We, the G20 finance ministers and central bank governors, met at a time of heightened tensions and significant downside risks for the global economy that need to be addressed decisively to restore confidence, financial stability and growth.
We have progressed in delivering the commitments we made three weeks ago in Washington DC.
In particular, we welcome the adoption of the ambitious reform of the European economic governance.
We also welcome the completion by Euro Area countries of the actions necessary to implement the decisions taken by Euro Area leaders on 21 July 2011 to increase the capacity and the flexibility of the EFSF.
We look forward to further work to maximize the impact of the EFSF in order to avoid contagion, and to the outcome of the European Council on 23 October to decisively address the current challenges through a comprehensive plan.
We made progress on our action plan of coordinated policies for consideration by our leaders at the Cannes Summit. This action plan will encompass a set of measures to address immediate vulnerabilities and strengthen the foundations for a strong,
sustainable and balanced growth whereby:
- advanced economies, taking into account different national circumstances, will adopt policies to build confidence and support growth, and implement clear, credible and specific measures to achieve fiscal consolidation. Those with large current account surpluses will also implement policies to shift to growth based more on domestic demand. Those with large current account deficits will implement
policies to increase national savings;
- emerging market economies will adjust macroeconomic policies, where needed, to maintain growth momentum in the face of downside risks, contain inflationary pressures and endeavour to enhance resilience in the face of volatile capital flows; surplus emerging market economies will accelerate the implementation of structural reforms to rebalance demand towards more domestic consumption,
supported by continued efforts to move towards more market‐determined exchange rate systems and achieve greater exchange rate flexibility to reflect economic fundamentals;
- all countries will undertake further structural reforms to raise potential growth;
- in all of our actions we will strive to foster growth, job creation and promote social inclusion. We remain committed to take all necessary actions to preserve the stability of banking systems and financial markets. We will ensure that banks are adequately capitalized and have sufficient access to funding to deal with current risks. Central banks have recently taken decisive actions to this end and
will continue to stand ready to provide liquidity to banks as required. Monetary policies will maintain price stability and continue to support economic recovery.
We are taking concrete steps to build a more stable and resilient IMS to help both deal with the current stress and promote longer-term stability. We agreed on coherent conclusions to guide us in the management of capital flows in order to deal with the risks and reap the benefits from cross‐border capital flows.
To further reach these objectives, we agreed on an action plan to support the development and deepening of local currency bond markets. We welcomed the recent improvements to IMF surveillance and will review further progress by the Cannes Summit notably on enhancements towards a more integrated, even-handed and effective surveillance framework, particularly on financial sector coverage, fiscal, monetary and exchange rate policies.
We ask IOSCO, in collaboration with IEA, IEF and OPEC, to prepare recommendations to improve the functioning and oversight of Price Reporting Agencies for mid‐2012.
We reaffirm our commitment to rationalize and phase‐out inefficient fossil fuel subsidies in the medium term, while providing targeted support for the poorest.
We welcome the MDBs Infrastructure Action Plan and the HLP recommendations to be presented to our leaders in Cannes for promoting enabling environment, diversifying sources of funding and identifying exemplary infrastructure investment projects.
We call on the MDBs, working with countries involved to pursue implementation of transformational regional infrastructure projects following the criteria set by the HLP and to prioritize project preparation financing.
We emphasize the importance of this agenda and welcome regular updates from MDBs on the progress achieved. We welcome the GPFI progress report and encourage further efforts to achieve universal access to financial services. We call on MDBs to assist their clients scale up use of risk management tools that help mitigate the impact of food price volatility.
We debated options for innovative financing, as well as a range of different financial taxes, and look forward to Bill Gates’ report on financing for development.
We discussed the World Bank-IMF- OECD-RDBs report on mobilizing climate finance and the recommendations of Trevor Manuel based on this report, taking into account the principles of UNFCCC. We call for further work by MDBs and UN organizations.
We look forward to an effective design for the Green Climate Fund, based on the work of the Transitional Committee as an element of a balanced outcome of Durban.
We thank France for hosting the Finance Ministers and Central Bank Governors’ meetings this year and welcome Mexico as chair in 2012./.
|HAS THE RESULTS CAME OUT AS YET?||0|
|How will be taking Lovell's place.. Given he can not do his Job. We need to drop interest rates on outstanding matters. Who can do Lovell's Job right this time?||3|
|Is FBO 2000 on Antigua still up for sale?||1|
|Where do local eat||3|
|when u have to accept road signs from another country why u spend so much money on immigration as no one wants to settle in antigua||0|
|Was there a police report filed by Royal Caribbean Vision of the seas for the man, wife and 11 yr old child removed from the ship on December 20th, 2012 ? He allegedly attacked a man with a service dog on the ship and was set on the dock that day with hi||0||38141|
|PWD in shambles, what is the purpose of their position? I'm tired of these people in the dept who jsut come eac day to make you feel uncomfortable because of their miserable lives. someone needs to look into this.||0||14734|
|What is the world's largest airline?||2||5532|
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|any audio or video of Minister Farrakhan speech at the Multi-purpose Centre?||1||3779|
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