G-20: $1 Trillion and a Plan

U.S. President Barack Obama with South Korean President Lee Myung-Bak during a bilateral meeting on the sidelines of the G20 Summit at the ExCel Centre in London on April 2, 2009. SAUL LOEB/AFP/Getty Images

The Group of 20 Summit of the world's top leaders, held Apr. 2 at a windowless exhibition hall in London's eastside docklands, did not achieve everything its organizers originally hoped for, but it was not without substance. Clearly, the most important accomplishment is the trebling of the resources available to the International Monetary Fund to $750 billion. That will make it easier to fight financial fires that may break out in the next few months, especially in emerging economies. All told, some $1.1 trillion in new money will come on tap for the IMF, the World Bank, and to support trade finance. "That's about the size the world may need," said the IMF's director, Dominique Strauss-Kahn, who noted with satisfaction that "the IMF is back."

To continue reading this article you must be a Bloomberg Professional Service Subscriber.