Bay Area dean says G-20 shows progress

March 14, 2009 7:52:58 PM PDT
Finance leaders from the world's top 20 industrial nations met in England Saturday to try to agree on a way to end the global economic crisis.

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Terry Connelly, The Dean of Golden Gate University, diplomatically described the meeting as "constructive," citing that there were no major fumble or big surprises.

The G-20 officials did all agree on what needs to change, saying that banks need to start lending again. However, they part ways on how to make that happen.

The United States wants to increase spending. Some European companies say the financial system must be fixed first.

Connelly says it is important that all the officials now seem to have a sense of direction.

"I think we can see this weekend's developments as part of the confidence building that needs to happen before our local economies are going to recover. That means we need relatively stable relationships among currencies, no panic in the markets, and a recognition that solutions are going to take time, but that there's light at the end of the tunnel," Connelly said.

The finance ministers did agree to use their full fiscal firepower to fight the worst downturn seen since the 1930s.

They made a few agreements Saturday including one to regulate hedge funds.

Observers say the ministers' comments all sound like good promises, but the key is turning those promises into action.

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