G20 pledges to halve fiscal deficits within three years along with promises of stricter banking regulation to come did little to rally wary stock markets on Monday, with some commentators saying the summit pointed more to disunity than global co-operation. According to the final communiqué, the G20 acknowledges that there is no one-size-fits-all solution to the world’s economic problems and fiscal consolidation will be “differentiated to national circumstances.” Those with serious debt problems need to step up the pace, while Japan was given an exemption. The G20 also said banks would be required to hold more and better quality capital, though detailed guidelines won’t be available until the next summit in Seoul, South Korea in November. They also abandoned efforts to introduce a global bank tax acknowledging “a range of policy approaches” to the problem. “The fact that the phase-in of new regu...
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