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The G20 Los Cabos Summit Commitments

Compiled by G20 Research Group and the International Organisations Research Institute
Commitments contained in the Summit Documents
issued at the Los Cabos Summit on June 18-19, 2012
Total number of commitments = 180

G20 Leaders Declaration

2012-1.

We will act together to strengthen recovery and address financial market tensions. (macroeconomic)

2012-2.

We will work collectively to strengthen demand and restore confidence with a view to support growth and foster financial stability in order to create high quality jobs and opportunities for all of our citizens. (macroeconomic)

2012-3.

Euro Area members of the G20 will take all necessary policy measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks. (subset commitment: Euro Area members) (macroeconomic)

2012-4.

We remain committed to reduce imbalances by strengthening deficit countries' public finances with sound and sustainable policies that take into account evolving economic conditions (subset commitment: deficit countries) (macroeconomic)

2012-5.

[We remain committed to reduce imbalances] in countries with large current account surpluses, by strengthening domestic demand and moving toward greater exchange rate flexibility. (subset commitment: countries with large current account surpluses) (macroeconomic)

2012-6.

Recognizing the impact of the continuing crisis on developing countries, particularly low income countries, we will intensify our efforts to create a more conducive environment for development, including supporting infrastructure investment. (development)

Supporting economic stabilization and the global recovery

2012-7.

We are committed to adopting all necessary policy measures to strengthen demand [as reflected in the Los Cabos Growth and Jobs Action Plan (see Annex).] (macroeconomic)

2012-8.

[We are committed to adopting all necessary policy measures to] support global growth [as reflected in the Los Cabos Growth and Jobs Action Plan (see Annex).] (macroeconomic)

2012-9.

[We are committed to adopting all necessary policy measures to] restore confidence [as reflected in the Los Cabos Growth and Jobs Action Plan (see Annex).] (macroeconomic)

2012-10.

[We are committed to adopting all necessary policy measures to] address short and medium-term risks [as reflected in the Los Cabos Growth and Jobs Action Plan (see Annex).] (macroeconomic)

2012-11.

[We are committed to adopting all necessary policy measures to] enhance job creation and reduce unemployment, as reflected in the Los Cabos Growth and Jobs Action Plan (see Annex). (labour and employment)

2012-12.

We will implement all our commitments in a timely manner (accountability)

2012-13.

We will [implement all our commitments in a timely manner and] rigorously monitor their implementation. (accountability)

2012-14.

Euro Area members will foster intra Euro Area adjustment through structural reforms to strengthen competitiveness in deficit countries (subset commitment: Euro Area members) (macroeconomic)

2012-15.

[Euro Area members will foster intra Euro Area adjustment through structural reforms] to promote demand and growth in surplus countries. (subset commitment: Euro Area members) (macroeconomic)

2012-16.

The European Union members of the G20 are determined to move forward expeditiously on measures to support growth including through completing the European Single Market and making better use of European financial means, such as the European Investment Bank (EIB), pilot project bonds, and structural and cohesion funds, for more targeted investment, employment, growth and competitiveness, while maintaining the firm commitment to implement fiscal consolidation to be assessed on a structural basis. (subset commitment: European Union members of the G20) (macroeconomic)

2012-17.

All G20 members will take the necessary actions to strengthen global growth and restore confidence. (macroeconomic)

2012-18.

Advanced economies will ensure that the pace of fiscal consolidation is appropriate to support the recovery, taking country-specific circumstances into account and, in line with the Toronto commitments, address concerns about medium term fiscal sustainability. (subset commitment: advanced economies) (macroeconomic)

2012-19.

Those advanced and emerging economies which have fiscal space will let the automatic fiscal stabilizers to operate taking into account national circumstances and current demand conditions. (subset commitment: advanced and emerging economies) (macroeconomic)

2012-20.

