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If one looks at London a week before the most important
If one looks at London a week before the most important summit of the day, the G20 meeting in the elegant Docklands area on April 1 and 2, they would wonder what the British capital is preparing for, a summit of the world's leading economies or the Plagues of Egypt.

It looks like both are expected for some reason. The police and other armed and security services have earned major headaches along with ordinary residents, who have been warned to avoid running any errands in the city's center on April 1 and 2 if possible. Central London will not be the best place to work or even move around, whether driving or on foot, as antiglobalists have already warned their prime minister, Gordon Brown, to expect a lot of trouble.

Many of the UK's continental partners in the EU aren't happy with the host either. Europe remembers only too well how Brown, then finance minister, used to lecture continental Europe during the period of financial prosperity on advantages of deregulated markets and flexible self-regulating labor markets.

Using his recipes Britain has suffered the deepest economic plunge compared with other EU countries. According to The Guardian, Europe is full of determination to strip Brown of his inadvertent title as savior of the world. With this approach, his success is highly questionable.

The high expectations of the summit are starting to backtrack, as British papers say. No one is expecting miracles like Franklin Delano Roosevelt's New Deal at the time of the Great Depression anymore.

London is unlikely to go down in history as a new Bretton Woods. The Bretton Woods meeting near Washington in 1944 officially established the new financial world order and fixed exchange rates, and laid the foundation for setting up the World Bank and the IMF.

The present relations between the G20 leaders aren't suitable for another overhaul of the international finance. [U.S.] President Barack Obama wants the summit to focus on the resumption of growth and creation of new jobs through government injections into the economy. European leaders - French President Nicolas Sarkozy and German Chancellor Angela Merkel - said they had already made huge injections in their economies, and it was high time to change the general rules on the financial markets.

Berlin is the most ardent advocate of shutting down "financial casinos," deflating "financial bubbles," changing stock market rules, and establishing a tight control of all hedge funds, "toxic" derivative products and other instruments helping make money fast and easy. In short, introducing harsh state regulation of financial markets.

Many British analysts think privately that such a summit simply cannot solve problems as complex as those the world is facing at the moment. Even the Group of Eight has always had controversy, so a bigger one like G20 is bound to have more.

The opinions expressed in this article are the author's and do not necessarily represent those of RIA Novosti.


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