Editors' blog

Time for reflection

2009-04-05T12:56:02+01:00

Three days after the London Summit, the dogs have barked, and the caravan has moved on. The world's attention has quickly moved from the British capital to Strasbourg for the NATO Summit and on to Prague for a meeting between European Union leaders and US President Barack Obama. Yet the historic decisions taken by the G20 leaders in their London Summit will have an impact on the world's economy and the global crisis long after the details of the summit and the events leading up to it are forgotten. The world's media, which had been largely sceptical ahead of the meeting, largely applauded the communiqué - and echoed the leaders' praise for Gordon Brown whose tireless preparatory work as chairman allowed the summit to exceed expectations. Closer scrutiny in the following days has naturally produced some questions about particular issues and sparked a healthy debate over what comes next - but the overall verdict remains positive on balance. As Alistair Darling, the UK Chancellor of the Exchequer, said on BBC-TV on Sunday morning, the real test now is to deliver on the commitments.

The morning after

2009-04-03T18:25:17+01:00

Summits rarely live up to expectations but the London Summit has been well-received around the world. The G20 leaders left London saying their deliberations had been highly productive - though naturally cautious about claiming that their decisions will be enough to deal with the global crisis. Media comment has also been very positive, even if some commentators might have preferred more radical measures on particular issues. Gordon Brown, who chaired the Summit, caught the mood when he said: `This is the day that the world came together to fight recession - not with words but with a plan for economic recovery and reform.' Many hundreds of thousands have come to this website to find out more about the issues on the agenda for the London Summit and to join the global debate. As David Miliband, the UK Foreign Secretary, said in his exclusive interview: `You can't solve global problems by government alone - you need to engage citizens and business... There is now a global conversation.'

The day dawns

2009-04-02T12:11:35+01:00

Exactly 100 days after the Washington Summit, the London Summit is underway. A huge amount of preparatory work has gone into both the policy work and diplomacy and also into the logistics needed to ensure the smoothing running of the event itself. The ExCeL Centre itself is a vast arena buzzing with the din of the 2,500 print and broadcast journalists, TV crews and video cutting room staff working away. A straw poll of UK journalists indicate most are happy with the arrangements. Now that all the delegations have arrived and done their official photocalls, there is a feeling of calm before the media storm around the communique later this afternoon. Treasury Minister Stephen Timms has held a press briefing and Peter Mandelson, the Business Secretary, and Alistair Darling, the Chancellor, have given interviews. Tom Watson, the Cabinet Office Minister, and Timms are both filing copiously via Twitter.

The final sprint

2009-04-01T18:34:42+01:00

With less than 24 hours to go, excitement over the London Summit has reached fever pitch - and media interest is now intense. The arrival of US President Barack Obama on his first visit to Europe since his inauguration has added glitz to the occasion. After a reception hosted by the Queen at Buckingham Palace tonight, it is down to business over dinner at 10 Downing Street, ahead of the meeting tomorrow in East London. Too much hope is sometimes placed in such formal events, but the global crisis demands a successful and substantive agreement. The progress already made on many of the issues reflects the fact that all the participants have clearly recognised this reality. Follow the proceedings live on the streamed video on this website which will carry the communique as soon as it is released.

Faith, hope and clarity

2009-03-31T22:39:01+01:00

The British Prime Minister's speech for the St Paul's Institute in the cathedral of the same name changed the tone of the debate. As Gordon Brown said, he would not get into the financial details of the Summit agenda but instead look at the 'enduring issues' behind the debate. With up to 80% of the communique, in Lord Malloch-Brown's words, already decided, the PM focused on the 'big picture'. For many people, the idea of 'global rules rooted in shared global values' may hit home. Meanwhile world leaders are converging on London. President Barack Obama arrived this evening while Australian Prime Minister Kevin Rudd and Mexican President Felipe Calderon flew in earlier this week. President Yudhoyono of Indonesia, and President Lee of Korea are due imminently and on Wednesday President Obama will hold two key bilateral meetings with Russian President Medvedev and with Chinese President Hu Jintao. With Mr Brown entering the arena of faith, politicians and interested parties pinning hope on a successful Summit, the world now waits for world leaders to show clarity of purpose.

