Emerging Nations Big Winners At Re-Born G20.

"World leaders returned home on Saturday after backing a new vision for economic governance, with bold plans to fix global imbalances and give more clout to emerging giants such as China and India. They left the G20 summit in Pittsburgh...with agreement to give developing countries greater voting rights at two major financial institutions - the International Monetary Fund (IMF) and the World Bank...." [Agence France Presse (9/26)/Factiva]

The Washington Post adds that "...the move increases developing nations' quota of representation shares by 5 percent at the IMF and 3 percent at the World Bank.... Reforming the structure of those institutions is key to helping prevent future crisis, said Former IMF Chief Economist Simon Johnson.... Countries such as China, South Korea and Japan began building huge reserves in the wake of the Asian financial crisis in the 1990s and their bad experiences with the IMF. 'They have to believe in the IMF so they don't build huge reserves,' Johnson said...." [The Washington Post (9/27)/Factiva]

The NYT reports that "...in another nod to developing countries, the leaders agreed to revive talks to reach a new global trade agreement by the end of 2010 that would, among other things, reduce barriers to agricultural exports...." [The New York Times (9/26)/Factiva]