Should economic conditions deteriorate significantly further, those countries with sufficient fiscal space stand ready to coordinate and implement discretionary fiscal actions to support domestic demand, as appropriate. (subset commitment: countries with sufficient fiscal space) (macroeconomic)

2012-21.

Recognizing the need to pursue growth-oriented policies that support demand and recovery, the United States will calibrate the pace of its fiscal consolidation by ensuring that its public finances are placed on a sustainable long-run path so that a sharp fiscal contraction in 2013 is avoided. (individual commitment: US) (macroeconomic)

2012-22.

We will strengthen confidence in our banks, maintaining momentum on the financial sector reforms needed to safeguard our financial systems over the medium term while taking appropriate actions to protect credit channels and the integrity of the global payment and settlement systems. (financial regulation)

2012-23.

G20 members will remain vigilant of the evolution of oil prices and will stand ready to carry out additional actions as needed (energy)

2012-24.

[G20 members will remain vigilant of the evolution of oil prices and will stand ready to carry out additional actions as needed, including] the commitment by producing countries to continue to ensure an appropriate level of supply consistent with demand. (subset commitment: producing countries) (energy)

2012-25.

We welcome Saudi Arabia's readiness to mobilize, as necessary, existing spare capacity to ensure adequate supply. (individual commitment: Saudi Arabia) (energy)

2012-26.

We will also remain vigilant of other commodity prices. (macroeconomic)

2012-27.

Emerging surplus economies will carry out further actions to increase domestic consumption, including by removing price and tax distortions and strengthening social safety nets (subset commitment: emerging surplus economies) (macroeconomic)

2012-28.

advanced surplus economies or those with relatively weak private demand will promote domestic demand, notably through the liberalization of service sectors and the promotion of investment, including through the removal of inefficiencies. (subset commitment: advanced surplus economies) (macroeconomic)

2012-29.

We reaffirm our commitment to move more rapidly toward market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, avoid persistent exchange rate misalignments, and refrain from competitive devaluation of currencies. (macroeconomic)

2012-30.

We also welcome the commitment by China to allow market forces to play a larger role in determining movements in the Remnimbi (RMB), continue to reform its exchange rate regime, and to increase the transparency of its exchange rate policy. (individual commitment: China) (macroeconomic)

2012-31.

We ask Finance Ministers and Central Bank Governors to consider ways in which the G20 can foster investment in infrastructure and ensure the availability of sufficient funding for infrastructure projects, including Multilateral Development Banks' (MDBs) financing and technical support. (development)

2012-32.

In all policy areas, we commit to minimize the negative spillovers on other countries of policies implemented for domestic purposes. (accountability)

2012-33.

we have agreed on the Los Cabos Accountability Assessment Framework that accompanies the Growth and Jobs Action Plan. (accountability)

2012-34.

We task our Finance Ministers and Central Bank Governors to present the second Accountability Report for the Leaders' Summit in St. Petersburg in 2013. (accountability)

Employment and Social Protection

2012-35.

We therefore endorse the recommendations of our Labor and Employment Ministers to urgently combat unemployment through appropriate labor market measures and fostering the creation of decent work and quality jobs, particularly for youth and other vulnerable groups, who have been severely hit by the economic crisis. (labour and employment)

2012-36.

We reaffirm our commitment to youth to facilitate their access to quality jobs, which will boost their life prospects. (labour and employment)

2012-37.

We welcome the work of the G20 Task Force on Employment and extend its mandate for an additional year in the terms proposed by our Ministers. (labour and employment)

2012-38.

We also commit to intensify our efforts to strengthen cooperation in education, skills development and training policies, including internship and on-the-job training, which support a successful school-to-work transition. (labour and employment)

2012-39.

We will continue to focus on measures to accelerate the pace of the recovery in jobs and the reduction in unemployment. (labour and employment)

2012-40.

We will continue to foster inter-agency and international policy coherence, coordination, cooperation and knowledge sharing to assist low-income countries in capacity building for implementing nationally determined social protection floors. (development)

2012-41.

