Wednesday, November 19, 2008

Main points from G20 leaders communiqué( Washington Summit)

G20 leaders agreed to take rapid action, including fiscal stimulus measures as needed, to stabilize financial markets and restore growth in worsening global economy, according to a draft communique.

They also support giving emerging markets more say in the global financial order.

They backed:

- Fiscal measures to boost demand rapidly

- Monetary policy steps as appropriate

- More funds for the IMF to support emerging economies

- Strive for breakthrough this year in the Doha round of trade talks

- Reform of Bretton Woods institutions to give emerging economies more of a voice in line with their changing economic weight

- College of supervisors to review major global banks

- Review of accountancy standards, CEO pay, bankruptcy rules, credit rating agencies and moving credit default swaps to exchange trading

G20 finance ministers were instructed to work on specifics by March 31, 2009, ahead of the next summit.


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