The two most significant developments at the G-20 financial summit related to new prominent roles played by the European Union and the International Monetary Fund.
Europeans, speaking at least this time with one voice, managed to convince the Americans of the necessity for some tough regulatory measures to control speculation and turbulence in global financial markets.
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The IMF, fresh from a new cash infusion by Japan and courting more Saudi participation, is shaping up to become an "international Central Bank," according to British PM Gordon Brown. Meanwhile, the more inclusive G-20 appears poised to surpass the G-7 as the prime decision forum on the global economy.
But the really tough decisions were left to the next summit in April 2009, with Barack Obama as U.S. President.
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