G20 Summit Not Likely to Falter Despite Disagreements

Pres. Obama said on Wednesday there was “enormous consensus” between the largest developed and emerging economies on plans to haul the world out of the deepest downturn since the 1930s.

Obama played down any differences with France and Germany, which insist that the summit of G20 countries agrees on measures to tighten financial regulation and crack down on tax havens rather than simply renewing their promises to do so.

French President Nicolas Sarkozy earlier threatened to disassociate himself from any “false compromises” at Thursday’s summit in London.

German Chancellor Angela Merkel supported Sarkozy’s stance and said she would make sure concrete decisions were taken.

Sarkozy and Merkel are pushing hard for visible results on regulation, such as closer tabs on hedge funds and credit rating agencies, and naming and shaming of tax havens if they fail to bow to pressure and end bank secrecy.

But many analysts said both were posturing largely for their own voters and staking out their positions ahead of the meeting. [via Reuters]

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