We commit to take concrete actions to overcome the barriers hindering women's full economic and social participation and to expand economic opportunities for women in G20 economies. (socioeconomic)

2012-42.

We also express our firm commitment to advance gender equality in all areas, including skills training, wages and salaries, treatment in the workplace, and responsibilities in care-giving. (socioeconomic)

2012-43.

We ask our Labor Ministers to review progress made on this agenda and we welcome consultations with social partners. (accountability)

2012-44.

[while recognizing the sovereign right of States to control the entry of foreign nationals,] we will work towards developing travel facilitation initiatives in support of job creation, quality work, poverty reduction and global growth. (labour and employment)

Trade

2012-45.

We are firmly committed to open trade and investment, expanding markets and resisting protectionism in all its forms, which are necessary conditions for sustained global economic recovery, jobs and development. (trade)

2012-46.

We [underline the importance of an open, predictable, rules based, transparent multilateral trading system and] are committed to ensure the centrality of the World Trade Organization (WTO). (trade)

2012-47.

Recognizing the importance of investment for boosting economic growth, we commit to maintaining a supportive business environment for investors. (trade)

2012-48.

Following up our commitment made in Cannes, we reaffirm our standstill commitment until the end of 2014 with regard to measures affecting trade and investment, and our pledge to roll back any new protectionist measure that may have arisen, including new export restrictions and WTO inconsistent measures to stimulate exports. (trade)

2012-49.

We also undertake to notify in a timely manner trade and investment restrictive measures. (trade)

2012-50.

[In line with the Cannes Communiqué,] we [stand by the Doha Development Agenda mandate and] reaffirm our commitment to pursue fresh, credible approaches to furthering trade negotiations across the board. (trade)

2012-51.

We will continue to work towards concluding the Doha Round negotiations, including outcomes in specific areas where progress is possible, such as trade facilitation, and other issues of concern for least developed countries. (trade)

2012-52.

We also direct our representatives to further discussions on challenges and opportunities for the multilateral trading system in a globalized economy. (trade)

Strengthening the international financial architecture

2012-53.

This effort shows the G20 and the international community's commitment to take the steps needed to safeguard global financial stability and enhance the IMF's role in crisis prevention and resolution. (IFI reform)

2012-54.

We reaffirm our commitment to implement in full the 2010 Quota and Governance Reform by the agreed date of the 2012 IMF/World Bank Annual Meetings. (IFI reform)

2012-55.

[As part of these reforms,] we are committed to completing the comprehensive review of the quota formula, to address deficiencies and weaknesses in the current quota formula, by January 2013 and to complete the next general review of quotas by January 2014. (IFI reform)

2012-56.

We agree that the formula should be simple and transparent, consistent with the multiple roles of quotas, result in calculated shares that are broadly acceptable to the membership, and be feasible to implement based on timely, high quality and widely available data. (IFI reform)

2012-57.

We reaffirm that the distribution of quotas based on the formula should better reflect the relative weights of IMF members in the world economy, which have changed substantially in view of strong GDP growth in dynamic emerging markets and developing countries. (IFI reform)

2012-58.

We reaffirm the importance of continuing to protect the voice and representation of the poorest members of the IMF. (IFI reform)

2012-59.

We ask our Finance Ministers and Central Bank Governors to review progress on this issue when they meet in November. (accountability)

2012-60.

We agreed that the current surveillance framework should be significantly enhanced, including through a better integration of bilateral and multilateral surveillance with a focus on global, domestic and financial stability, including spillovers from countries' policies. (IFI reform)

2012-61.

We [welcome the work of the IMF to advance considerations for a proposed integrated surveillance decision and] commit to support the decision process. (IFI reform)

Reforming the financial sector and fostering financial inclusion

2012-62.

