March 16
Russia proposes creation of global super-reserve currency
"The creation of a supra-national reserve currency that will be issued by international financial institutions."
"The decisions we shall make at the London summit must be not only adequate to the current situation, but also meet the requirements of a new, post-crisis world,"
March 17
Protectionist Measures Show Worrisome Rise Since Beginning of Financial Crisis
Since G-20 leaders signed a pledge in November 2008 to avoid protectionist measures, several countries, including 17 of the G-20, have implemented 47 measures that restrict trade at the expense of other countries, a new World Bank study shows.
"Leaders must not heed the siren-song of protectionist fixes, whether for trade, stimulus packages, or bailouts," said World Bank Group President Robert B. Zoellick. "Economic isolationism can lead to a negative spiral of events such as those we saw in the 1930s, which made a bad situation much, much worse."
March 19
Values for a Sustainable World Economy
The current global financial crisis embodies a chance for a new economic order, argue German Chancellor Angela Merkel and Dutch Prime Minister Jan Peter Balkenende.
March 22
News analysis: EU takes different approach to financial crisis
US officials had repeatedly called on the EU countries to step up fiscal stimulus to boost demand as a way out for the current financial crisis.
On the eve of the EU summit, Merkel and French President Nicolas Sarkozy emphasize that the EU common position at the London summit should focus on building a new international financial system. Their position has been taken by all EU leaders.
At a G20 finance ministers' and central bankers' meeting on March 14, Brazil, Russia, India and China – known as "BRIC" countries – called for immediate measures to expand the four nations' powers in the IMF. There seemed to be disagreements even within the EU's big three – Britain, France and Germany. Germany and France now also worry that Britain might be leaning toward the United States at the London summit, thus undermining the common EU position.
