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Darling calls for consensus before G-20 gathering

Darling calls for consensus before G-20 gathering

British Treasury chief Alistair Darling issued a rallying call to world leaders Wednesday to form a consensus on dealing with the global economic crisis, amid growing fears that coming meetings of the Group of 20 nations in Britain will fail to find common ground.
Darling, who is hosting a meeting of G-20 finance ministers and central bankers this weekend, also dismissed comments by Britain's top civil servant that the country was finding it difficult to work with the new U.S. administration.
Darling said that both advanced and emerging and developing countries need to agree on plans for monetary and fiscal stimulus.
"We need a commitment to boost demand using all the levers available to us, including monetary loosening; fiscal stimulus, which has now been widely agreed, but now needs to be implemented; and measures to stabilize the financial system and restore bank lending," he told reporters in London.
While EU nations are preparing to call on the U.S. and other nations to commit to far greater oversight of financial markets at a meeting of the G-20 group of the world's leading industrialized and emerging nations on April 2, U.S. officials are expected to focus on stimulus efforts over regulation.
Darling said that consensus could not be reached overnight.
"But we can start to build that consensus by recognizing that our common interest need not contradict a country's self-interest _ in fact, it can complement it. And it's all part of rebuilding confidence," he said.
"The success of our presidency will be judged on our ability to bring countries together and to take action together," he added.
Darling denied that Britain was finding it difficult to deal with President Barack Obama's new administration, after criticism from Gus O'Donnell, the head of Britain's civil service.
O'Donnell said that Britain was having trouble dealing with the U.S. Treasury on details because key posts remained vacant.
"There is nobody there," O'Donnell was quoted as saying in the Whitehall and Westminster World, a respected British political Web site. "You cannot believe how difficult it is."
Several positions remain empty at the U.S. Treasury more than a month after Obama was sworn in. His Treasury Secretary Timothy Geithner is attending the weekend meeting in southern England. Darling said a hiatus after the U.S. election was natural, and that he had already discussed a number of issues with Geithner and that the two men saw "eye-to-eye" on many of them.


Updated : 2021-08-04 22:02 GMT+08:00