from Bloomberg:
World leaders agreed on a regulatory blueprint for reining in the excesses that fed the worst financial crisis in six decades and pledged more than $1 trillion in emergency aid to cushion the economic fallout.
The Group of 20 policy makers, meeting in London, called for stricter limits on hedge funds, executive pay, credit- rating companies and risk-taking by banks. They also boosted the resources of the International Monetary Fund and offered cash to revive trade to help governments weather the economic and social turmoil. They sidestepped the question of whether to deliver more fiscal stimulus in their own economies.
The G-20 commitments amount to a transatlantic compromise and an effort to rewrite the rules of capitalism to address an integrated world economy that has outgrown the ability of individual governments to keep it in check. The leaders met as mounting unemployment demands a response even as stocks rose amid signs the global economy may be stabilizing.
“Global problems require global solutions,” U.K. Prime Minister Gordon Brown told reporters after hosting the talks. “Our prosperity is indivisible.”
