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UK's Darling: G20 should resolve differences
HORSHAM, England |
HORSHAM, England (Reuters) - Countries should put aside their differences and unite behind action to battle the worst financial crisis in a generation, British finance minister Alistair Darling told Reuters on Friday ahead of a meeting of G20 policymakers.
Progress at this weekend's meeting of rich and developing nations in southern England looked seriously compromised after France and Germany rejected U.S. calls for more stimulus, saying the focus needs to be on regulation of markets.
"Obviously if you have 20 people sitting round a table, there will be differences," Darling said, when asked about the French criticism.
Britain, like the United States, has also been calling for countries to take more action to support their economies, and has also called
But Darling said people had to stop bickering and resolve their differences.
"I think there is a lot of common ground. If you take fiscal stimulus, for example, the U.S. has, we have, the French have, the Germans have," he said.
Asked whether he was ready to sanction more fiscal stimulus in Britain, Darling said that he would keep that under review. The next UK budget is on April 22.
IMF FUNDING
G20 leaders are also discussing how to bolster the International Monetary Fund's ability to help countries that are being hit by the crisis and there has been speculation the G20 could agree to double the lender's fighting fund to $500 billion.
But Darling signaled that actual numbers for the increase in funding might be left to work out in time for a leaders' summit in London next month.
"I hope there will be agreement for a substantial agreement on resources for the IMF, but this is part of a process," he said. "Every country needs to step up to the plate."
Asked about a European Union proposal to lend the IMF up to $100 billion, Darling said: "The first thing we need to agree is a global figure."
Darling, the meeting host, said one of his other major priorities was how to get lending going again and ministers would be discussing what to do with banks' toxic assets.
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