The world comes to London

2009-03-30T18:28:40+01:00

With just three days to go until the Summit, world leaders are starting to arrive in London, bearing gifts. Kevin Rudd, the Australian Prime Minister used a primetime TV appearance to talk of 'real, measurable progress' ahead of the 2 April event. After meeting Mr Rudd, Prime Minister Gordon Brown held a bilateral meeting with President Felipe Calderon of Mexico who said his country supported coordinated counter-cyclical policies to fight the recession. The Prime Minister used the event to lay out his five tests for the Summit: restore growth to emerging market economies; clean up the banking system; restore growth; kick-start global trade; and a low-carbon recovery. US President Barack Obama used an FT interview to set out his, broadly similar ambitions - growth promotion, free trade, and financial reform. As the Prime Minister said: 'We no doubt have some long days of negotiation ahead. These are difficult and complex problems. It will not be easy to reach the conclusions that I believe are necessary for the world economy.

The home straight

2009-03-28T16:30:49+00:00

It has been a gruelling few days for Gordon Brown, as the UK Prime Minister has crisscrossed the Atlantic on his three-continent, pre-G20 roadshow. But slowly all the pieces of the jigsaw that must be completed for the world to see the London Summit as a success in tackling the global crisis are being slotted into place. A complex programme of ministerial visits has covered all the continents, reaching out to countries that will not be at the London Summit, as well as to those that will be around the table. This week, Mr Brown has addressed the European Parliament, spoken to Wall Street bankers, met the UN Secretary-General and in a whirlwind tour of Latin America seen Brazil's President Lula, Chile's President Bachelet and regional leaders attending the Progressive Governance Conference. Different interest groups have also been consulted through engagement programmes that continued right up to today's events on the streets of London organised by a coalition of pressure groups. Reading the wealth of statements, interviews and press conferences that have punctuated the last few weeks, it is hard not to conclude that all parties are converging on a successful summit on Thursday - even if the practical arrangements remain a logistical challenge.

Latin America comes on board

2009-03-26T17:33:45+00:00

Gordon Brown's punishing odyssey across three continents in the last full week before the London Summit has now reached its final leg, in Latin America. Thursday's meeting with President Lula of Brazil produced a welcome joint statement endorsing the principal measures likely to be on the agenda at next week's G20 meeting. The UK Prime Minister also whetted appetites for a boost to trade finance at the London Summit, telling a press conference that he wanted an extra $100bn to unblock the arteries of world trade. Mr Brown moves on to Chile next, before returning home for the last few days before the big day - having heard views from all parts of the world about what needs to be achieved in the weeks since January's meeting of the World Economic Forum in Davos.

The G20 roadshow

2009-03-24T18:19:48+00:00

With nine days to go, there is no let-up in the preparations for the London Summit. Gordon Brown, who will be chairing the big event on 2nd April, started today by meeting some of the world's top bankers to discuss the economic outlook and reforms of the financial sector. He then flew to Strasbourg to set out his vision for a reformed banking system in a well-received speech to the European Parliament. Tomorrow the British Prime Minister will be in New York to meet Ban Ki-moon, the UN Secretary-General who has told this website of his ambition at the London Summit will be to speak for the more than 170 nations not represented in the G20. Mr Brown's summit tour moves on to Brasilia on Thursday for a meeting with Brazil's President Luiz Inácio Lula da Silva, followed by a meeting with business leaders in São Paulo. Finally, he flies to Santiago in Chile on Friday where he will meet President Michelle Bachelet before speaking to more than 200 senior policymakers, government advisers and experts at a Progressive Governance Conference. With US President Barack Obama setting out his call to the G20 for bold, comprehensive and co-ordinated action in a widely syndicated newspaper article, the world's attention is now firmly focused on the London Summit.

