SCORECARD-How is G20 doing on pledges from London summit?
(Reuters) - Leaders of the Group of Eight economic powers will meet in the Italian town of L'Aquila next week in the latest of series of summits on efforts to haul the world economy out of recession.
A meeting of the G20 group of industrialised and emerging market countries in April pledged more than $1 trillion (609 million pounds) in cash for the International Monetary Fund among other initiatives.
It also promised to give major emerging economies far more say in international policy-making and enable regulators to supervise hedge funds and credit ratings agencies, as well as crack down on tax havens.
Here is a summary of progress reported so far on pledges the leaders made in London in April.
* FISCAL MEASURES TO BOOST DEMAND RAPIDLY
- The IMF says discretionary fiscal stimulus at G20 level amounts to around the desired 2.0 percent of GDP in 2009 and 1.5 percent in 2010. Sources say the IMF will tell euro zone leaders on Monday that governments have done enough this year, without ruling out the need for more stimulus later.
- Debate over need for bigger effort -- led earlier by U.S. and resisted by Europe -- has gone off the boil for now as focus shifts to dealing with toxic assets on bank books.
- G20 leaders communique of April 2 says total fiscal expansion will amount to $5 trillion by end of 2010, raising output by 4 percent.
* MONETARY POLICY STEPS AS APPROPRIATE
- Major central banks have slashed interest rates, some of them to close to zero.
- U.S. Federal Reserve and Bank of England also resorted to quantitative easing steps to inject money into the economy, such as buying debt. The European Central Bank, regarded by many as more reticent because of a narrower focus on inflation, has announced 60 billion euros (51 billion pounds) worth of a different form of such easing in its plan to buy covered bonds.
- Central banks have cooperated in setting up swap lines to help each other's banks and those in emerging market economies get the foreign currency they need to avert crises.
* RESISTING PROTECTIONISM AND PROMOTING TRADE
- The G20 leaders in April repeated their pledge of November to refrain from raising new barriers to trade, imposing new export restrictions or taking measures to stimulate exports inconsistent with international trade rules.
- But a report by the World Trade Organisation said governments are unfairly blocking trade in response to the global downturn, pinching auto and steel exports and hurting wealthy economies most.
- In the report prepared for the WTO's 153 members, Director-General Pascal Lamy described the global economy as "fragile" and said that rich nations would see their exports slide 14 percent this year due to the slump.
- The United States is still under scrutiny by its trading partners about elements of its widely criticised "Buy American" clause as a condition for some of the government's support packages despite President Barack Obama forcing Congress to water it down.
- China has also come under attack for a similar "Buy China" policy which forms part of its stimulus package. The EU and U.S. also launched a WTO case last month against Beijing over Chinese export restrictions on key industrial raw materials.
- Washington was also singled out in a recent EU protectionism report over aid given to its auto sector which Brussels says may distort trade.
- In the same report Japan and United states were also criticised over government payments to encourage consumers to trade in their old gas-guzzling cars for new more environmentally friendly vehicles.
- The European Union revived subsidies in January on exports of dairy produce; Russia announced plans to introduce new duties on imported cars; and India raised import tariffs on steel.
- The United States announced subsidies in May on some dairy exports, to counter the earlier EU move, provoking outrage from other farm exporters.
- The outbreak of H1N1 influenza, known as swine flu, was used by many countries as a reason to block imports of pork from affected countries such as the United States, although health officials said there was no danger of catching the disease from meat.
- On the plus side, the United States and EU settled a long-standing row over hormone-treated beef, and said they would try to resolve other trade disputes amicably.
- The April summit also promised to aim for a deal in the WTO's long-running Doha round, but did not set a deadline.
- Trade ministers at last month's OECD meeting in Paris said they wanted to make concrete progress on Doha before September's G20 in Pittsburgh.
- In contrast to recent years, a meeting of ministers to push for a Doha deal before the European summer looks unlikely. But there are plenty of international gatherings where ministers can discuss Doha on the sidelines.
- The G20 in April also promised at least $250 billion (152 billion pounds) over the next two years to support trade finance.
- So far there are no reports of that money being mobilised. But last week the head of Sweden's export credit agency said there were signs exporters were finding it easier to obtain funding.
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