G20 financial leaders meeting draws joint communique on financial reform (2)

16:19, June 06, 2010      

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JOINT COMMUNIQUE

The joint communique was founded on the Framework for Strong, Sustainable, and Balanced Growth, which is a key mechanism to meet the immediate challenges of supporting the global recovery and mid- term shared objectives.

Based on the framework were adopted a range of policy options that will later be discussed in details at the June 2010 Toronto Summit, according to the communique.

The leaders agreed on further progress on financial repair, requiring greater transparency and further strengthening of financial firms' balance sheets and better corporate governance.

They also vowed to speed up in reaching agreement on stronger capital and liquidity standards as the core of the reform agenda, calling on the Basel Committee on Banking Supervision to propose internationally agreed rules to improve the quantity and quality of bank capital.

The proposal also urged to discourage excessive leverage and risk taking by the November 2010 Seoul Summit, the communique said.

Also, the leaders agreed on the need to reduce moral hazard, while pledging to accelerate regulation and supervision of hedge funds, credit rating agencies, compensation practices and OTC derivatives in a internationally consistent and non-discriminatory way.

The communique also remarked on the World Bank's reform voice to increase the voting power of developing countries, while protecting the smallest poor nations, embracing the proposal.

The agreement also called for continued institutional reforms at international financial institutions (IFIs) led by the World Bank.

Constructing global financial safety nets was also one of the major items on the communique, with the G20 countries acknowledging a need for national, regional and multilateral efforts to deal with capital volatility and prevent crisis contagion.

However, bank levy, the core of the disputes, was not elaborated in detail in the communique, only endorsed as a need for a fair and substantial contribution towards paying for any burdens to repair the banking system or fund resolution.


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(Editor:黄蓓蓓)

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