BGN Entrepreneur

In spite of unprecedented government intervention, the finance leaders will warn that the global recession has yet to be vanquished. The ministers of G20 are expected to agree to hold interest rates at rock-bottom levels along with the fiscal and banking support when they meet in London on Friday and Saturday.
Finance ministers are convening amid signs of a nascent recovery. Japan, Germany, France and Australia all grew in the second quarter. Chancellor Alistair Darling has predicted UK will move back into positive growth by the end of 2009.
However, the tentative improvements are being fuelled by trillions of pounds of taxpayer support, and there are fears of a relapse once this is withdrawn. Finance ministers are planning to discuss a ‘coordinated’ strategy of fiscal and monetary tightening at the London summit. It suggests that the central banks may be pressured to lift interest rates simultaneously, mirroring the synchronised cuts of 2008. But according to the officials, it is still too soon to execute them though it is not premature to discuss ‘exit strategies’. The EU bolstered funding lines to the IMF amid fears that the Washington lender is running low on firepower in a sign the crisis is far from over.

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