Emerging Economies Take New Co-ordinating Role

A police officer aims a sound canon from atop a riot control vehicle at protesters and self-proclaimed anarchists as they march from their gathering place in Arsenal Park towards Pittsburgh. Photo by BGNES

The G20 group of leading and emerging economies will take on a new role as a permanent body co-ordinating the world economy.

The announcement has been made by an unnamed US official has said as the two-day G20 meeting has began in Pittsburgh, US.

The move will give more power to emerging economies, rather than to the developed powerhouses of the G8 group.

"The G20 is going to be the new body counsel that will be the coordinating body for international economic cooperation", the US official said.

The plan is expected to be outlined in detail by US President Barack Obama on Friday.

Senior EU officials later announced a deal to shift the balance of voting in the International Monetary Fund to benefit growing economies like China.

Currently, China wields 3,7% of IMF votes compared to France's 4,9%, although the Chinese economy is now 50% larger than that of France.

Near the venue, police fired rubber bullets at protesters on a march. The previous G20 meeting, in London in April, was marred by clashes.

The disturbances are thought to have begun after hundreds of protesters tried to march, without permission, towards the convention center where the summit is being held.

 

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