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The 2008 G20 Washington Summit on Financial Markets and the World Economy was the first meeting, held in Washington, D.C., United States. It achieved general agreement amongst the G20 on how to cooperate in key areas so as to strengthen economic growth, deal with the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, and lay the foundation for reform to avoid similar crises in the future. The Summit resulted from an initiative by the French and
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
President,
Nicolas Sarkozy Nicolas Paul Stéphane Sarközy de Nagy-Bocsa ( ; ; born 28 January 1955) is a French politician who served as President of France from 2007 to 2012. In 2021, he was found guilty of having tried to bribe a judge in 2014 to obtain information ...
, Australian Prime Minister
Kevin Rudd Kevin Michael Rudd (born 21 September 1957) is an Australian diplomat and former politician who served as the 26th prime minister of Australia from 2007 to 2010 and June to September 2013. He held office as the Leaders of the Australian Labo ...
, and the British Prime Minister,
Gordon Brown James Gordon Brown (born 20 February 1951) is a British politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party (UK), Leader of the Labour Party from 2007 to 2010. Previously, he was Chancellor of the Ex ...
. In connection with the G7 finance ministers on October 11, 2008, United States President
George W. Bush George Walker Bush (born July 6, 1946) is an American politician and businessman who was the 43rd president of the United States from 2001 to 2009. A member of the Bush family and the Republican Party (United States), Republican Party, he i ...
stated that the next meeting of the G20 would be important in finding solutions to the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
. Since many economists and politicians called for a new
Bretton Woods system The Bretton Woods system of monetary management established the rules for commercial relations among 44 countries, including the United States, Canada, Western European countries, and Australia, after the 1944 Bretton Woods Agreement until the ...
(a monetary management which was instituted after World War II) to overhaul the world's financial structure, the meeting has sometimes been described by the media as ''Bretton Woods II''.


Preliminary history


Approaches in the early 2000s

''Bretton Woods II'' was an informal designation for the system of currency relations which developed during the '00s . As described by political economist Daniel Drezner, "Under this system, the U.S. is running massive current account deficits to be the source of export-led growth for other countries. To fund this deficit,
central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...
s, particularly those on the Pacific Rim, are buying up dollars and dollar-denominated assets." The notion of a "revived Bretton Woods system" was introduced in a 2004 paper by Dooley, Folkerts-Landau, and Garber, in which it is described as arising after the end of the
Cold War The Cold War was a period of global Geopolitics, geopolitical rivalry between the United States (US) and the Soviet Union (USSR) and their respective allies, the capitalist Western Bloc and communist Eastern Bloc, which lasted from 1947 unt ...
, out of the choice of countries, "mainly in Asia, hichchose the same periphery strategy as immediate post-war Europe and Japan, undervaluing the
exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...
, managing sizable foreign exchange interventions, imposing controls, accumulating reserves, and encouraging export-led growth by sending goods to the competitive center countries. In 2005, Roubini and Setser opined that: "If the US does not take policy steps to reduce its need for external financing before it exhausts the world's central banks willingness to keep adding to their dollar reserves – and if the rest of the world does not take steps to reduce its dependence on an unsustainable expansion in US domestic demand to support its own growth – the risk of a hard landing for the US and global economy will grow.... a sharp fall in the value of the US dollar, a rapid increase in US long-term interest rates and a sharp fall in the price of a range of risk assets including equities and housing. The asset price adjustment would lead to a severe slowdown in the US, and the fall in US imports associated with the US slowdown and the dollar's fall would lead to a global severe economic slowdown, if not an outright recession."


