BBC News
November 4, 2011
It looks as though the shakedown failed. France could not persuade the rest of the G20 to commit hard numbers to providing a bigger financial safety net for the eurozone - or anyone else who might need it.
A senior US official has just explained the lack of numbers in today's final G20 communique, in the crucial bit about the global tools available for responding to future crises.
The tool that had been talked up most aggressively was the idea of another special allocation of IMF Special Drawing Rights - in effect, free money for International Monetary Fund (IMF) members. China and France supported this, but America was against. (Interestingly, Germany was against this particular proposal too. It seems they don't like the IMF printing money for governments any more than they like the European Central Bank doing it.)
Here's what the official said: "We're talking about Europe - this is about the future of Europe. And the Europeans recognise more than anyone else that their future is in their hands." He said that Europe had the resources and tools to do this, and the tools being talked about at a global level were simply reinforcement: "They are complements, not substitutes."
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