The G20 today issued a communiqué (see link below) following its meeting at the ExCel Centre in London. UK Prime Minister Gordon Brown, host of the summit, said *”This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and reform and with a clear timetable.”* World leaders participating in the London 2009 G20 Summit have agreed a series of actions revolving around:
• Restoring growth and jobs
• Strengthening financial supervision and regulation
• Resisting protectionism and promoting global trade and investment
• Ensuring a fair and sustainable recovery for all
Specifically committed are additional resources of $1tn to be made available to the world economy through the IMF and other institutions; reforms to the global financial system including more regulation for banks, hedge funds and credit rating agencies as well as a pledge to implement touch new principles on pay and compensation; action against jurisdictions not considered compliant with transparency standards; and a commitment to make progress on the stalled Doha round of trade talks. Also agreed was a new Financial Stability Board to ensure cross-border cooperation; this Board will work with the IMF to give early warnings of macroeconomic and financial risks.
The leaders heralded the G20 summit as the day the world *”fought back against the recession”* as they mapped out a new future for financial regulation. US President Barack Obama described the summit’s measures as *”bolder and more rapid than any international response that we’ve seen to a financial crisis in memory”* and predicted that they would mark *”a turning point in the pursuit of global economic recovery”.*
Also released were a Declaration on Delivering Resources Through the International Financial Systems; and a Declaration on Strengthening the Financial System. A Progress Report on the actions of the Washington Action Plan has been published as well.