Is the G20 summit leading to a new world economic order?

Global leaders took their biggest steps yet toward a new world order thatÔÇÖs less U.S.-centric with a more heavily regulated financial industry and a greater role for international institutions and emerging markets.  At the end of a summit in London, policy makers from the Group of 20 yesterday delivered a regulatory blueprint that French president Nicholas Sarkozy said turned the page on the Anglo-Saxon model of free markets by placing stricter limits on hedge funds and other financiers.  The summit ended in a global deal to boost world growth by four percent by the end of 2010. The leaders pledged to give China and other developing economies a greater say in the management of the world economy, and to make $1┬átrillion available to the world economy through the International Monetary Fund and other institutions.  ÔÇ£This will provide the IMF with enough resources to meet the needs of East European nations and also provide back-up funding to a broader set of countries,ÔÇØ said Brad Setser, a former U.S. Treasury official whoÔÇÖs now at the Council on Foreign Relations in New York.  ┬áÔÇ£ItÔÇÖs the passing of an era,ÔÇØ said Robert Hormats, vice chairman of Goldman Sachs International, who helped prepare summits for presidents Gerald R. Ford, Jimmy Carter and Ronald Reagan. ÔÇ£The U.S. is becoming less dominant while other nations are gaining influence.ÔÇØ  The leaders ultimately agreed to a $250 billion boost to international trade, a new international ÔÇ£no rewards for failureÔÇØ policy on pay and bonuses, clamp-down on tax havens, stricter regulatory oversight to credit rating firms, and an agreement to refrain from competitive currency devaluations. If the leaders had failed to come to an agreement ÔÇô Sarkozy this week threatened to quit the talks if they didnÔÇÖt back much tighter regulation ÔÇô it might have set back the worldÔÇÖs economy and markets just as theyÔÇÖre showing signs of ridding the worst financial crisis in six decades. ┬á Attempting to avoid a repeat of that historic flop, President Barack Obama adopted a conciliatory stance toward his fellow leaders. ┬á ÔÇ£In a world that is as complex as it is, it is very important for us to be able to forge partnerships as opposed to simply dictating solutions,ÔÇØ Obama told a press conference at the conclusion of the summit. ┬á The G-20 members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.S., and┬áthe U.K.*┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *