G20 reforms misdirected

The finance ministers and heads of central banks of the G20 countries agreed on a handful of indicators to aid in the identification of undesirable economic trends at a meeting on Saturday in Paris. According to the daily Delo this doesn't go far enough: "The financial crisis which has driven a large part of the global economy into recession with severe social consequences was not caused just by imbalances, although the latter had been growing for several years. The main cause was the insatiable greed for profit, aided by increasingly complicated financial products over which government bodies lost all control. The leading 20 nations may have announced resolute measures at their first summit in November 2008 in Washington and may have carried them through later but now it looks very much like the profit genie has once again escaped from the bottle."

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