G20 summit: backdrop and prospects

The leaders of the G20 leading economies hold their annual summit this week amidst deepening economic gloom and growing public anger over austerity measures. The G20 Heads of State are hoping to use their summit meeting in Cannes , France to send a message that Europe has its debt crisis under control and any risks to the world economy are being taken care of. The Catholic aid agency, CAFOD, has called on the G20 leaders to put development at the core of their agenda or risk perpetual economic crisis. But what are the prospects of them heeding this appeal? Susy Hodges spoke to Christina Weller, CAFOD's lead economics analyst.

Weller says the G20 leaders need to take a long-term approach to the world's many problems and tackle worsening inequalities: "The main thing CAFOD would like the G20 to do is look beyond the current crisis ... otherwise will keep finding ourselves back in crisis mode" ....because inequality was one of the things that put us into crisis in the first place."

When it comes to the issue of tackling financial speculation in commodities that has led to a big rise in the price of staple foods, Weller says "the usual problem is that the G20 is trying to do the absolute minimum" in its attempts to deal with the problem.

Asked about the recent Vatican document that called for sweeping reforms of the world's economy, Weller says the Vatican statement "was a really good reminder to the G20 leaders of what is, they are supposed to be doing."

Listen to the full interview by Susy Hodges with Christina Wheeler: