The much expected G20 meeting has been initiated and 20 nations strong in economy has attended the meeting for the first day.Among the 20 nations India,China,Brazil is also included.The first day was a formal session and Bush gave the initial address to the 20 national leaders.The main agenda of this summit is the Global recession in economy.Bush said that the leaders are committed to the free trade principles and open markets.He also said all the leaders and himself has a frank discussions on this issue and he hopes that this summit will be a successful one.
This meeting was just like the meeting happened in late 1944 after world war 2 headed by Bretton woods.That was the meeting which led the creation of U.S dominated world bank and International Monetary fund.This G-20 summit is to solve the major economic crisis and to get up from the recession.
The bailout package announced by Bush and the U.S Treasury Henry Paulson for $700bn has been critized by many people in United States.As it is getting later,even the Auto industry is feeling the heat and now even they are in need of the bailout package.The democrats have also given their suggestions on the rescue package.All these will be discussed in this summit and hopefully a good solution will be found out from this.
“We must recognize that government intervention is not a cure-all,” Bush said in a statement Thursday. “History has shown that the greater threat to economic prosperity is not too little government involvement in the market — but too much.”
Amidst all this, on Friday the European union has announced that the euro zone consisting of 15 nations has fallen into recession.This is the first time the Euro has fallen down since the common currency was introduced.Even Germany has announced that it is recession period.
G-20 should provide a good solution to all the economic problems.