Backgrounder: Major achievements of G20 summits since 2008

13:38, June 20, 2010      

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Leaders of the Group of 20 (G20) industrial and emerging countries will gather in Toronto, Canada on June 26-27 to discuss ways to consolidate the recovery of the world economy and the reform of the international financial system in the aftermath of the global financial crisis.

This will be the fourth G20 summit since the global financial crisis started in 2008. Following are major achievements of the previous three G20 summits:

Washington summit:

In November 2008 while the financial crisis was raging across the world, G20 leaders gathered for their first meeting in Washington. The Washington summit achieved a common understanding of the root causes of the global crisis and reached agreement on strengthening cooperation in fighting protectionism, promoting economic growth and other areas. It also worked out an action plan on tackling the global financial and economic problems, including strengthening transparency and accountability of the financial market, enhancing sound regulation and promoting integrity in financial market, reinforcing international cooperation and reforming international financial institutions.

London Summit:

In April 2009, G20 leaders met in London for their second summit and reached broad consensus on many issues, including increasing fund in the International Monetary Fund (IMF) and strengthening financial supervision and regulation

The leaders promised to provide a total of 1.1 trillion U.S. dollars in funding to the IMF, the World Bank and other multilateral financial institutions; called for supervision and regulation of all financial institutions, products and markets with systematic influences; agreed for the first time to bring hedge funds under regulation; and vowed to take actions and impose sanctions on the so-called "tax-evasion paradise" which refuse to cooperate.

On the reform of financial institutions, the leaders agreed to establish a new Financial Stability Board (FSB) with a strengthened mandate as a successor to the Financial Stability Forum (FSF). The FSB will collaborate with the IMF to provide an early warning of macroeconomic and financial risks and the actions needed to address them.

Pittsburgh summit:

In September 2009 the G20 leaders gathered in the U. S. city of Pittsburgh for their third summit. The leaders made a big breakthrough in reforming the architecture of global financial institutions, agreeing to increase developing countries' voting power in the International Monetary Fund and the World Bank by at least five percent and three percent respectively.

The leaders also agreed to strengthen international financial regulatory system to avoid future crisis, including reforming salary system of top officials in financial institutions, bring financial derivatives under regulations and impose transnational financial supervision. The summit also discussed exit strategy of the stimulus measures, prospects of world economy and achieving long-term and sustainable development.

In a statement the summit "designated the G20 to be the premier forum for our international economic cooperation", confirming the legitimacy of the G20's status as the top coordinating mechanism of the world's economic issues.

Source: Xinhua


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