Europeans, speaking at least this time with one voice, managed to convince the Americans of the necessity for some tough regulatory measures to control speculation and turbulence in global financial markets.
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The IMF, fresh from a new cash infusion by Japan and courting more Saudi participation, is shaping up to become an "international Central Bank," according to British PM Gordon Brown. Meanwhile, the more inclusive G-20 appears poised to surpass the G-7 as the prime decision forum on the global economy.
But the really tough decisions were left to the next summit in April 2009, with Barack Obama as U.S. President.
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