Back from his globe-trotting trip to lay the groundwork for what he calls a new economic order, British Prime Minister Gordon Brown met with his Australian counterpart Kevin Rudd at Ten Downing Street Monday. Mr. Brown said world leaders are making good progress on developing coordinated action to be unveiled Thursday at a key summit in London.
Despite differences over further fiscal stimulus among some European countries attending the summit later this week, Prime Minister Gordon Brown says in his view, the world is coming together to fight this deep, worldwide recession collectively.
"We are seeing an unprecedented global response to an unprecedented global crisis," he said.
Mr. Brown has just returned from a whistle-stop tour of France, the United States and South America to drum up support for unified economic action. He says that since the Washington summit in mid-November, much work has been done.
"Every major economy has taken action to stimulate growth. There have been coordinated cuts in interest rates," he continued. "There have been cuts in taxes. There have been increases in spending and new ways of injecting resources into the economy."
And he pointed to the issue of trying to develop agreed standards of reform in the global financial world where progress has been made, but where much more work is required.
"Action has also been taken in Britain, America and Australia, and many other countries to tighten financial regulation and we are bringing regulatory structures into line with the reality of global 21st century financial markets," said Mr. Brown.
With the world's major economies forecast to shrink this year for the first time since World War Two, Britain's Financial Times newspaper reports the G20 participants will likely resolve to strive for economic growth in 2010.