Governments
In addition, was the commitment not to conduct competitive devaluations. In reality this commitment has no raison d ‘ etre, since there is in the logic of the countries of the G20, with the exception of Argentina, use the risky resource of the exchange rate as a tool of impetus from external demand, especially in a context in which the instrument lacks effectiveness. As important as the measures agreed, has been the agreement to work on joint measures to overcome the crisis caring for them not escalate into negative effects on the rest of the economies. So far, the decisions made by Governments sought economic recovery without taking into account the negative effects on the rest of the economies. So for example, in the U.S. economic stimulus plan, a clause had joined of buy American it damaging to companies in other countries. Moreover, the agreement reached by the G20 not only has focused on measures to overcome the current crisis, but also shows a valuable look at the future. It is that the world has proved its major flaws in the regulation and supervision of the financial system and, what is more serious, everything that happened so far increases the incentive to take excessive risks by participants in the international financial system, while providing the context of low rates of interest (which seems, will stay at least during all the 2009), creates an enabling environment for the development of a new speculative bubble. There is a need to strengthen national systems of regulation and supervision, and achieve international coordination among them. In relation to the foregoing, the G20 agreed regulatory measures necessary for modern times and which include increasing supervision on all financial institutions, incorporating within this group and for the first time, to high-risk funds given that rating agencies have played a role key (for negative), in the development of the crisisIt is a greater control of them was agreed.
