The Corner

Nicolas Sarkozy’s Threat to Walk out of Global Summit

According to the Times of London, there is a high probability that Sarkozy will walk out of the G20 summit, since it is unlikely that he will get what he wants:

A deal to tighten regulation will be one of the key features of the G20 accord but France wants a global financial regulator, an idea fiercely opposed by the United States and Britain. Mr Brown has described the notion as ridiculous.

What’s more: 

Germany and other nations are reported to be against a global regulator and sources said that President Sarkozy must know that the proposal would not make progress.

Thankfully it seems that President Obama and British Prime Minister Gordon Brown won’t be getting what they want either:

Britain’s G20 ambitions were dealt another blow yesterday after it emerged that a deal on coordinated action to pump money into the world economy will be delayed until a second summit.

As world leaders began gathering in London, the Australian Prime Minister disclosed that negotiations over the level of a fiscal stimulus needed to prevent a worldwide depression will take place at the following G20, which will not be hosted by Gordon Brown.

This came as leaders from China, Germany and Australia lined up over the weekend to warn that they were not yet ready to agree to further tax giveaways or benefits increases despite pressure from the US and Britain.

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