Krugman has a quick post to say he’s moderately pleased with the G20’s main deliverable – $1.1 trillion in additional loans and guarantees to finance trade and bail out troubled countries
[The outcome was] better than I expected, with something substantive and important emerging — namely, much bigger funding for international financial institutions (IFIs), plus expanded trade credit. This will help smaller, currency-crisis countries a lot.
A turning point? No. But realistically, most big-time international meetings produce nothing; this did something significant.
There was also broad agreement on various new international rules to cap the remuneration of bankers, as well as a common approach to dealing with the toxic assets legacy assets on the balance sheets of the world’s banks.