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G20 leaders have agreed on sweeping new measures worth more than $1 trillion to lift the world out of recession and on to the road to recovery.
The measures announced last night focus on strengthening the global financial system with unified, consistent, cross-border regulation including colleges of regulators to supervise the banking system.
Unveiling the plan, British Prime Minister Gordon Brown said: "This is the day the world came together to fight back against the global recession, not with words but with a plan for global recovery and reform," The Sydney Morning Herald reported.
Sharemarkets around the world buoyed on announcement of the plan, with the Australian sharemarket closing yesterday almost three per cent higher in expectation of the news.
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