"I think a new world order is emerging" - Gordon Brown
ABC News
The leaders of the world's wealthy nations agreed today to inject $1 trillion into the global economy in an effort to pull it out of the spreading recession.
British Prime Minister Gordon Brown, who hosted the economic G-20 summit in London, called the investment the "largest macroeconomic stimulus the world has ever seen."
"We are undertaking an unprecedented and concerted fiscal expansion," a communique from the G-20 group said.
The statement predicted the stimulus plan "will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion, raise output by 4 percent, and accelerate the transition to a green economy."

Today, he also played the role of the peacemaker, stepping into an argument between Sarkozy and Chinese President Hu Jintao over tax havens.
"Never we thought we would obtain such a large agreement," said Sarkozy, who had threatened to walk out of the summit if the group did not agree to stricter fiscal regulations.
"It is not the victory of one camp on another," the French president said. "There is awareness from everyone that the world must change.The Anglo-Saxon countries are convinced there must be reasonable rules." Sarkozy called the meeting tense.
"There were tensions up until 30 minutes ago," he said at a news conference shortly after the agreement was reached. "A page was turned today."
For Obama, his first trip overseas as president was equal parts pomp and progress, including a meeting with Queen Elizabeth II at Buckingham Palace Wednesday and headway on arms control with Russia and a meeting with the president of South Korea this morning.
The $1 trillion will be injected into the economy through the International Monetary Fund and other lending institutions.
The G-20 leaders also agreed on more regulation for banks, new rules for executive bonus pay, corporate responsibility, and sanctions against tax havens that don't comply with G-20 rules.
Brown announced the formation of a new Financial Stability board, with the International Monetary Fund monitoring progress of G-20's objectives, surveying the global economy and providing early warnings.
"Today's decision will not immediately solve the crisis, but we've begun the process by which it will be solved," Brown said in the closing news conference of the G-20 sessions. " This is collective action, people working together at their best. ... I think a new world order is emerging. We will together manage the process of globalization."
Wall Street rallied more than 200 points and went over 8,000, partly in response to the G-20's announcement.
The communique was vague on details and fashioned so that all sides could claim victory, but the meeting was seen as a true test of President Obama's international role. Obama pressed for European countries to invest more heavily in a stimulus program while others, particularly French President Nicolas Sarkozy and German Chancellor Angela Merkel, demanded tougher regulation of international firms.

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