This week Ed Miliband called on leaders from around the world to act with urgency in regards to the risk of another debt crisis of global proportions. In his statement he said he believes that the G20 summit which has been scheduled for November should be moved forward in order to more expediently address the debt crisis currently underway in Europe as well as an all but stagnant global economy and a fragile banking system worldwide.
He maintains that these three problems besetting the world are a poisonous blend which should be addressed as quickly as possible. In his view, economic recovery has stagnated and the only solution is to act quickly. He further urges Nicolas Sarkozy, the French President, to hold a meeting prior to the Anglo French summit. This summit is in regards to Libya but he feels that there are other pressing issues of a global nature which should be addressed as well at that time.
The nation that holds presidency of the G20 is the nation that determines when the meetings will be held and this is specifically why Miliband addressed Sarkozy in his remarks. Key figures from around the world have been expressing their concern over the fragile global economy in recent weeks and the consensus is that we are headed towards a meltdown of the same proportions as we faced in 2009.
Officials from around the world appear to be acting in counterpoint to each other as Christine Lagarde called for immediate actions whilst the head of the US central bank said that it wasn’t necessary to take any immediate steps. Amidst all the controversy and all the pleas of world economists, the G20 reassured that they would take whatever action was necessary to guarantee global economic stability and growth.
