April 2, 2009, the day G20 leaders drafted the end of the global crisis?

April 2, 2009 will remain in the history as the day when the world leaders gathered together to conjointly fight the world economy crisis, as it was posed by the British Prime Minister Gordon Brown. It was the day when G20 summit made a decision to inject additional $1.1 trillion into the world economy to help it survive the cataclysm. It was the day of beginning of an end to Anglo-Saxon model of capitalism practiced across the globe since 1944.

On Thursday world leaders took a range of decisions that should have a great influence on the rest of the human history. U.S. President Barack Obama said that it was a turning point for the world economy even though he failed to gain support of more government spending to boost national economies.

"We have agreed on a series of unprecedented steps to restore growth and prevent a crisis like this from happening again," Obama told a news conference.

"We've also rejected the protectionism that could deepen this crisis."

"This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and reform and with a clear timetable," Brown told a news conference at the ExCel centre in London's Docklands.

The G20 countries said in their communiqué that global growth would be more than the 2% already predicted by the IMF for 2010 as a result of the measures taken.

Thus, the world leaders agreed to the following:

• New reforms of the global banking system, including institutions such as hedge funds, and other parts of the so-called "shadow banking system" coming under global regulatory control for the first time

• Tighter regulation for credit rating agencies, to prevent conflicts of interest

• A list of tax havens to be published immediately, and sanctions to be deployed against countries that do not comply with anti-secrecy regulations

• Completion of the creation of international colleges of supervisors for national regulators

• An agreement to do whatever is necessary to promote growth in individual countries, allowing for the possibility of the further use of fiscal stimuli in the future

• The injection of an additional $1tn into the global economy through measures including a $500bn increase in the funding available to the IMF, an increase in the availability of money for developing countries through the IMF's "special drawing rights" to $250bn and a total of $250bn being set aside for trade assistance

• Reform of institutions such as the IMF to allow countries like China to have greater influence. Senior posts at the IMF and the World Bank will open to candidates from the developing world.

• Renewed commitment to the millennium development goals.

• $50bn for the world's poorest countries.

The new funds to be injected into the world economy include $250 billion of IMF reserve units known as Special Drawing Rights and a tripled IMF budget of up to $500 billion of new funds. It should be noted that $40 billion of these resources would be provided by china. Much of that is likely to go to struggling poorer countries, notably in eastern Europe.

The summit also agreed a trade finance package worth $250 billion over two years to support global trade flows, which are forecast to fall 9 percent this year under the impact of the credit crunch -- a boost to the world's major exporters.

French President Nicolas Sarkozy said the results were beyond what could have been imagined. "Frankly, to tell you the truth, all of this goes beyond what we could have imagined … I think all of us are delighted with this result," Sarkozy told a news conference.

Germany, in turn expressed its satisfaction with the fact that no additional stimulus was allowed for the national governments which on the contrary was much desired by Washington.

Brown said the leaders agreed "there will be an end to tax havens that do not transfer information on request. The banking secrecy of the past must come to an end."

Costa Rica, Malaysia, the Philippines and Uruguay have been placed on the blacklist of non-cooperative tax havens, according to a copy of the document obtained by Reuters.