G-20 Leaders Agree to a Deficit-Cutting Timetable
Canadian Prime Minister Stephen Harper, who spearheaded the proposal, told the BBC: "All leaders recognise that fiscal consolidation is not an end in itself. There will be a continued role for ongoing stimulus in the short term as we develop the framework for strong sustainable and balanced growth." That reference to stimulus is a nod to President Barack Obama's insistence that the G-20 move cautiously on removing stimulatory spending policies in order to avoid triggering a second global economic slide.
In a post-meeting press conference, Obama said, "We must do everything in our power to avoid a repeat of the recent financial crisis." The weekend summit was greeted in Toronto by perhaps the most violent protests in the city's history.