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Sunday, 22 November 2009

Newsroom

G20 nations reach consensus at the Summit

  • Published: Friday, 3 April 2009

As the London Summit drew to a close, the G20 leaders agreed a package of measures designed to tackle the current global economic crisis. Prime Minister Gordon Brown announced the key outcomes at a press conference yesterday afternoon.

Key outcomes

Prime Minister Gordon Brown:

"These are not just a single collection of actions. This is a collective action - people working together at their best."

The following measures were agreed upon:

Restore confidence, growth and jobs

Leaders reaffirmed their commitment to work together to restore growth and jobs, while preserving long-term fiscal sustainability. They committed to make available an additional $1.1 trillion programme of support to help the world economy through the crisis and to restore credit, growth and jobs.

Strengthen financial supervision and regulation

Leaders agreed to strengthen the financial system by putting in place a better and more credible system of surveillance and regulation of financial institutions, including regulation of large hedge funds and credit rating agencies.

Fund and reform our international financial institutions

Leaders agreed to make an additional $850 billion in resources available through international financial institutions, including the International Monetary Fund (IMF) and the World Bank. They also agreed to ensure they have the facilities needed to meet the needs of emerging markets and developing countries.

Promote global trade and investment and reject protectionism

Leaders committed to reject direct or indirect protectionism, and to take measures which promote trade. This will include a commitment to make available $250 billion to halt the slow-down in trade finance, which facilitates up to 90% of world trade.

Build an in inclusive, green, and sustainable recovery

Leaders reaffirmed their commitment to meeting the Millennium Development Goals and to achieving their Overseas Development Agencies pledges. They also agreed to make $50 billion available to low income countries, and called on the United Nations to establish an effective system to monitor the impact of the economic crisis on the poorest and most vulnerable.

Further information

For more information on the London Summit outcomes, follow the links below.

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