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13 Mar, 2009 11:36

G20 to shape up on stimulus measures, support, and fending off protectionism

Support for Eastern Europe, more global cooperation and cracking down on protectionism are shaping as the big issues for next months G20 summit, according to UK Foreign Office Minister Lord Malloch-Brown.

From French and Russian government cash for their carmakers, to the “Buy American” clause in Obama's new stimulus package, countries are protecting their own.

Meanwhile East European states including Romania, Latvia and Hungary are running out of money. If they go under they'll take their Western creditors with them.

Malloch-Brown's in Moscow on his tour of G20 nations. He's finalizing the deal to halt these twin drags on recovery.

“Yes, I think an East European aid package, Western Europe can do a big package, we hope that Russia and others can contribute.

Anti-protectionist measures with real teeth through effective monitoring and disclosure of those who break it. It is going to be a package that can signal the beginning of the end of this crisis.”

Leaders fighting the global downturn together will mark a turning point according to Roger Munnings, CEO and Chairman of KPMG Russia & CIS.

“Even though national self-interest will have a part in that, I hope we can look forward to much more international cooperation.”

G20 finance ministers will prepare the paperwork in London on Saturday, heads of state come for the summit on April 2nd.