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UK's Brown hopeful for G20, says more to be done

(Agencies)
Updated: 2009-03-31 16:03

The G20 draft included a description of the monetary and fiscal measures already taken, and said the G20's objective was that they would "enable the global economy to expand" by the end of 2010. An X marked the spot outlining by how much.

Related readings:  Emerging economies call for bigger say at G20  Thousands join G20 protest  G20 a tripolar economic game of chess  G20 takes over G7 as platform for tackling crisis

Brazilian President Luiz Inacio Lula da Silva said on Monday that the restoration of credit and fighting the "drug" of protectionism were the most urgent problems facing G20 leaders.

In a column in France's Le Monde newspaper, Lula said protectionism could cause temporary euphoria but would lead to a "deep depression" in the longer term.

President Barack Obama seized the wheel of the failing US auto industry on Monday, forcing out General Motors' boss, pushing Chrysler toward a merger and threatening bankruptcy for both.

Brown repeated his previous calls for the more IMF resources to allow it to support emerging economies during the downturn. Brown has said the IMF needs to at least double its resources to $500 billion dollars.

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