methods of funding and assessing the capital needs for international financial institutions.

 

 

Of course achieving these goals in rapid fashion will be difficult. Again: is it all worth it? In the mean time, there is one undeniable merit.

 

The current financial crisis appears to be the departure point for a more multilateral world, something that had nearly been forgotten. To put it simply: the rich world has given the sign that it will benefit if it begins to listen to the emerging world.

 

And Brazil has a rather important role. The country should use energy and environmental issues to raise its voice in global decision-making - the first issue of which should be forceful action to freeze the Amazon [rainforest] at its current size. And the entire world should contribute to the cost of maintaining the largest tropical forest reserve on the planet.

 

In terms of energy, ethanol and pre-salt oil reserves are trump cards that, if well-used, will bring further development to Brazil and greater international prestige. It’s time to think big.

 

Kennedy Alencar, 40, is a columnist for Folha Online and a special reporter for Folha in Brasília. He writes for Pensata on Fridays and for the column Brasília Online, where he goes behind the scenes of federal politics, on Sundays. He is also a commentator on the news show “RedeTVNews,” on the air from Monday to Saturday at 9:10 PM. E-mail: kalencar@folhasp.com.br

 

CLICK HERE FOR PORTUGUESE VERSION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Posted by WORLDMEETS.US November 17, 5:05pm]