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ST. ANDREWS, Scotland – Finance officials from rich and developing countries pledged Saturday to maintain emergency support for their economies until recovery is assured but failed to reach a clear agreement to bear the cost of fighting climate change.
There was also a mixed reaction among the Group of 20 leading rich and emerging nations to a British-led push to consider a fund for bank bailouts, possibly financed by a tax on financial transactions, to ensure that taxpayers don’t bear the brunt of any future rescues.
The group said in a statement after talks that economic recovery is “uneven and remains dependent on policy support.”
U.S. Treasury Secretary Timothy Geithner said U.S. jobs figures out Friday showing unemployment at a 26-year high of 10.2 percent “reinforced that this is still a very tough economic environment.”
Although the “process of growth is now beginning,” that fledging growth still needs to be reinforced to create jobs and get businesses investing to underpin the recovery in the housing market and elsewhere, Geithner said.
On climate change, the G-20 officials also said they wanted “an ambitious outcome” at a major UN conference in Copenhagen next month – but did not commit to a funding package to help poorer nations adapt to a warming climate.
