Britain`s PM hails G20 revamp
Pittsburgh: British Prime Minister Gordon Brown said on Friday that the Group of 20 rich and developing countries will become the world`s main economic-decision making body in the future.
Speaking to reporters ahead of the start of formal discussions with other world leaders, Brown said the G20 will become "the premier international organisation for dealing with economic management around the world."
Up until the financial crisis, which exploded with such force a year ago, the G20 was largely seen as a talking shop for finance ministers to get together. However, under Britain`s leadership this year, the body has come into its own as leaders scrambled to work out a coordinated response to the deepest recession since World War II.
Brown said decisions taken by the G20 in London in April had managed to recession in the world economy from becoming a depression and stated that the communiqué, due later, will have future growth initiatives at its heart.
The leaders, he said, have agreed "absolutely" that it is essential that "we prepare a growth plan."
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