Little comes of G-20's meetings
The members of the G-20 nations might as well haves saved their governments money and stayed home. The trip to London was probably expensive.
The nations agreed that the global recovery is still not very far along and that it could reverse itself without the stimulus and central bank support that has been apparently helpful over the last year. The draft statement from the group said, "We will continue to implement decisively our necessary financial support measures and expansionary monetary and fiscal policies consistent with price stability and long-term fiscal sustainability until a recovery is firmly secured."
Some coming to the assembly were also pushing for limits on what bankers are paid. The investment banks are still at the top of most lists of who caused the credit crisis. There was some talk of setting up global standards, but the conclusions appeared to be vague.
But, for 20 countries to try to agree on a program or even a philosophy of how to regulate pay for any industry would be hard. And, the bankers can always all move to Switzerland and do as they please.
Douglas A. McIntyre is an editor at 24/7 Wall St.