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Finance officials from rich and developing countries have pledged to maintain emergency support for their economies until recovery is assured, but failed to reach a clear agreement to bear the cost of fighting climate change.
Finance ministers from the Group of Seven rich countries warned the recovery remains "fragile" and tried to talk up the U.S. dollar amid fears it could fall farther and disrupt the global economy.
European Central Bank president Jean-Claude Trichet warned EU governments Wednesday that the public will be unforgiving if authorities don't provide a stronger financial system.
Top finance officials from rich and developing countries agreed Saturday to curb hefty bankers' bonuses, but the proposed crackdown on excessive payouts so far falls short of European demands after the U.S. and Britain shied away from imposing a cap.
The Group of Eight industrialized nations have begun preparing for an economic recovery, acknowledging on Saturday "signs of stabilization in our economies" and agreeing to ask the International Monetary Fund to investigate ways to unwind hefty stimulus packages.
European Central Bank President Jean-Claude Trichet said Friday that world leaders' call for a regulatory overhaul of the financial system was "everything we need to restore confidence."
Finance officials from rich and developing countries pledged Saturday to do "whatever is necessary" to fix the global economy, including supervision of freewheeling hedge funds and restoring bank lending by dealing with the shaky securities burdening their finances.
World Bank President Robert Zoellick warned on Friday against "doing too little, too late" ahead of a meeting of international finance officials expected to wrestle with divisions over whether to spend or regulate the way out of the global economic downturn.
Europe's various stimulus plans combined with extra welfare spending and lower tax receipts should boost growth by around 2.4 percent in 2009, the European Commission said late Thursday.
Finance ministers and top officials from 15 nations have opened two days of talks on what financial measures should be used in the global fight against climate change.
Finance ministers from euro nations said Monday they were "concerned" about the strength of their currency as it hit an all-time high against the U.S. dollar.
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