The Great Convergence

2009-03-20T17:36:40+00:00

It has been an important seven days on the road to the London Summit - with big steps taken towards a successful outcome on 2nd April. Last weekend's meeting of the G20 Finance Ministers and Central Bank Governors reached agreement on a wide range of measures necessary to tackle the global crisis. José Manuel Barroso, the European Commission President, told this website on Monday that there was now a ‘great convergence’ between the US and the EU on the policy priorities ahead of the Summit. Later that day, Gordon Brown met a group of influential African leaders to hear about their countries' economic needs, ensuring the needs of poorer countries in Africa were not forgotten. A similar exercise on Wednesday brought business leaders from more than 20 countries to London to discuss their priorities with Mr Brown. Finally, there was unanimous agreement at the European Council meeting on Thursday on plans to strengthen financial regulation, restore economic growth and functioning credit markets and provide an extra €100bn to fund rescues of fragile EU states and developing countries. Around the world, discussion of the agenda for the London Summit is gathering pace, as a glance at the Global Update section of this website shows. With less than two weeks to go, the road ahead is becoming much clearer.

Getting down to business

2009-03-18T18:26:42+00:00

Three issues were front of mind at the Summit of Business Leaders from around the world which was convened at 10 Downing Street today to put forward ideas for the London Summit to Gordon Brown. Protectionism was understandably a major concern, regardless of the country of origin. There was an acute understanding that protectionism can take subtle forms, but that it would be a blind alley - however attractive its appeal in the short term. A second big issue for the corporate chiefs was the shortage of credit, which hits all businesses, whether exporters or not. Restoring lending, especially for trade finance, was a priority for most. Finally, the business leaders reported a decline in demand, even in countries not suffering a domestic financial crisis. Emerging market business chiefs said that domestic demand was sagging - albeit with a lag - as export earnings dried up, remittances fell and the credit crunch worked its way to all corners of the global financial system. All clearly understood that a global crisis requires a global solution - and all had high hopes that the London Summit would be an important contribution to finding that solution.

Input from diverse voices

2009-03-17T18:05:40+00:00

Two major issues on the London Summit agenda have come to the fore this week: development aid and protectionism. The former was a big concern for the group of African leaders who met Gordon Brown on Monday to tell him about their countries' economic needs as the global financial crisis hits the flow of development aid from the richer economies. That gathering also expressed concerns about rising protectionism, as will the corporate chiefs attending the Summit of Business Leaders on Wednesday. They will be equally keen to hear what the G20 nations can do to restore the flow of finance to companies starved of funds by the credit crunch. Prime Minister Brown invited both groups to London as part of the process of gathering input from diverse sources for the Summit which he will chair on 2nd April. There is still time for others to have their say - including through the various ways to Join the Debate offered on this website.

Spring (Council) is in the air

2009-03-16T17:19:29+00:00

The visit to London of Jose Manuel Barroso, the President of the European Commission, was well-timed. coming just after the G20 finance ministers meeting in Horsham on 13-14 March and ahead of the European Spring Council meeting of EU heads of state on 19-20 March. We were delighted to be granted an interview after his meeting with Gordon Brown at Number 10. Barroso made it clear there was a 'clear convergence' between Europe and the US and that Europe itself was 'united'. James Purnell, the UK's Work and Pensions Secretary, brought the issues down to the human level in an interview based on questions from Yoosk, saying that 'global solutions will make a difference in people's living rooms, to people’s jobs and to their lives'.

