Editors' blog

Time for reflection

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.

Posted at 12:56 05 April 2009 by Editor  |  Comments[1]

The morning after

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.'

Posted at 18:25 03 April 2009 by Editor  |  Comments[1]

The day dawns

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. 

Posted at 12:11 02 April 2009 by Editor  |  Comments[1]

The final sprint

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.

Posted at 18:34 01 April 2009 by Editor  |  Comments[1]

Faith, hope and clarity

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.

Posted at 22:39 31 March 2009 by Editor  |  Comments[2]

The world comes to London

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.

Posted at 18:28 30 March 2009 by Editor  |  Comments[2]

The home straight

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.

Posted at 16:30 28 March 2009 by Editor  |  Comments[3]

Latin America comes on board

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.

Posted at 17:33 26 March 2009 by Editor  |  Comments[1]

The G20 roadshow

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.

Posted at 18:19 24 March 2009 by Editor  |  Comments[2]

The Great Convergence

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.

Posted at 17:36 20 March 2009 by Editor  |  Comments[0]

Getting down to business

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.

Posted at 18:26 18 March 2009 by Editor  |  Comments[0]

Input from diverse voices

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.

Posted at 18:05 17 March 2009 by Editor  |  Comments[0]

Spring (Council) is in the air

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'.

Posted at 17:19 16 March 2009 by Editor  |  Comments[0]

Another milestone reached

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.

Posted at 20:23 14 March 2009 by Editor  |  Comments[0]

Decision time approaches

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.

Posted at 18:03 13 March 2009 by Editor  |  Comments[0]