Bridges to nowhere

| 11/09/2009

(Economist): Pittsburg the host of the next G20 summit on September 24, is known as the “city of bridges”. Anyone watching the build-up to the meeting may have already concluded that they will lead to nowhere. The warm-up event, a meeting of finance ministers and central bankers in London on Sept 4 produced a fog of contradictory statements by multiple politicians, some from the same countries. Depending on whom you listened to, capital requirements will get tougher quickly—or very gradually, to prevent banks shrinking their loan books. Bonuses will be governed by strict formulas—or by broad principles. Accounting rules will be made more forward-looking—or loosened to prevent big losses coming all at once.

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