Darling calls for concerted fiscal action

March 14, 2009 at 1:34 PM   |   Comments

HORSHAM, England, March 14 (UPI) -- Failure to take coordinated global action will only make the recession worse, British Chancellor of the Exchequer Alistair Darling says.

"The world is looking to see what the world as a whole can collectively sign up to, to take action that will make a difference to restoring confidence," Darling, speaking before Saturday's gathering of finance ministers from the Group of 20 economic powers in Horsham, England, told the BBC.

Darling was to call for the major economies to commit to more economic stimulus spending if necessary, The Daily Telegraph reported. That would put Britain at odds with the directions set by Germany and France, which have said the focus now should be on regulatory reform rather than "spending even more."

"The point of the meeting is to get a commitment that countries at this time will not hold back if it's necessary to put more money into the economy," he told the broadcaster.

The meeting in Horsham was intended to lay the foundation for a coordinated approach to the global recession when the same countries' heads of state meet in London next month, the newspaper said.

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