Differences remain as G-20 nears

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Source: CCTV.com | 04-01-2009 15:08

Despite high expectations for the G-20 summit, there are also doubts that the meeting will work.

After all, the group has been in conflict over whether to use fiscal stimulus - big spending packages and tax cuts - or better regulation to drag the world economy out of its slump.

Britain Prime Minister Gordon Brown, second left, greets representatives of G20 countries' Trade Unions, during a round table discussion at 10 Downing Street in London, Tuesday, March 31, 2009.(AP Photo/Sang Tan, Pool)

Some are comparing the G-20 summit to a similar one after 1929 financial crash. In 1933, delegates from 66 countries gathered to try and agree plans to revive the world economy in the midst of the Great Depression.

Dr. Patricia Clavin, Modern History, Jesus College Oxford, said, "the 1933 had failed not just because the United States did not recognize its responsibilities to the world economy, but because none of the other powers wanted to participate in effective negotiations and the same will be true of 2009."

This is a historian's negative view. But what about others?

Some say what this summit can do is to show a real workman-like commitment to real plans.

Lord Mark Malloch-Brown, UK G-20 Minister, said, "And if the leaders can demonstrate that, then I think the most critical win of the summit is that you'll start to see the return of confidence."

Early last month, G-20 finance ministers met in Horsham of UK. Led by Germany and France, the European Union rejected the US remedy of fiscal stimulus to get out of the crisis.