2008 financial crisis

On September 26, 2008,
Nicolas Sarkozy Nicolas Paul Stéphane Sarközy de Nagy-Bocsa ( ; ; born 28 January 1955) is a French politician who served as President of France from 2007 to 2012. In 2021, he was found guilty of having tried to bribe a judge in 2014 to obtain information ...
, said, "We must rethink the financial system from scratch, as at Bretton Woods." On October 13, 2008, British Prime Minister
Gordon Brown James Gordon Brown (born 20 February 1951) is a British politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party (UK), Leader of the Labour Party from 2007 to 2010. Previously, he was Chancellor of the Ex ...
said world leaders must meet to agree to a new economic system. "We must have a new Bretton Woods, building a new international financial architecture for the years ahead." However, Brown's approach was quite different than the original
Bretton Woods system The Bretton Woods system of monetary management established the rules for commercial relations among 44 countries, including the United States, Canada, Western European countries, and Australia, after the 1944 Bretton Woods Agreement until the ...
, emphasising the continuation of
globalization Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, th ...
and
free trade Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold Economic liberalism, economically liberal positions, while economic nationalist politica ...
as opposed to a return to fixed exchange rates. There were tensions between Brown and Sarkozy, who argued that the "Anglo-Saxon" model of unrestrained markets has failed. Italian Economics Minister Giulio Tremonti said that Italy would use its 2009 chairmanship to push for a "New Bretton Woods." He was critical of the U.S.'s response to the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, and suggested that the dollar may be superseded as the base currency of the Bretton Woods system. On 20 October 2008, Tremonti told the Italian daily Corriere della Sera that proposals for a new Bretton Woods had been spread for many years by American political activist
Lyndon LaRouche Lyndon Hermyle LaRouche Jr. (September 8, 1922 – February 12, 2019) was an American political activist who founded the LaRouche movement and its main organization, the National Caucus of Labor Committees (NCLC). He was a prominent conspiracy ...
.


The Summit

The formula is "G7 plus". In announcing the summit, US President George Bush said that the summit would bring together members of the G20. The G20 was set up to respond to the financial turmoil of 1997-99 through the development of policies that "promote international financial stability". The G20 comprises countries considered to be systemically important, but omits over 170 governments (192 governments are members of the United Nations). The first meeting of the G20 leaders on financial markets and the world economy was held in Washington, D.C. on November 14–15, 2008, at the National Building Museum. The participants were:
Argentina Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourt ...
, Australia,
Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...
, Canada, the
People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...
, France, Germany, India,
Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...
, Italy, Japan, Mexico,
Republic of Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...
, Russia,
Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...
, South Africa,
Turkey Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...
, the United Kingdom, the
United States of America The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 states and a federal capital district, Washington, D.C. The 48 contiguo ...
, the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
(represented by France's President
Nicolas Sarkozy Nicolas Paul Stéphane Sarközy de Nagy-Bocsa ( ; ; born 28 January 1955) is a French politician who served as President of France from 2007 to 2012. In 2021, he was found guilty of having tried to bribe a judge in 2014 to obtain information ...
as
President of the European Council The president of the European Council is the person presiding over and driving forward the work of the European Council on the world stage. This Institutions of the European Union, institution comprises the college of heads of state or governme ...
, as well as by
José Manuel Barroso José Manuel Durão Barroso (; born 23 March 1956) is a Portuguese politician and law professor. He previously served from 2002 to 2004 as the List of Prime Ministers of Portugal, 114th prime minister of Portugal and from 2004–2014 as the 11 ...
, president of the
European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...
), the Netherlands (allowed extraordinary presence), Spain (allowed extraordinary presence), the
World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
, the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
and the Financial Stability Forum. Although Dutch Prime Minister
Jan Peter Balkenende Jan Pieter Balkenende Jr. ( ; born 7 May 1956), commonly known as Jan Peter Balkenende, is a Dutch jurist and politician of the Christian Democratic Appeal (CDA) who served as Prime Minister of the Netherlands from 22 July 2002 to 14 October 20 ...
arrived at Andrews Air Force Base on the evening of November 14, he immediately returned to the Netherlands when notified of the death of his father; the Netherlands was instead represented by State Secretary Jan Kees de Jager. Spanish Prime Minister
José Luis Rodríguez Zapatero José Luis Rodríguez Zapatero (; born 4 August 1960) is a Spanish politician and member of the Spanish Socialist Workers' Party (PSOE). He was the Prime Minister of Spain being elected for two terms, in the 2004 and 2008 general elections. O ...
was not initially invited, but was "so desperate to secure an invitation" to the summit, that he traveled "to Asia to seek the help of President
Hu Jintao Hu Jintao (born 21 December 1942) is a Chinese retired politician who served as the general secretary of the Chinese Communist Party (CCP) from 2002 to 2012, the president of China from 2003 to 2013, and chairman of the Central Military Comm ...
of China." Zapatero eventually extracted an invitation through "intense lobbying" of French President
Nicolas Sarkozy Nicolas Paul Stéphane Sarközy de Nagy-Bocsa ( ; ; born 28 January 1955) is a French politician who served as President of France from 2007 to 2012. In 2021, he was found guilty of having tried to bribe a judge in 2014 to obtain information ...
, who happened to hold two invitations (the second French invitation was due to the fact that France held the
Presidency of the Council of the European Union The presidency of the Council of the European Union is responsible for the functioning of the Council of the European Union, which is the co-legislator of the EU legislature alongside the European Parliament. It rotates among the member state ...
during this period).


