The G20 has closed with a confusing communique - acceleration of cuts in public spending and at the same time increased stimulus ? Some trick if there was a way of pulling it off. The US is less than happy with the idea of the EU cutting back on imports. The Chinese currency issue rumbled on.
At the same time, recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, properly phased and growth friendly plans to deliver fiscal sustainability, differentiated for and tailored to national circumstances. Those countries with serious fiscal challenges need to accelerate the pace of consolidation. This should be combined with efforts to rebalance global demand to help ensure global growth continues on a sustainable path. Further progress is also required on financial repair and reform to increase the transparency and strengthen the balance sheets of our financial institutions, and support credit availability and rapid growth, including in the real economy.
Outside in the streets of Toronto, the usual combination of large, peaceful anti-globalisation demonstrations and anarchist's riots.
Most people there seem to have been busy taking pics on their mobiles....
[ame="http://www.youtube.com/watch?v=32OW6cu4Ypk"]YouTube- G20 Protests Heat Up: Video of police car fire in Toronto[/ame]
Locals complained that putting the G20 in the middle of down town Toronto was provocative and a range of new police powers and equipment were geared up.
An injunction was taken out agains the Long Range Acoustic Devices that have begun to be trialled in these ritual run ins.