Brown unveils historic $1trillion deal as G20 vows to rescue world economy and crack down on reckless bankers

Daily Mail
"But there were immediately claims the measures did not go far enough and had in fact mostly already been announced.Shadow chancellor George Osborne said the agreement 'does not contain a single extra dollar or a single extra pound of fiscal stimulus'. ...There was no co-ordinated global fiscal stimulus, as had been originally hoped by Mr Brown and President Barack Obama.Instead, the Prime Minister said that the boosts already announced by individual countries would amount to $5trillion by the end of next year. ...but France and Germany, who had threatened to wreck a deal if they did not get their way, seemed to have succeeded.Not only was there no new fiscal stimulus, but their demands for far tighter financial regulation and for worldwide curbs on bankers' pay and bonuses were both agreed.The cap was a key issue for the two countries, who had last night threatened to wreck the deal if their demands were not met. ...But rather than new plans for a fiscal stimulus, there was only the muted pledge for central banks to continue 'expansionary policies as long as they are needed'.Mr Brown pointed out that $5trillion will have been poured into economies around the world by 2010 but this is money already announced in the last few months.