Core participants

The following participants of the Washington summit include the core members of the G20, which comprises 19 countries and the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
which is represented by its two governing bodies, the
European Council The European Council (informally EUCO) is a collegiate body (directorial system) and a symbolic collective head of state, that defines the overall political direction and general priorities of the European Union (EU). It is composed of the he ...
and the
European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...
, as well as other nations and regional organizations invited to take part.


Suggestions

German Chancellor Angela Merkel and French President Nicolas Sarkozy said "Bretton Woods II" should bring about "genuine, all-encompassing reform of the international financial system". The Council of the European Union sees the meeting as "tak ngearly decisions on transparency, global standards of regulation, cross-border supervision and crisis management, to avoid conflicts of interest and to create an early warning system, so as to engender confidence among savers and investors in every country." In announcing the meeting, the spokesperson for US President George Bush said that "leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sector". UK Prime Minister Gordon Brown, in a mid-October speech, set out several principles. These include transparency (internationally agreed accounting standards, credit insurance market standards), integrity (credit agencies, executive pay), responsibility (board member competency and expertise), sound banking practice (protecting against speculative bubbles). While addressing the G20 leaders, Chinese President
Hu Jintao Hu Jintao (born 21 December 1942) is a Chinese retired politician who served as the general secretary of the Chinese Communist Party (CCP) from 2002 to 2012, the president of China from 2003 to 2013, and chairman of the Central Military Comm ...
listed four priorities in reforming the international financial system: stepping up international cooperation in
financial regulation Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest consi ...
; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system. Foreign ministry spokesman Qin Gang said the agreement was "comprehensive, positive and balanced". Prior to this summit,
Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...
's Prime Minister, Taro Aso, had contributed feasible action plan based on the analysis of the surplus of Japan's international balance of payments in spite of her prolonged economic slump to ''
The Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...
'', and also provided his idea includes funding in the meeting. Eventually Japan provided the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
100 billion U.S. dollar to bolster the fund during the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
.


Key achievements

The
White House The White House is the official residence and workplace of the president of the United States. Located at 1600 Pennsylvania Avenue Northwest (Washington, D.C.), NW in Washington, D.C., it has served as the residence of every U.S. president ...
reported that the summit had reached what would be the Washington declaration. The five key objectives the leaders agreed upon were: * reached a common understanding of the root causes of the global crisis; * reviewed actions countries had taken and would take in the future to address the immediate crisis and strengthen growth; * agreed on common principles for reforming their financial markets; * launched an action plan to implement those principles and asked ministers to develop further specific recommendations that would be reviewed by leaders at a subsequent summit; and * reaffirmed their commitment to free market principles. A summary of the meeting's other salient points is presented by the
White House The White House is the official residence and workplace of the president of the United States. Located at 1600 Pennsylvania Avenue Northwest (Washington, D.C.), NW in Washington, D.C., it has served as the residence of every U.S. president ...
in the "Fact Sheet" while the full conclusions are given in the Summit Declaration. Despite the optimism expressed by many of those present, doubts soon began to emerge about the success of the meeting and the chances of achieving all its objectives. The 2009 G20 management troika (U.K., Brazil,
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...
) is charged with coordinating the task of coming up with the content and method of implementing the 47 short and mid-term objectives by March 2009. Follow-up Summit meetings were held on April 2, 2009 in London, and in September 2009 in Pittsburgh.


