G20 Meeting of Finance Ministers and Central Bank Governors: Communique, Gyeongju, Republic of Korea, 23 October 2010

Sectors : Employment and Training, Financial Institutions, markets, services and microfinance
Organisation : G20
Date made: 
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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 with a sense of urgency to fully address the economic challenges facing us today in preparation for the Seoul Summit.

2. The global economic recovery continues to advance, albeit in a fragile and uneven way. Growth has been strong in many emerging market economies, but the pace of activity remains modest in many advanced economies....We are all committed to play our part in achieving strong, sustainable and balanced growth in a collaborative and coordinated way. Specifically, we will:

pursue structural reforms to boost and sustain global demand, foster job creation and increase growth potential;

complete financial repair and regulatory reforms without delay;

in advanced countries, formulate and implement clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plans in line with the Toronto Summit commitments, differentiated according to national circumstances...

...continue with monetary policy which is appropriate to achieve price stability and thereby contributes to the recovery;

move towards more market determined exchange rate systems that reflect underlying economic fundamentals and refrain from competitive devaluation of currencies...”