Saturday, March 14, 2009

G-20: No Call for Stimulus

by Calculated Risk on 3/14/2009 09:15:00 AM

From the WSJ: G-20 Won't Call for More Stimulus

Finance ministers and central bank heads from the group of 20 leading economies won't make a joint call for further fiscal stimulus at the end of their two-day meeting here ...

Separately, officials will lay out a set of principles on how to address the toxic assets weighing on banks' balance sheets ... The person said the principles will likely be included in an annex to the communique officials will release after today's meeting.

The U.S. plans to release details of its plan to use public and private money to ease the burden of toxic assets in the coming weeks, but European governments are likely to want more detail even sooner ...
The G-20 Finance Ministers are meeting today in preparation for the April 2nd summit of national leaders in London. Geithner is expected to hold a briefing around mid-day ET after the G-20 talks.

It doesn't sound like there will be a coordinated fiscal stimulus policy as some had hoped for.