British Prime Minister Gordon Brown told Group of 20 finance ministers
in London Saturday that although the worst recession since World War II
appears to be easing, the world cannot be complacent or overconfident.
Mr. Brown told officials from wealthy developed nations and key
emerging markets that the world was at a critical juncture and that
more work is needed to ensure a lasting recovery.
The G-20 nations account for most of the global economy. The ministers
are meeting for a second and final day Saturday to work out an agenda
for the G-20 heads of state, set to gather in the eastern U.S. city of
Pittsburgh later this month.
On Friday, ministers discussed continuing efforts to bolster the
battered economy with low interest rates and massive stimulus programs.
The officials face the complex question of when and how to wind down
these programs, and how to coordinate these actions between nations.
They are also haggling over ways to prevent new recessions, including changing the way top bank executives get paid.
That issue will get more work on September 17, when Sweden's prime
minister has invited European Union leaders to meet and discuss bank
bonuses before the G-20 summit September 24 and 25.
Prime Minister Fredrik Reinfeldt, whose country holds the rotating EU
presidency, said the agenda will also include climate change and
strategies for dealing with the world economic slump.
Mr. Reinfeldt said he would like the 27-member bloc to coordinate a common position on those issues.