On November 16 the G20 conference ended in Washington after adopting a declaration and a plan of action to tackle the ongoing financial turmoil.
The public hold a range of different views on the result. In an exclusive interview with China.org.cn, Einar Tangen, Chairman of I-MCF and former President of State of Wisconsin International Trade Council, expressed the opinion that the G20 conference was of little use.
Einar Tangen, Chairman of I-MCF and former President of State of Wisconsin International Trade Council. [China.org.cn]
Einar Tangen's topics:
One: As we know, the G20 conference ended last weekend. Different media hold different views on the value of the conference. Some think that it was helpful in solving the current financial crisis; others have suggested that its value was reduced by the absence of President-elect of the United States Barack Obama. What is your opinion of the conference? >>>
Two: The Secretary of the Ministry of Commerce of the United States, Mr Henry Paulson, declared that the $700 billion bailout plan will be amended. Capital will be addressed to non-banking and financial services areas rather than being used to buy bad assets from banks and major financial groups. Some people believe this is a significant change. What is your view? >>>
Three: At the European special summit on 7th, leaders from EU released a reform blueprint for a global financial system and an integrated EU viewpoint for the G20 conference. The core of this plan is to strengthen financial supervision. The EU’s efforts have always been seen as a challenge to American financial hegemony and the current market system. What do you think? >>>
Four: The communiqué from this conference declared that leaders of the assembled countries have agreed to adopt a series of actions to stabilize the financial system and carry out international financial system reform. Does this result indicate that both Europe and the United States have compromised on the issue? >>>
Five: Although President-elect Obama was absent from the conference, right now in the US there is a great expectation that he will act to resolve these problems. In your opinion, what changes will Obama and his government bring to the US approach to the financial crisis? >>>
Six: The G-20 was created as a response to the financial crises of the late 1990s. Now its membership includes new emerging economies such as the “Golden Brick” (Brazil, Russia, India and China). What kind of role will be played by these new emerging economies in this financial crisis and in the future global economy? >>>
Seven: How do you assess China’s impact on the crisis? What was the role of China at this conference? >>>
Eight: To address the current international financial situation, the Chinese government has announced 10 measures to expand domestic demand which have attracted extensive worldwide attention. What are your comments? >>>
Nine: Is this crisis going to change the global financial system and structure? How will this change China’s role? >>>
Ten: Leaders of the different G20 countries declared at this conference that the next one will open before April 30 next year. What are your expectations of the next conference? >>>