Another milestone reached

2009-03-14T20:23:45+00:00

This weekend's meeting of the G20 finance ministers and central bank governors in the South of England will have disappointed those who predicted a transatlantic bust-up. The communique was substantive and far-reaching, with an annex setting out a framework for financial repair and recovery that explored greater international coordination of measures to restore bank lending. Alistair Darling, the UK Chancellor of the Exchequer, and Tim Geithner, the US Treasury Secretary, both said they were pleased with the progress and used similar language to describe the clear commitment to do what was necessary for as long as necessary to get the economy back on track. There is still a lot to do, but with 19 days to go, the shape of the London Summit agenda is now much clearer.

Decision time approaches

2009-03-13T18:03:30+00:00

The agenda at this weekend's meeting of G20 Finance Ministers and Central Bank Governors at Horsham in Southern England will focus closely on the three broad issues to be discussed at the London Summit in 20 days: the macro-financial response to the global crisis - short-term and long-term; reshaping the global financial system; and the role of the international financial institutions. There are undoubtedly differences still to be ironed out, but this will be an opportunity to do just that, with the aim of reaching the `grand bargain' that Gordon Brown referred to when launching The Road to the London Summit. Meanwhile progress is already being made on some of the issues under discussion, as the prospect looms of the summit that brings together what Lord Mandelson described as `the steering committee' of the global economy. Offshore financial centres such as Switzerland are taking steps to comply with international standards of tax disclosure and cooperation. The Financial Stability Forum has widened its membership and set out proposals for strengthening international regulation of the banks. As UK Foreign Secretary David Miliband told foreign journalists at a Roundtable discussion this week, the success of the London Summit will be judged by whether it sets a new direction and takes decisions that changes the lives of people around the world. It will soon be possible to make that judgement.

Stepping up the pace

2009-03-12T17:47:56+00:00

The growing global interest in the London Summit is evident in the run-up to the weekend meeting of G20 finance ministers and central bankers in the UK on Friday and Saturday. Two weeks of intense activity, involving Europe, Asia and the Americas, have produced a flurry of statements that make clear the twin objectives most countries now expect the Summit to aim for: boosting economic demand and reforming the financial system. A symptom of the increasing engagement with the agenda is the flurry of discussion in the media of countries around the world, as evidenced in this website's Global Update pages. Viewers are also joining the debate by sending in questions for the participants we plan to ask about their priorities, and by commenting on the issues at stake. Despite some gloomy prognostications, it is clear that consensus is growing on many of the items expected to be on the agenda on 2nd April.

From Brussels to Horsham

2009-03-11T18:05:02+00:00

With just three weeks until the London Summit, a clear process seems to be underway. The meeting of finance ministers and central bankers from the 27 EU member states on 10 March in Brussels will have clarified a European position ahead of the G20 finance ministers meeting in Horsham, West Sussex, UK, on 13-14 March. Alistair Darling, the British Chancellor, set out his twin goals of boosting economic demand and reforming the financial system in an interview with the London Summit website and a briefing to the Foreign Press Association. As he was talking, President Barack Obama set out the same two goals for the US perspective. In another exclusive for the website the Quinton Quayle, the British Ambassador to Thailand, interviewed Thai Prime Minister Abhisit Vejajiva, who said he was very pleased that the G20 had recognised the need to have the voices of all the world's regions at the London Summit.

Developing debate, emerging themes

2009-03-08T15:56:25+00:00

The fates of developing and emerging countries are in limelight as we move into a new week. The roundtable between the Foreign Secretary and foreign journalists from the BRIC economies (Brazil, Russia, India and China) raised several issues that resonate in those countries. The focus moves to the poorest countries thanks to a star-studded conference in London organised by the Department for International Development. Speeches by Sir Bob Geldof, Professor Paul Collier and Lord Stern as well as by Development Secretary Douglas Alexander will raise the temperature of the debate. The World Bank's report on the financing shortfall faced by developing countries was well timed. As Bank President Robert Zoellick said: 'This global crisis needs a global solution and preventing an economic catastrophe in developing countries is important for global efforts to overcome this crisis.'

