German Finance Minister Peer Steinbrueck called today for financial markets to help foot the bill for the enormous cost of containing the crisis that engulfed the global economy over the last 12 months, according to dpa. In a letter to finance ministers and bank chiefs from the Group of 20 leading economies, Steinbrueck said concerted international action should be taken to secure "sizeable contributions from financial markets to fund the immense burden of the crisis." Governments and central banks around the world have pumped billions of dollars into the global economy in attempt to curb the fallout from the economic downturn. This includes an 85-billion-euro (121 billion dollars) fiscal stimulus package rolled out by Germany. Steinbrueck's letter, a copy of which was obtained by the German Press Agency dpa, came ahead of a meeting of G20 finance ministers and central bank governors set down for the end of next week in London. The meeting has been called to review the drive by the G20, which represents the world's emerging powerhouse economies and leading industrial nations, for bolstering global financial market regulation in the wake of the crisis. The London gathering of the G20's finance ministers and bank chiefs will also pave the way for another summit of the group's leaders in the US city of Pittsburgh later in the month.
