LONDON, September 25 (RIA Novosti) - Britain's prime minister said on Friday that the Group of 20 rich and developing nations has become the world's main forum for coordinating global economic policy.
Speaking on the sidelines of the G20 summit in Pittsburg, focusing on efforts to prevent a repeat of the 2008 financial crisis, Gordon Brown said: "The old systems of economic cooperation are over. New systems of economic cooperation, from today, have begun."
Brown told a news conference that the G20 would be the "premier" body to monitor international economic problems.
He said the G20, which has become more important than the smaller clubs of rich nations - the former G5, G7 and current G8 - would work to ensure sustainable global development.
Brown also said the member nations would agree to maintain their fiscal stimulus measures, which have saved around 10 million jobs over the past year, and that new rules for remuneration in financial services would be "tougher" to make sure there was "no return to the bad old days."
However, Brown said the recession triggered by the financial meltdown is not over, and that "the path to recovery is still very fragile," and warned against moving to an "exit strategy" and cutting state spending, interest rates and taxes.
