BREAKING NEWS

G20 agrees how to apply crisis-detection system

By REUTERS

APRIL 16, 2011 03:14

WASHINGTON - The world's developed and emerging economic powers agreed on a procedure for identifying countries whose policies pose a threat to global stability.

All Group of 20 countries would face tests, based on previously agreed parameters, of their economies' health. But seven that each account for 5 percent or more of total G20 output would get special scrutiny.

The seven are China, the United States, Britain, France, Germany, Japan and India. The seven are most likely to be kicked into a second of analysis, though that level of review could be applied to any G20 member whose policies are found to be troubling.

The new system is not binding, relying instead on peer pressure to persuade countries to voluntarily alter policies seen as putting the world economy at risk.

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