Further along the road to the London Summit

2009-03-05T17:31:07+00:00

Gordon Brown's trip to Washington has pushed the London Summit up the political agenda in the US and elsewhere. His speech to both Houses of Congress was well received and given favourable reviews in the American media. Editorial comment in, for example, the New York Times shows that the opportunity presented by the G20 meeting is now being grasped. Each country has its own priorities for the London Summit, as can be seen by scanning the Global Update page on this website, and there are some divisions in emphasis becoming evident. None of them appears insuperable, however, and Mr Brown's plan for a `grand bargain' or a `global new deal' is gaining traction. With four weeks to go, the attention will focus on these points of difference - let us know what you think through the Join the Debate page.

Mr Brown goes to Congress

2009-03-04T18:11:10+00:00

Gordon Brown's speech to both Houses of Congress urged world leaders to work towards the global new deal the UK Prime Minister set out last month in The Road to the London Summit. Following his successful meeting with President Barack Obama yesterday, Mr Brown said US leadership was essential in reaching agreement on global action to tackle the financial and economic crisis. As he told the Congressmen and Senators, the world's most powerful country would find a ready response from Europe where there was `the most pro-American European leadership in history'. With just four weeks to go, we need to hear your views and ideas - please use the channels on this website to join the debate.

Transatlantic consensus

2009-03-04T11:46:18+00:00

Gordon Brown's trip to Washington to discuss the London Summit with President Barack Obama produced a meeting of minds. The two leaders resolved to work together on tackling the global economic crisis and on many of the elements that should be included in the package of measures - such as regulatory reform, fiscal stimuluses and keeping trade flowing. Both also underlined the need to reach out to consumers and families, in order to restore the confidence needed to provide jobs, growth and prosperity in the future. Following last week's summits in Europe and Southeast Asia, the search for agreement on what is needed to build a sustainable economic recovery and usher in a new era of international partnership is now well under way.

Next stop: Washington

2009-03-02T17:48:05+00:00

The weekend summits in Europe and Southeast Asia were further milestones in the road to the London Summit. Both issued statements setting out a series of largely similar proposals for tackling the global financial and economic crisis. Speaking on Sunday, Gordon Brown said he had found “complete support” at the informal European Union Council for the measures that were “central to the success” of the London Summit. Now the UK Prime Minister has gone to Washington for a meeting with Barack Obama which will be dominated by the world economy. Mr Brown has said that there is no challenge so great or difficult that it cannot be overcome by America, Britain and the rest of the world working together. We will be keeping viewers up to date with progress this week as the two leaders meet and Mr Brown addresses both Houses of Congress.

The limelight moves from Europe to Asia and the US

2009-02-27T18:01:30+00:00

With less than five weeks to the London Summit, views are beginning to crystallise - on protectionism, on financial regulation, on cross-border supervision of banks and on many other issues. It is easier to reach agreement on some than others, and it is not always straightforward to turn good intentions into action. But the most significant achievement noted this week is the increasing seriousness with which all the countries invited to the London Summit are now taking it, as a glance at Global Update shows. Civil society and NGOs are also focusing on the opportunity to bring what they see as the most important issues to the surface. Much of the action this week has been in Europe, but Asia has moved into the limelight this weekend and next week it will shift to the US when Gordon Brown meets President Barack Obama. This is a big opportunity, however, for viewers to have their input - so let us know what you think on these issues or any others.

The pace quickens

2009-02-26T09:29:02+00:00

The momentum continues to gather for the London Summit. Yesterday saw the publication of a report on financial regulation in the EU by a group of senior European regulators appointed by José Manuel Barroso, European Commission President. Chaired by Jacques de Larosière, a former managing director at the International Monetary Fund, their report provided detailed proposals for stronger cross-border regulation in Europe. Meanwhile US President Barack Obama gave a clear and public commitment to work with other countries to tackle the global financial and economic crisis. In his keynote address to a joint session of Congress on 24 February, he highlighted coordination between the members of the G20 as a key response to the crisis. The emphasis will shift further towards the US next week with Gordon Brown's visit to Washington to discuss the London Summit agenda with President Obama. Please use the various channels available on this website to make your views known on the issues and join the debate.

