June 25 (Reuters) - Here are some developments as leaders of the Group of Eight advanced economies and Group of 20 advanced and emerging economies meet in Canada.
TOP DEVELOPMENTS
* A historic overhaul of U.S. financial regulations put banking rules high on a crowded agenda as world leaders gathered for summits to try to determine how to secure a global economic recovery.
BANK LEVY
* German Chancellor Angela Merkel vowed to proceed with Europe’s plan for a global bank tax to pay for bank failures, despite dimming prospects it would win support at the G20 summit.
DEVELOPMENT FUNDING
* Rich countries try to figure out how to catch up on their missed aid promises and find new ways to help the world’s poorest nations at a time when their own budgets are squeezed.
WORLD CUP
* Asked who he was rooting for at soccer’s World Cup in South Africa, Canadian Finance Minister Jim Flaherty declined comment for fear of offending any of his G20 colleagues. "It’s sensitive enough," he said.
PROTESTS
* Protesters at the G20 summit in Toronto won small victory when a Canadian judge restricted the use of a controversial sound cannon for crowd control.
QUOTES
"We need to act in concert for a simple reason: this crisis proved and events continue to affirm that our national economies are inextricably linked," U.S. President Barack Obama.
"We will promote this issue (global bank tax) at the summit once again. Not only industrial countries are very sceptical about that, but also some emerging market countries," Germany’s Merkel.
"We have to say today we have not met all the commitments," European Commission President Jose Manuel Barroso on missed aid promises to the world’s poorest nations. "China needs to stop giving us the runaround and deliver real change. And if it refuses, it’s time to talk about trade sanctions," Nobel-winning economist Paul Krugman on China’s yuan policy.
