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Host Britain, still in the grip of recession, is keen to continue global effort to support recovery. Others, including the US, Japan and Germany, want to debate ending the massive government spending, low interest rates and expansion of the money supply measures employed to boost growth.
There are disagreements on banking reform, with Canadian Finance Minister Jim Flaherty acknowledging on the eve of the meeting that there were "disparate views" on how to address the problem of banks being too big to fail. France is pressing for more actions to stop excessive bonuses in the banking sector.
Addressing the finance ministers and central bankers from the 20 rich and developing nations, Britain's Chancellor of Exchequer Alistair Darling wanted them to agree on a financial package to help poorer nations develop green industries.
The EU, which has agreed to a euro 100-billion annual package of public and private finance by 2020, is urging the US to lay out its position.
With the major UN climate conference in Copenhagen a month away, he said "heavy lifting" was needed to push through a deal on so-called climate finance.
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Statistics show that debts of poor nations grow five to six times within ten to fifteen years without any additional borrowing. Example USD 5 billion debt of Nigeria in 1986 was estimated at USD 30 billion by the year 2000. This phenomenon is common to most of the poor nations. There is no "Help" factor in the present banking system. I sincerely hope our FM will suggest an "Interest Free" Banking system which is the only solution to the present Financial Crisis.
The financial world at crossroads due to the wrong policies of the banking sector. It is totally onesided, uncaring, irrational and irresponsible. How come a society will prosper when care and share between the money lender and user is ignored completely. Secondly the bank figures are on paper far away from reality. It is just multiplying the ratio of interest irrespective of the usage of that money. The net result is what we see now. A big recession, suicides, and of course bailout of tax payer's money. India should accept the recommendation of Raguram Rajan committee to introduce interest-free banking with ethical principles of care and share. It is practical, produced good result and a proven reality.