G20 summit to quell sea of protests
The world's economic crisis response team will look at the prospect of more market volatility today, as finance ministers and central bankers gather in Moscow to chart a course towards global economic recovery.
The Group of 20, a forum which sought to take the lead on the 2008-09 financial crises, now faces a multi-speed global economy. Some countries situations have worsened drastically since agreements were first fleshed out; the United States is the only member that appears to be nearing recovery.
"We used to believe that as soon as the economic situation stabilises ... we will have less volatility in financial markets and currency markets," Russia's G20 summit coordinator said, “the events we just saw have proved that we will not necessarily have less volatility - we will probably have quite a lot.”
Collective efforts to balance the prospect of a withdrawal of U.S. stimulus against expansionary policies elsewhere have been likened to trying to balance a see-saw by jumping on it. G20 labour ministers, who met earlier in the week, are holding a joint session today with finance ministers, putting the jobs crisis in Europe - where youth unemployment is nearly 60 percent in Greece and Spain - at the centre of the debate.
It is expected resolutions will be made to increase jobs through investment, as has been the suggestion of the United States. Outside the G20 summit in Moscow a protest is raging over the imprisonment of a Russian opposition member, who protested against President Vladimir Putin's election for a third term in the Kremlin last year.