Reactions


From participating delegations

* – Brazilian President
Luiz Inácio Lula da Silva Luiz Inácio Lula da Silva (; born Luiz Inácio da Silva; 27 October 1945), known Mononym, mononymously as Lula, is a Brazilian politician, trade unionist and former metalworker who has served as the 39th president of Brazil since 2023. A mem ...
welcomed the summit's decision to give a role to the emerging economic powers like Brazil, Mexico, Russia, China and India in restructuring the global economy. * – Chinese President
Hu Jintao Hu Jintao (born 21 December 1942) is a Chinese retired politician who served as the general secretary of the Chinese Communist Party (CCP) from 2002 to 2012, the president of China from 2003 to 2013, and chairman of the Central Military Comm ...
listed four priorities in reforming the international financial system: stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system. Foreign ministry spokesman Qin Gang said the agreement was "comprehensive, positive and balanced" * – After the meeting, French President
Nicolas Sarkozy Nicolas Paul Stéphane Sarközy de Nagy-Bocsa ( ; ; born 28 January 1955) is a French politician who served as President of France from 2007 to 2012. In 2021, he was found guilty of having tried to bribe a judge in 2014 to obtain information ...
said: "For the first time, countries as different as those at this G20 in the United States have reached agreement on the principles, the procedures for action and on an ambitious action plan." * – German Chancellor Angela Merkel said that the stalled Doha round of global trade talks should be pushed forward so that a basic agreement could be reached before President Bush leaves office in January. * – Indian Prime Minister Dr. Manmohan Singh welcomed the summit "for the first time there was a genuine dialogue between many of the developed countries and the emerging economies" He also added that the summit was "a clear indication that the balance of power is shifting in favour of emerging economies". * – Japanese Prime Minister Taro Aso spoke about the impact on the poorer countries if nothing is done, how to avoid it, and how to help them. 12 out of 15 plans written by Aso(Based on so called Aso-plan, sent to New York Times) ended up on the final agreement. Including Japan funding
IMF The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...
with 100 billion dollars. This had led other countries to put in larger sums of funds, thus stabilizing the safety net for the countries in need financially. This is believed to have stopped the total collapse of world economy from the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
. * –
President of South Korea The president of the Republic of Korea (), also known as the president of South Korea (), is the head of state and head of government of South Korea. The president directs the executive branch of the Government of South Korea, government and is ...
Lee Myung-bak Lee Myung-bak (; born 19 December 1941), often referred to by his initials MB, is a South Korean businessman and politician who served as the tenth president of South Korea from 2008 to 2013. Before his presidency, he was the CEO of Hyundai Engi ...
said "G20 nations must lead the way for the stalled WTO Doha Agreement to be concluded as soon as possible" And He made keynote speech at G20 summit that G20 countries make a "Stand-Still" declaration on trade and investment restrictions. * – British Prime Minister Gordon Brown spoke at a press conference: "These are extraordinary times and they require extraordinary measures." "If my sense of last night is right, at a next meeting, plans for the detailed reform of international institutions will be brought forward", he said after the meeting. * – President of the United States George W. Bush said: "We are adapting our financial systems to the realities of the 21st century". VOA reported that after the summit Bush stated: "Our nations agreed that we must make the financial markets more transparent and accountable. Transparency is very important so that investors and regulators are able to know the truth." * –
President of the European Commission The president of the European Commission, also known as president of the College of Commissioners is the Head of government, head of the European Commission, the Executive (government), executive branch of the European Union (EU). The president ...
José Manuel Barroso José Manuel Durão Barroso (; born 23 March 1956) is a Portuguese politician and law professor. He previously served from 2002 to 2004 as the List of Prime Ministers of Portugal, 114th prime minister of Portugal and from 2004–2014 as the 11 ...
was pleased with the outcome of the summit: 'I can really say that this was a historic summit. I am very, very happy.' He added that no one had expected a miracle solution, emphasising that there was now a 'clear time schedule' for reforming the world financial system. 'This is the beginning of a process, not the end,' he explained.


