Finance ministers and central bankers from the G-20 countries have gathered in southern England for a meeting to discuss the global economic crisis. One of the key questions facing participants is whether their countries should spend or regulate their way out of the recession.
G20 finance ministers and central bank governors have arrived in Horsham, about 50 kilometers south of London.
Ahead of the meeting, different approaches supported by the US and European nations have gradually widened a simmering disagreement. The US hopes the London Summit will focus on how to increase spending to stimulate the global economy. But the EU's biggest priority is reforming the international financial system. European countries have little appetite for further debt to stimulate their economies.
UK chancellor of the exchequer Alistair Darling said, "I believe this is part of the process. There is no quick fix. There is no overnight solution to all of this. We have the opportunity now to actually start the process and to start quickly. We have to seize that moment."
In this small English town, security is tight for the meeting. Organizers say Horsham was chosen for its location far from the hustle and bustle of American and European financial capitals.
A organizer said, "I think part of the reason was it was away from London, and also to provide you with good security."
Over the next two days, participants will discuss short- and long-term measures to deal with both financial and economic problems. They'll also look at reshaping the global financial system and improving the role of international financial institutions, including the International Monetary Fund.
(CCTV March 14, 2009)