While we kick around soccer balls at the World Cup; blasting ears with the sound of vuvuzelas, to show our enthusiasm; 20 great world leaders are throwing their thoughts and some angry noise around to find solutions to the economic slump that is affecting the globe.
It is not only the money that suffers but the scars caused by greed may be a bigger global threat yet it is mostly not recognized by financial leaders.
G20 nations see different paths for securing recovery
By Ka Yan Ng and Glenn Somerville
TORONTO/WASHINGTON (Reuters) - World leaders aimed for a common target on Thursday of securing the economic recovery, but disagreed over how best to reach it.
With two days to go before the Group of 20 summit convenes in Toronto, officials tried to downplay differences between the United States and Europe over how quickly to shift from crisis-fighting mode to budgetary belt-tightening.
"That's the delicate balance that we need to try to strike this weekend," Canadian Finance Minister Jim Flaherty said.
His U.S. counterpart, Timothy Geithner, said each country needed to decide what policy mix made sense to ensure both growth and fiscal responsibility.
"Our job is to make sure we're all sitting there together, focused on this challenge of growth and confidence because growth and confidence are paramount," he said in an interview with BBC World News America.
The G20 club of rich and emerging economies joined forces at the height of the global financial panic and poured an estimated $5 trillion into stimulus spending, emergency loans and bank guarantees, helping to ward off a global depression.
The group still has a long and difficult to-do list, including forging consensus on new rules about how much capital that banks must hold, and making sure national financial regulatory reforms do not clash on a global scale.The cost of fighting the financial crisis and recession left gaping holes in government finances, and Greece's debt troubles have focused Europe's attention on the need to shrink budget deficits before investors lose patience. read more