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“G20 Takes Helm of World Economy”
by Reuters - Emily Kaiser and Darren Ennis   
September 25th, 2009

PITTSBURGH - The Group of 20 will become the forum for global economic management, giving rising powers such as China more clout, and roll out tougher rules on bank capital by the end of 2012, a draft communique said on Friday.

Western powers' standoff with Iran broke into attempts to ensure the world emerges from a savage recession with better safeguards against another crisis.

In Pittsburgh, U.S. President Barack Obama and the leaders of Britain and France will accuse Iran of concealing a covert nuclear plant, a senior White House official said.

The U.N. nuclear watchdog said earlier on Friday that Iran has told it of a second uranium enrichment plant under construction, a belated disclosure sure to heighten Western fears of an Iranian bid for atom bombs.

But how to ensure and sustain economic recovery remained the main topic at the summit, which includes the world's richest nations and emerging powers such as China, India and Brazil.

The G20 vowed to keep emergency economic support in place until a recovery was secured, according to the draft communique.

"We will avoid any premature withdrawal of stimulus," the draft obtained by Reuters said.

"At the same time, we will prepare our exit strategies and, when the time is right, withdraw ... extraordinary policy support in a cooperative and coordinated way, maintaining our commitment to fiscal responsibility," it said.

The document said G20 countries, which account for 90 percent of the world's output, would try to secure next year a deal in long-running world trade talks.

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