Tuesday, November 15, 2011

Cannes held 6th G20 (Major Economies) Summit

The 6th G20 (Major Economies) summit was held in Cannes, France on 3 and 4 November, 2011 to discuss key issues in the global economy. Eurozone debt crisis dominated the Summit in Cannes. The other issues discussed in the summit were global imbalances, financial transactions tax, tax evasion and reform of the international monetary system.

India stressed on the fact that the era of banking secrecy laws was over, and it was vital to build a consensus on sharing of past banking data as it would help in investigation of earlier cases of tax evasion.

The G20 summit in Cannes finally ended in ominous disarray. The leaders finally were unable to agree upon a boost to the International Monetary Fund (IMF) to help distressed countries. Debt-ridden Italy, was seen as the epicentre of the euro crisis, was forced to put its austerity programme under the fund's control. The UK showed focus on urging its European partners to make progress, and wished to continue support extra cash for the IMF.