The G-20: What Happened

The econ team at IHS Global Insight sees these as the outcomes from the G-2- meeting:

1) Further monetary policy action - possibly co-ordinated - including reductions in key interest rates in the U.S., Britain, the euro-zone and other industrialized countries.

2) Further fiscal stimulus measures, particularly in the U.S., but also in Britain, Europe, Canada, other industrialized countries and the BRICs.

3) Stepped up efforts by central banks and monetary authorities to provide liquidity, bolster capital in the financial system, and unfreeze the credit markets.

4) The IMF will expand its role in terms of providing liquidity to emerging countries and other industrialized countries.

5) Substantially more regulatory scrutiny of off-balance sheet activities, risk management processes in banks, and credit rating agency processes.

Me: I think Thomas Barnett got it right:  "The non-G8 members of the G-20 are getting tired of just advising at the ministerial level and being excluded from the adults’ table." From now on, they get to eat turkey with the adults.