G20 leaders backtrack on previous promises
G20 leaders have today backtracked a little on previous promises with a failure to agree on a global banking levy and a softening of the previous hard-line approach to increased capital requirements for banking operations around the world. Yet again it seems that after grabbing the headlines the substance behind the headlines is lacking and it looks as though the previous 2012 deadline for tighter capital requirements for banking operations around the world will fall by the wayside.
Slowly but surely there are growing concern that worldwide leaders are slipping back into their previous mindset and are now unlikely to push through potentially expensive changes to the financial sector. Time and time again we see the big headlines from the G20 summits but ultimately some years down the line there are still many issues outstanding which had been promised but have not as yet been addressed.
The problem with the G20 is the very fact that it is made up of some of the superpowers of the world and therefore each and every individual has a vested interest in their own economies, often forcing the worldwide economy well down the pecking order. There is also the fact that economies around the world are at different stages of the recovery process with local authorities unwilling to take decisions which could affect their local economy while potentially benefiting the global economy.
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