German Chancellor Angela Merkel said the weekend's G20 summit in Toronto,Canada was ahead of her expectations because of the detail involved.The world leaders agreed to cut their deficits in half by 2013.By 2016,the debt,or accumulated deficits,will start to come down.Canadian Prime Minister Stephen Harper said that,as our stimulus programs expire,we will focus on getting our fiscal houses in order.
The G20 leaders of leading economic nations also agreed to raise capital requirements for banks.The specificity of the goals was indeed unusual for such a gathering,which typically would have a statement of general principles released as a communique.This highlights the fragility of the global economy,which cannot accept anything less than exactitude at this point.
Ms.Merkel was in a jovial mood,given this adoption of German policy by the G20,not to mention Germany's decisive victory over England in the World Cup.The leaders followed the World Cup on their Blackberries and even watched some of it together on a big screen TV.Chancellor Merkel spoke animatedly with President Barack Obama.Clearly they have become friends during this difficult period of history.It is perhaps somewhat reminiscent of the late President Ronald Reagan and former Prime Minister Margaret Thatcher of Great Britain.
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