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| Meeting of Finance Ministers and Central Bank Governors, London, 4-5 September 2009 |
| Londýn, 08.09.2009 |
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| Communiqué
1. We, the G20 Finance Ministers and Central Bank Governors, met ahead of the Pittsburgh
Summit to assess our progress in delivering the Global Plan for Recovery and Reform and agree
further actions to ensure sustainable growth and build a stronger international financial system. We
reiterated the need for swift and full implementation of all the commitments made at the Washington
and London Summits and have agreed the further necessary steps to strengthen the financial
system, as set out in the accompanying declaration.
2. Our unprecedented, decisive and concerted policy action has helped to arrest the decline and
boost global demand. Financial markets are stabilising and the global economy is improving, but we
remain cautious about the outlook for growth and jobs, and are particularly concerned about the
impact on many low income countries. We will continue to implement decisively our necessary
financial support measures and expansionary monetary and fiscal policies, consistent with price
stability and long-term fiscal sustainability, until recovery is secured.
3. We must build on what we have already achieved and tackle the significant challenges that lie
ahead. It is vital for growth that we act to support lending, including dealing with impaired assets
and conducting robust stress tests where necessary. We must promote employment through
structural policies, active labour market policies, and training and education. We will work to
address excessive commodity price volatility by improving the functioning and transparency of
physical and financial markets and promoting a closer dialogue between producer and consumer
countries. We welcome the swift implementation of the $250 billion trade finance initiative and
reaffirm our commitment to fight all forms of protectionism and to reach an ambitious and balanced
conclusion to the Doha Development Round.
4. We agreed the need for a transparent and credible process for withdrawing our extraordinary
fiscal, monetary and financial sector support as recovery becomes firmly secured. Working with the
IMF and the FSB we will develop cooperative and coordinated exit strategies, recognising that the
scale, timing and sequencing of actions will vary across countries and across the types of policy
measures.
5. We will work to achieve high, stable and sustainable growth, which will require orderly
rebalancing in global demand, removal of domestic barriers and promotion of the efficient
functioning of global markets. The need to combat climate change is urgent, and we will work
towards a successful outcome in Copenhagen.
6. We have made significant progress in strengthening the IFIs, but more needs to be done. We
are close to completing the delivery of $850 billion of additional resources agreed in April, including
an expanded, more flexible New Arrangement to Borrow; and $50 billion to support social protection
and safety nets, boost trade and safeguard development in low income countries. We welcome the
overhaul of the IMF’s lending facilities. We encourage the Multilateral Development Banks to make
full use of their balance sheets and reaffirm our commitment to ensure they have appropriate
capital, recognising that they are fully on track to deliver $100 billion of additional lending. In the
period ahead we need to focus on providing resources to low income countries to support structural
reforms and infrastructure development.
7. We look forward to prompt implementation of the 2008 IFI governance reforms, and will
complete World Bank reforms by Spring 2010 and the next IMF quota review by January 2011. We
recognise that the IMF should remain a quota-based organisation; and as part of the reforms, the
voice and representation of emerging and developing economies, including the poorest, must be
significantly increased to reflect changes in the world economy. To achieve this we look forward to
substantial progress in Pittsburgh. We also reaffirm our commitment to increase accountability,
strengthen the involvement of Fund Governors in strategic oversight, and agree to move to an
open, transparent and merit-based selection of IFI management. To improve the role and
effectiveness of the Fund in supporting stronger cooperation and ensuring a more sustainable
global economy and international financial system, candid, even-handed, and independent
surveillance will be vital. We call on the IMF, working with other international institutions, to continue
assessing our actions to secure a sustainable recovery.
odkaz na stránku |
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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