G20 meeting of Finance Ministers and Central Bank Governors: final communiqué, Paris, France, 18-19 February 2011

Sectors : Financial Institutions, markets, services and microfinance, Transparency and accountability, Tax regulation and illicit financing, Institutional development, Economic governance and public finance management, Employment and Training, International trade: market access, subsidies and aid for trade
Date made: 
2011

Commitments

Commitments in: Governance - Transparency and accountability

“6. We commit to pursuing the reform of the financial sector. Despite good progress, significant work remains. We will implement fully the Basel III new standards for banks within the agreed timelines while taking due account of the agreed observation periods and review clauses in respect of the liquidity standards. Likewise, we will implement in an internationally consistent and non-discriminatory way the FSB's recommendations on OTC derivatives and on reducing reliance on credit rating agencies' ratings....We reaffirm our commitment to more effective oversight and supervision, including regular stress testing of banks building on the Basel committee's principles.”

Scope: 
International

“7. We reiterated our call to improve compliance with international standards and strengthen the process of identifying non-cooperative jurisdictions. We look forward to the forthcoming update by FATF of the public list of jurisdictions with strategic deficiencies and to a public list of all jurisdictions evaluated by the FSB ahead of the next G20 Leaders Summit. We welcome the 18 peer reviews issued by the Global Forum on Transparency and Exchange of Information and urge all jurisdictions so far identified as not having the elements in place to achieve an effective exchange of information to promptly address the weaknesses. We look forward to the progress report by November 2011, based on the expected completion of around 60 phase 1 reviews, to address in particular the jurisdictions' quality of cooperation with the Forum, level of compliance and unsolved deficiencies. We call upon more jurisdictions to join the Global Forum and to commit to implementing the standards. We urge all jurisdictions to extend further their networks of Tax Information Exchange Agreements and encourage jurisdictions to consider signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.”

Scope: 
International

Commitments in: Governance - Institutional development

“4. The international monetary system (IMS) has proven resilient, but vulnerabilities remain, which raise the need to improve it in order to ensure systemic stability, promote orderly adjustment, and avoid disruptive fluctuations in capital flows, disorderly movements in exchange rates -- including advanced economies with reserve currencies being vigilant against excess volatility -- and persistent misalignment of exchange rates. Today we agreed on a work program aimed at strengthening the functioning of the IMS, including through coherent approaches and measures to deal with potentially destabilizing capital flows, among which macro-prudential measures, mindful of possible drawbacks; and management of global liquidity to strengthen our capacity to prevent and deal with shocks, including issues such as Financial Safety Nets and the role of the SDR...”

Scope: 
International

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“1. We, the G20 Finance Ministers and Central Bank Governors, met today to address ongoing economic and financial challenges and to agree on a way forward to fulfil the mandates given to us by our Leaders.

2. The global recovery is strengthening but is still uneven and downside risks remain. While most advanced economies are seeing modest growth and persisting high unemployment, emerging economies are experiencing more robust growth, some with signs of overheating. We reaffirm our willingness to ensure a consistent and coordinated response to the challenges we face, address the root causes of the crisis and restore global economic growth on a sounder basis.”

 
Scope: 
International

“1. We, the G20 Finance Ministers and Central Bank Governors, met today to address ongoing economic and financial challenges and to agree on a way forward to fulfil the mandates given to us by our Leaders.

2. The global recovery is strengthening but is still uneven and downside risks remain. While most advanced economies are seeing modest growth and persisting high unemployment, emerging economies are experiencing more robust growth, some with signs of overheating. We reaffirm our willingness to ensure a consistent and coordinated response to the challenges we face, address the root causes of the crisis and restore global economic growth on a sounder basis.”

 
Scope: 
International

“3. We reaffirm our commitment to coordinated policy action by all G20 members to achieve strong, sustainable and balanced growth. Our main priority actions include implementing medium term fiscal consolidation plans differentiated according to national circumstances in line with our Toronto commitment, pursuing appropriate monetary policy, enhancing exchange rate flexibility to better reflect underlying economic fundamentals and structural reforms, to sustain global demand, increase potential growth, foster job creation and contribute to global rebalancing...” 

Scope: 
International

Commitments in: Trade - International trade: market access, subsidies and aid for trade

“9. We reaffirm our commitment to free trade and investment recognizing its central importance for the global recovery. We will refrain from introducing, and oppose protectionist trade actions in all forms and recognize the importance of a prompt conclusion of the Doha negotiations.”

Scope: 
International