Lots of talk and glitz but will it produce anything?

There is much comment on the G20 around this morning as the world's leaders fly into London.

In the FT Martin Wolf is certain that the G20 leaders will fail to deal with the big challenge.

What is needed is a large increase both in aggregate demand and a shift in its distribution, away from chronic deficit countries, towards surplus ones. On both points, progress will be far too limited.

Andrew Alexander,writing in the Mail says that

One of the few things the world leaders are likely to agree on is that the Brown plan for borrowing is not the answer.

The Times describes the summit as one of constrained expectations saying that

there are limits to how far it can correct the imbalances in the global economy

although it adds that it should be a reasonable aim to establish rules for the international financial system so that risks to the wider economy are reduced.

Right song but wrong singers says the Guardian,

Whatever the outcome of this week's G20 summit, two things are certain. First, it will be hailed as a success. Second, it will be dismissed as a failure.

and adds that

Barack Obama is right to call on China, Japan and Germany to pump more money into a world economy showing distinct depressionary characteristics. But for any government to take policy advice from America, the nation that brought us this financial cataclysm, would be like getting stock tips from Bernie Madoff.