SNAP ANALYSIS-G20 sets crisis "action plan"

WASHINGTON (Reuters) - Group of 20 leaders from rich and emerging-market nations agreed on an "action plan" to try to restore global growth and bring order to a financial system reeling from a worldwide credit crisis.

The package of measures sought to settle volatile markets and calm consumer anxieties about leaders' ability to work together, but left it to national governments to tailor their own initiatives and appeared to fall short of a globally coordinated commitment to spur growth.

Finance ministers from the G20 nations were charged with developing specific plans for implementing the recommendations and were given timetables for doing so.

The first set of actions is to be completed by the end of March, before a G20 follow-up meeting to the Washington gathering that is to take place before the end of April.

WERE THERE NEW COMMITMENTS TO STIMULATIVE ECONOMIC POLICY?

* The G20 leaders pledged to "work together to restore global growth" and acknowledged the outlook for the world economy was darkening. But they stopped well short of any coordinated new fiscal measures, saying spending policies should be used "to stimulate domestic demand to rapid effect, as appropriate" for each nation.

* Coming into the meeting, China had just announced a $586-billion (394 billion pound) stimulus package. In the United States Congressional Democrats are calling for a substantive additional economic stimulus but it is unclear whether the Bush administration will support such a move with just two months left before President-elect Barack Obama takes power.

* One of the most positive developments was agreement to strive for a breakthrough in long-running Doha free-trade talks by the end of the year, but participants acknowledged that success was not guaranteed. "What we need now is for this strong show of support to be translated into action at the negotiating table," said World Trade Organisation Director General Pascal Lamy. Previous commitments by political leaders to seek a Doha deal have fallen flat.

DOES THE PLAN IMPLEMENT REAL REGULATORY REFORM?