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It worked. Our forceful response helped stop the dangerous, sharp decline in global activity and stabilize financial markets.
The G20 conference in Pittsburgh was the scene of several big wins for President Barack Obama, hosting his first international summit. Since his historic election last year, he has pushed for change in global finances to recognize the increasing economic clout of China and other emerging powerhouses.
The agreement to overhaul the IMF's voting structure is especially satisfying for the Obama administration, since the president proposed the 5 percentage point shift.
However, a sense of normalcy should not lead to complacency. Reforming compensation policies and practices is an essential part of our effort to increase financial stability. It's entirely appropriate to focus on strengthening the connection between employee pay and long-term incentives.
If we all act together, financial institutions will have stricter rules for risk taking, governance that aligns compensation with long-term performance, and greater transparency in their operations.
The G20 countries, which account for 90 percent of the world's output, vowed to keep emergency economic supports in place until a recovery was secured. Leaders endorsed an agreement on phasing out subsidies for fossil fuels to help combat global warming.
We are going to have two G20 meetings next year, in Canada and in Korea.
The G20 conference in Pittsburgh was the scene of several big wins for President Barack Obama, hosting his first international summit. Since his historic election last year, he has pushed for change in global finances to recognize the increasing economic clout of China and other emerging powerhouses.
The agreement to overhaul the IMF's voting structure is especially satisfying for the Obama administration, since the president proposed the 5 percentage point shift.
However, a sense of normalcy should not lead to complacency. Reforming compensation policies and practices is an essential part of our effort to increase financial stability. It's entirely appropriate to focus on strengthening the connection between employee pay and long-term incentives.
If we all act together, financial institutions will have stricter rules for risk taking, governance that aligns compensation with long-term performance, and greater transparency in their operations.
The G20 countries, which account for 90 percent of the world's output, vowed to keep emergency economic supports in place until a recovery was secured. Leaders endorsed an agreement on phasing out subsidies for fossil fuels to help combat global warming.
We are going to have two G20 meetings next year, in Canada and in Korea.