G20 tough on protectionism, says PM

The G20 summit in London led to a ‘powerful no’ to protectionism, prime minister Jan Peter Balkenende told reporters on Thursday evening.

World leaders at the G20 meeting agreed to new spending and tougher financial regulations in an effort to help the global economy.
While no hard measures were agreed on protectionism, it was decided that countries which introduce protectionist measures should be included on a list of shame.
‘If all the leaders here can say that they will not take protectionist measures then that is an important signal,’ Balkenende was reported as saying. ‘As one colleague said; ‘protectionism does not work’, and that is the case.’
Finance minister Wouter Bos said that US treasury secretary Timothy Geithner had shown great interest in the gentlemen’s agreement he had reached with Dutch banks on moderating bonuses.
Bos said he had given Geithner a translation of the final document.

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