The ending of the G 20 meeting in London was hailed as a success with a statement indicating that those attending agreed to a $ 1.4 trillion plan to restart the world economy, crack down on tax havens, regulate the finance industry and curb excessive executive salaries.
The problem with world conferences of this nature is that no nation can be seen to be a standout. The closing statement is for home consumption as well as attracting international plaudits - and the voters need to be placated into believing that their leaders are on the ball and actually part of the solution to a world problem.
That's just fine - so long as the solution does not harm the home economy - or cost them money they are unwilling to commit.
Previous world meetings have voted huge sums to alleviate poverty in the third world. The closing statement has promised big improvements in living standards - a leap in education - safe drinking water - modern health clinics.
Reality has been far different. Only a fraction of the funds promised have been forthcoming and those lofty promises have been seen for what they were - purely a " feel good " public relations exercise !
There is no doubt that some good will come out of that G 20 meeting, but it is also unlikely that the promised outcome will be fully achieved.
The meeting has agreed that the world will not embrace protectionism - and yet already the United States, Britain and some of the Europeans have bailed out their car industries in an attempt to save jobs.
There is scant difference between supporting an enviable industry with public funds, allowing it to sell locally and export a subsidized product, and slapping a tariff on someone else's goods !
The biggest problem will come with the regulation of financial markets. There is no plan for an international standard and whatever regulation is enforced will be a matter for individual countries.
Hopefully the deficiencies will become apparent when the G 20 meets again in six months time. Perhaps that meeting will have the consensus to tighten the rules and make a world trading regimen work.
Provided - of course - that there is still world trade six months from now !
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