Region: The G20 in Toronto

Ahead of the June 26 and 27 meeting of the G20 in Toronto, the European Union has put forward its vision on the optimum way ahead to strengthen recovery from the global financial and economic crisis.

The leaders gathering in the Canadian city are from nations that account for 90 per cent of global economic output, 80 per cent of world trade, and two-thirds of the world’s population, the Voice of America said.

Many of these leaders agree that the global financial crisis made it clear there is a need for better ways to regulate financial firms, but they disagree on how to go about it, VOA said.

Some finance ministers are calling for banks to lend a smaller portion of their money and to keep more on hand in case a loan or investment goes bad.

Other ideas would limit the amount of borrowed money, or leverage, financial firms can use and seek ways to cope with failing financial companies that minimizes the damage to the rest of the economy…

Read more at The Sofia Echo.