G-20 leaders to reportedly shun protectionism

Leaders of the world's richest nations plan to shun protectionism and improve regulation at their summit this week in London, according to a draft communique of their conclusions published by the Financial Times on Sunday. The Group of 20, describing the current financial crisis as the "greatest challenge to the world economy in modern times," proposes to regulate hedge funds and credit rating agencies while ensuring that executive compensation policies discourage excessive risk-taking. "We believe that an open world economy based on market principles, effective regulation and strong global institutions will ensure a sustainable globalization with rising prosperity for all," the draft communique says. "We are determined to restore growth now, resist protectionism and reform our markets and our institutions for the future."