TIMELINE-World leaders meet to tackle financial crisis

Published: 29 Mar 2009 17:14:39 PST

March 27 - Leaders of the G20 group of developed and emerging economies meet in London next week to try to chart a way out of the global financial crisis.

Here is a timeline of major meetings on the road to the G20 summit in London and beyond:

Nov. 15, 2008 - Group of 20 leaders from rich and emerging-market nations meet in Washington and agree on an "action plan" to try to restore global growth and bring order to a financial system reeling from a worldwide credit crisis.

-- The G20 leaders pledge to "work together to restore global growth" but stop short of any coordinated new fiscal measures, saying spending policies should be used to stimulate domestic demand rapidly, as appropriate for each nation.

Feb. 14, 2009 - G7 powers end crisis talks in Rome with a pledge to do all they could to combat recession without distorting free trade. Aware of their limits, they also adopt a more conciliatory tone towards China.

-- statement says that stabilising the economy and financial markets is paramount, meaning that all had to work together and use all possible policy options to maximum effect.

-- Germany and Britain started the meeting with warnings that the world must avoid repeating the protectionist spiral that played a role in deepening the 1930s Great Depression.

Feb. 22 - German Chancellor Angela Merkel invites fellow EU leaders to a one-day summit in Berlin. European leaders agree at the summit to push for a global crackdown on tax havens and strict new regulation of hedge funds as part of a sweeping overhaul of financial rules to prevent future market meltdowns.

March 1 - Special meeting in Brussels of EU leaders to discuss efforts to stabilise the financial sector.

March 3/4 - The first European leader to visit Barack Obama since the president took office on Jan. 20, British Prime Minister Gordon Brown says it is imperative that all countries work together and the U.S. and Britain should persuade the rest of the world to follow its lead.

-- Obama and Brown both call for common principles to bolster the financial regulatory structure.

March 13/14 - Finance ministers, at a preparatory meeting for the G20 leaders summit in Sussex, promise rescue money for troubled emerging market economies and say they will use their full fiscal and monetary firepower to combat the downturn.

-- Separately Gordon Brown says a "massive change" is about to take place in financial market regulation, notably supervision of hedge funds and other areas currently only lightly regulated.

March 19/20 - At a summit in Belgium, the EU pledges more than $100 billion in new loans to the IMF to bail out countries hit by the global recession and urges the G20 to help double its funding.

-- EU leaders also agree to double to 50 billion euros a crisis fund which can be used by struggling member states which do not use the euro.

* G20 AND BEYOND:

April 2 - G20 leaders meet in London to coordinate actions to revive the global economy as well as to reform and improve financial systems.

April 24-26 - G7 finance ministers and central bankers meet in Washington. IMF, World Bank spring meetings to be held.

June 12/13 - G8 finance ministers meet in Italy in advance of G8 leaders meeting.

July 8-10 - Leaders of G8 nations meet for annual summit. at La Maddalena on the island of Sardinia. Prime Minister Silvio Berlusconi says Italy will host leaders of the G20 at the end of the G8 summit and that the talks would focus on new rules for the financial system.

Oct. 6/7 - IMF/World Bank annual meeting in Istanbul. G7 finance ministers traditionally meet on sidelines.

Nov 7/8 - G20 finance ministers and central bankers annual meeting hosted by Britain.

Sources: Reuters/http://www.londonsummit.gov.uk