G20 world leaders pledge global economic cooperation

The G20 summit wrapped up Monday with the world leaders pledging to boost a sluggish economy with global cooperation.

Pope Francis urges G20 leaders not to forget the poor

Pope Francis has called on G20 leaders not to forget the poor, saying to do so would be "regrettable" as the heads of the world's most powerful economies prepare to meet in Australia.

The Group of 20 leaders are expected to sign off in Brisbane this weekend on a pledge to boost the level of their combined economic output by at least two percent above the currently projected level in the next five years, creating millions of jobs.
In a letter to Australian Prime Minister Tony Abbott, who holds the G20's rotating presidency, the pope said world powers "must not forget that many lives are at stake behind these political and technical discussions".

82 Million Chinese Live on $1 per Day

Over 82 million of China’s residents are surviving on a daily income of $1 despite China's meteoric economic growth and rising export volumes, the Strait Time reports.

“The poverty-stricken population not only suffer from low income but also face various difficulties in getting drinking water, roads, electricity, education, medical care and loans,” said aChinese official Zheng Wenkai, cited by South China Morning Post.

According to the news source, poverty remains a ever present burden for most of the Chinese population. China's rural residents average 2,300 yuan ($368) a year or about $1 a day.

Europe’s economic and financial outlook and its social impact, growth and banking sector issues on the agenda of the Informal ECOFIN meeting

The two-day informal meeting of the ECOFIN, as well as the 13. Joint ECOFIN / FEMIP Ministerial Meeting, organized by the Geek Presidency in Athens on 1-2 April had a full agenda and Ministers were able to exchange views on a number of key issues affecting Europe’s economy and financial situation.
In particular, Europe’s social problems and their implications for economic growth were discussed, based on a research and policy paper presented by Bruegel, which confirms the link between poverty and unemployment on the one hand and economic growth on the other. There was a fruitful discussion on how fiscal sustainability is negatively affected by social problems, as well as on concrete measures to be taken to address persistent unemployment and social insecurity, which constitute a major problem for the EU.

A redundant political class in Ireland

by Vincent Cooper*
Politics is dead in the Irish Republic. The Irish parliament, the Dail, is now little more than a rubber stamp for the Troika, the generic name for the European Central Bank, the International Monetary Fund, and the European Union, the three powers to which the country is in hock.
Things are bad. Ireland’s debt to GDP ratio is set to reach 122 percent in 2013, above the 120 percent threshold the IMF considers unsustainable. The total debt of the country, according to an Irish Times report, is €192 billion, four times what it was in 2007, with a projected need to borrow a further €34 billion before 2015.