“It is in the self interest of the holders of capital to make sure the system doesn’t implode,” says Karabell.
The G20 meeting brings together key emerging-market countries like China, India, Brazil and South Africa with the so-called Group of Seven industrial nations to examine the causes of the current market turmoil.
The nations will attempt to agree upon specific measures for calming anxious financial markets. Investors are hopeful that the results could help restore battered confidence by showing key developed and emerging-market countries are working in tandem.
"We expect that leaders will want to come to an agreement on an action plan identifying specific implementation measures," said Dan Price, assistant to the president for International Economic Affairs, at a White House briefing.
Not everyone is enthusiastic about the outcome of this historic meeting. Critics have suggested the Bush administration's lame-duck status means it will be unable to commit to longer-term reforms that would have to be taken up by a government led by President-elect Barack Obama, who will take office next January 20.
We’ll be watching.
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