From the press

The financial press generally welcomed the results of the summit but the ''
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...
'' drew attention to the need for real global cooperation on the ambitious agenda while ''
The Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...
'' questioned whether the "regulatory crackdown on the kind of high-risk lending and investment that has led the world into a financial mess" might not backfire by causing an unwanted credit crunch.
Business Week ''Bloomberg Businessweek'', previously known as ''BusinessWeek'' (and before that ''Business Week'' and ''The Business Week''), is an American monthly business magazine published 12 times a year. The magazine debuted in New York City in Septembe ...
listed a number of difficult fundamental questions finance ministers would now have to resolve by the end of March. These included trade tensions and protectionism,
consumer spending Consumer spending is the total money spent on final goods and services by individuals and households. There are two components of consumer spending: induced consumption (which is affected by the level of income) and autonomous consumption (which ...
, housing prices, a clampdown on lending practices and how to achieve global coordination.
The Hindu ''The Hindu'' is an Indian English-language daily newspaper owned by The Hindu Group, headquartered in Chennai, Tamil Nadu. It was founded as a weekly publication in 1878 by the Triplicane Six, becoming a daily in 1889. It is one of the India ...
's ''Business Line'' opined that "it is all very well to speak blithely of new Bretton Woods institutions but, when there is no acceptance of a world mediated by Western ideas, the move is doomed ab initio."


Similar efforts

The
UN General Assembly The United Nations General Assembly (UNGA or GA; , AGNU or AG) is one of the six principal organs of the United Nations (UN), serving as its main deliberative, policymaking, and representative organ. Currently in its 79th session, its powers, ...
set up an ''Interactive Panel on the Global Financial Crisis'' which held its first meeting in New York on 30 October 2008, led by Professor
Joseph Stiglitz Joseph Eugene Stiglitz (; born February 9, 1943) is an American New Keynesian economist, a public policy analyst, political activist, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2 ...
. It covered similar ground as the G20, but involving a broader range of countries, and lobbied for an agreement involving all members of the UN. The panel's work was carried forward by a ''Commission of Experts on Reform of the International Financial System'', also led by Stiglitz.


See also

*
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
* Eurodad *
Exchange rate regime An exchange rate regime is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market. It is closely related to monetary policy and the two are generally dependent on many ...
*
Foreign exchange reserves Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold and silver held by a central bank or other monetary authority that are primarily available to balance payments of the country, ...
*
List of G20 summits A list is a set of discrete items of information collected and set forth in some format for utility, entertainment, or other purposes. A list may be memorialized in any number of ways, including existing only in the mind of the list-maker, but ...


References


External links


G20 Information Centre

Graphic: G20 is not simply the 20 largest economies

Eurodad: Bretton Woods II conference FAQs

Eurodad: IMF back in business as Bretton Woods II conference announced

UN Interactive Panel on the Global Financial Crisis

UN Commission of Experts on Reform of the International Financial System

US dollar slide to continue after G20 meeting

G20 summit: US and Europe paper over divisions
{{DEFAULTSORT:G20 summit, 2008, Washington Foreign exchange market Great Recession 2008,Washington 2000s in economic history 2008 in the United States Diplomatic conferences in the United States 21st-century diplomatic conferences 2008 in international relations 2008 conferences 2008 in Washington, D.C. 2008 in economic history November 2008 in the United States