The G20 summit has brought about a historical world agreement. I believe that Gordon Brown has delivered on his promises to bring about economic change to bring us out of the current situation. The situation was created by Banks worldwide and therefore the regulation and changes had to be made by a world wide authority. Among the changes brought about by this agreement areas follows:
Tax havens will have to provide information about investors so there will no longer be the anomility of a Swiss Bank Account.
The resources of the IMF have been trebled to $750bn. This includes a new overdraft facility, or special drawing rights allocation, of $250bn
The G20 also supports increased lending to the world's poorest countries of at least $100bn by the multilateral development banks.
There will be a commitment of $250bn of support for trade finance made over the next two years.
This will be made available through export credit and investment agencies, as well as through multilateral development banks.
National regulators will be asked to make use of available flexibility in capital requirements for trade finance.
Financial regulation and oversight will be extended to all financial institutions, instruments and markets. This includes bringing hedge funds within the global regulatory net for the first time.
Credit rating agencies will be regulated in order to remove their conflicts of interest.
A common approach to cleaning up banks' toxic assets has been agreed .
A new Financial Stability Board, with a strengthened mandate, will replace the Financial Stability Forum.
The G20 has pledged to resist protectionism.
There will be a commitment to naming and shaming countries that breach free trade rules.
The G20 will notify the World Trade Organization (WTO) of any measures that constrain worldwide capital flows.
The G20 has called on the WTO to monitor and report publicly on these undertakings on a quarterly basis.
Although there is no new fiscal stimulus, Gordon Brown said G20 countries are already implementing "the biggest macroeconomic stimulus the world has ever seen" - an injection of $5tn by the end of next year.
These steps show a commitment that was not expected to resove this worldwide economic crisis. I trust the media will get behind the government and back these commitments.