Brown’sSpeechafterLondon’sG20Summit

BackgroundJamesGordonBrown

(bornon20February,1951)isthePrimeMinisteroftheUnitedKingdomandLeaderoftheLaborParty.BrownbecamePrimeMinisterinJune2007,aftertheresignationofTonyBlairandthreedaysafterbecomingleaderofthegoverningLaborParty.BrownhasaPhDinhistoryfromtheUniversityofEdinburghandspenthisearlycareerworkingasatelevisionjournalist.HehasbeenaMemberofParliamentsince1983;firstforDunfermlineEastandsince2005forKirkcaldyandCowdenbeath.AsPrimeMinister,healsoholdstheofficesofFirstLordoftheTreasuryandtheMinisterfortheCivilService.Brown’stimeasChancellorwasmarkedbymajorreformofBritain'smonetaryandfiscalpolicyarchitecture,transferringinterestratesettingpowerstotheBankofEngland,byawideextensionofthepowersoftheTreasurytocovermuchdomesticpolicyandbytransferringresponsibilityforbankingsupervisiontotheFinancialServicesAuthority.LondonSummit

On2April2009,worldleadersfromtheG20countries–representing85%oftheworld’soutput–metinLondon.Theymetagainstthebackdropoftheworstinternationalbankingcrisisingenerations.

TheLondonSummittookplaceatatimewhentheworldconfrontstheworsteconomiccrisissincetheSecondWorldWar.

BuildingontheoutcomeoftheWashingtonSummitinNovember2008,theaimsoftheLondonsummitweretobringtogetherleadersoftheworld’smajoreconomiesandkeyinternationalinstitutionstotakethecollectiveaction

necessarytostabilisetheworldeconomyandsecurerecoveryandjobs.

RealactionwasagreedattheLondonSummitincludingdetailedcommitmentstostrengthenthefinancialsystemandadditionalresourcesamountingto1.1trilliondollarstosupportjobsandgrowthacrosstheWorld.TheLondonSummitwaschairedbyUKPrimeMinisterGordonBrownastheUKcurrentlyhastheChairfortheG20FinanceMinistersmeeting.

WordsandExpressionsconsensusagreementinthejudgmentoropinionreachedbyagroupasawholee.g.Also,becausetheyareagroupactivity,focusgroupstendtodrivetoconsensus.Themajorityorloudestopinionoftenbecomesthegroupopinion.pledgeadepositofpersonalpropertyassecurityforadebt;abindingcommitmenttodoorgiveorrefrainfromsomethinge.g.Thepropertywaspledgedassecurityforloans

hedgefundaflexibleinvestmentcompanyforasmallnumberoflargeinvestors(usuallytheminimuminvestmentis$1million);canusehigh-risktechniques(notallowedformutualfunds)suchasshort-sellingandheavyleveraginge.g.

Innineteenninety-eight,amajorhedgefundgotintofinancialtroubleandalmostfailed.taxhavenacountryorindependentregionwheretaxesarelowe.g.Thefirstofthelessworryingsortinvolvesmovingaphysicalbusiness—suchasamanufacturingplant—toataxhavenandthenattributingasmuchprofittoitaspossible.

compliantacceptingorsubmittingwithoutobjectionorresistancee.g.Acompliantpersongivesineasilytootherpeople'sviews.toxicassetTheterm"toxicasset"isanontechnicaltermusedtodescribecertainfinancialassetswhentheirvaluehasfallensignificantlyandwhenthereisnolongerafunctioningmarketfortheseassets,sothattheycannotbereasonablysold.e.g.ToxicassetsplayedamajorroleinthefinancialcrisisthatbeganinAugust2007.unprecedentedhavingnoprecedent;novel

e.g.Scienceandtechnologyhavecometopervadeeveryaspectofourlivesand,asaresult,societyischangingataspeedwhichisquiteunprecedented.

injectiontheforcefulinsertionofasubstanceunderpressure;anysolutionthatisinjected(asintotheskin)e.g.Mmuniquéanofficialreport(usuallysentinhaste)e.g.InhisrecentletterofcongratulationstoPresidentJiangontheoccasionofthe30thanniversaryoftheShanghaiCommuniqué,PresidentBushalsoexpressedpreciselythesameview.special

drawingrightsSpecialDrawingRights(SDRs)arepotentialclaimsonthefreelyusablecurrenciesofInternationalMonetaryFundmembers.e.g.Thevalueofthenationalcurrency,intermsoftheSpecialDrawingRight,ofaStatewhichisnotamemberoftheInternationalMonetaryFund,shallbecalculatedinamannerdeterminedbythatState.reservecurrencyacurrencythatisusedasinternationalreserves,oftenbecauseitisaninterventioncurrencye.g.Theeuroshouldconstituteanimportantreservecurrencyandplayakeyroleinportfoliosoffinancialassetsonaninternationalscale.trebleincreasethreefolde.g.Profitsinourcompanyhavetrebledinthelasttwoyears.surveillancethemonitoringofthebehaviorofapersonorgroupofpeople,ofteninasurreptitiousmanner

e.g.Thepersonnel