From Berlin to Brussels

2009-02-24T17:42:09+00:00

The meeting of the leaders of six of the largest EU member states plus the European Commission has sparked a lot of interest among Europe's media and commentariat. The debate is on, with almost every quality newspaper pitching in. This week is a news-heavy one in Europe. On Wednesday the De Larosiere Group will publish its recommendations for reform the regulation of European financial institutions, which was commissioned by the European Commission. That report and the outcome of the Berlin meeting will help prepare the agenda for the informal Spring Council of EU heads of state this weekend.

EU United

2009-02-23T17:35:24+00:00

The meeting of eight EU heads of state along with the President of the European Commission in Berlin was another key milestone towards the London Summit. They agreed a joint statement that was issued by the host of the meeting, Angela Merkel, the German Chancellor. Comments after the summit by Merkel and Nicolas Sarkozy after the meeting indicated they saw it is a stepping towards towards a successful summit on 2 April. It is a busy time for European leaders with the recommendations on financial regulation from the De Larosiere Group coming out this week and an informal meeting of all 27 EU leaders on 1 March. As Ms Merkel said: 'Europe will own up to its responsibility in the world.'

The invitations have gone out

2009-02-20T17:12:50+00:00

With the publication of the list of world leaders invited to the London Summit, another milestone has been passed. The G20 leaders have all been included, together with Spain and the Netherlands. Most interest will be attracted, however, by the inclusion of representatives of African and Asian countries to achieve a better global balance around the table. This was immediately welcomed by One, an NGO founded by Bono and Bobby Shriver among others, and supported by Bob Geldof and other high profile activists - its supporters were urged to sign a thank-you note to Gordon Brown for including Africa. With Mr Brown's Roadmap for the London Summit sparking debate around the world over his proposed `Global Deal', there is plenty to discuss in the 41 days left before the big event.

The development strand

2009-02-19T18:51:38+00:00

One of the eight elements of the Global Deal set out by Gordon Brown this week in The Road to the London Summit was honouring commitments to increase development assistance, to protect the most vulnerable from the impact of the crisis. Robert Zoellick, the World Bank President, yesterday renewed his call for developed countries to earmark 0.7 per cent of their economic stimulus packages to help developing countries weather the global crisis. He also said he hoped to have a proposal in time for the London Summit to tackle the dearth of trade finance - a problem confronting emerging and developing countries finding it harder to ship exports to their customers. As the countdown continues to 2nd April, the London Summit issues are becoming clearer.

A roadmap for the London Summit

2009-02-18T17:28:50+00:00

In launching `The Road to the London Summit' earlier today, Gordon Brown emphasised that global solutions were needed to deal with the impact of the financial crisis on homeowners, workers, small businesses and families around the world. Like other governments, the UK had stepped in to deal with the problems, by protecting savings, supporting families and businesses in the downturn, ensuring banks
maintained lending and investing in a resilient recovery. However, action needed to be co-ordinated, he said, and it needed to have a global perspective on issues such as regulation, protectionism and the reform of international financial institutions. The report sets out elements that might form what the UK Prime Minister called a `grand bargain' - a global deal to get the world economy back on track. This website offers an opportunity to debate those elements and to suggest other issues that should be tackled as part of the package.

It's time to join the debate

2009-02-17T17:34:21+00:00

To paraphrase Lord Kitchener, the London Summit needs you. By launching the ‘Join the Debate’ section on the front website today, we are making it clear that this debate must include everyone and anyone who has an interest in the current crisis and thoughts on how to restore stability and stimulate global economic growth. People are already contributing by asking a question on Yoosk, joining the economists’ debate at VoxEU or on the London Summit YouTube Channel or by commenting on articles and blogs on the website. Let the debate begin.