[We welcome the progress report by the Financial Stability Board (FSB) on taking forward the G20 commitments for strengthening financial stability and the FSB's enhanced monitoring of implementation at the national level.] We are committed to the timely, full and consistent implementation of agreed policies in order to support a stable and integrated global financial system and to prevent future crises. (financial regulation)

2012-63.

We [welcome the publication of the traffic lights scoreboard to track progress in the implementation of all our financial reform recommendations and] pledge to take all necessary actions to make progress in the areas where difficulties in policy development or implementation have been identified. (financial regulation)

2012-64.

[In particular, we recognize the substantial progress to date in the priority reform areas identified by the FSB's Coordination Framework for Implementation Monitoring (CFIM): the Basel capital and liquidity framework; the framework for global systemically important financial institutions (GSIFIs), resolution regimes, over-the-counter (OTC) derivatives reforms, shadow banking, and compensation practices.] We commit to complete work in these important areas to achieve full implementation of reforms. (financial regulation)

2012-65.

We reaffirm our commitment that all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012, OTC derivative contracts should be reported to trade repositories and non-centrally cleared contracts should be subject to higher capital requirements. (financial regulation)

2012-66.

We [welcome the FSB's progress report on the implementation of the principles and standards for sound compensation practices,] reaffirm our commitment to ensure that these are followed (financial regulation)

2012-67.

We reiterate our commitment to make our national resolution regimes consistent with the FSB Key Attributes of Effective Resolution Regimes so that no bank or other financial institution is "too big to fail". (financial regulation)

2012-68.

We reiterate our commitment to strengthen the intensity and effectiveness of the supervision of SIFIs (financial regulation)

2012-69.

We [welcome progress on developing a set of principles as a common framework for the identification of, and policy measures relating to, domestic systemically important banks (D-SIBs) and] ask our Finance Ministers and Central Bank Governors to review recommendations in these areas at their meeting in November. (financial regulation)

2012-70.

We support continuing work for the strengthening of the oversight and regulation of the shadow banking system, and look forward to our Finance Ministers and Central Bank Governors reviewing recommendations in these areas at their meeting in November. (financial regulation)

2012-71.

In the tax area, we reiterate our commitment to strengthen transparency and comprehensive exchange of information. (financial regulation)

2012-72.

We welcome the OECD report on the practice of automatic information exchange, where we will continue to lead by example in implementing this practice. (financial regulation)

2012-73.

We reiterate the need to prevent base erosion and profit shifting and we will follow with attention the ongoing work of the OECD in this area. (finance)

Enhancing food security and addressing commodity price volatility

2012-74.

[We also note that chronic malnutrition is an enormous drain on a country's human resources, and] we therefore support the Scaling Up Nutrition movement and encourage wider involvement of G20 members. (food and agriculture)

2012-75.

To fight hunger, we commit to continue our efforts on our initiatives, including the Tropical Agriculture Platform, the Platform for Agricultural Risk Management, the GEO Global Agriculture Monitoring, research initiatives for wheat, rice and corn, the Rapid Response Forum, regional emergency food reserves, the Global Agriculture and Food Security Program and support for the Principles of Responsible Agriculture Investment. (food and agriculture)

2012-76.

We reaffirm our commitment to remove export restrictions and extraordinary taxes on food purchased for non-commercial humanitarian purposes by the World Food Programme (WFP). (food and agriculture)

2012-77.

[We recognize the need to adapt agriculture to climate change and we recognize the importance of improving the efficiency of water and soil use in a sustainable manner. To this end,] we support the development of and a greater use of available technologies, well-known practices and techniques such as soil fertility enhancement, minimum tillage and agroforestry (food and agriculture)

2012-78.

We ask our Finance Ministers to report in 2013 on progress on the G20's contribution to facilitate better functioning of these physical markets, taking note of possible areas of further work outlined in the report. (accountability)

2012-79.

We reaffirm our commitment to enhance transparency and avoid abuse in financial commodity markets, including OTC, with effective intervention powers for market regulators and authorities and an appropriate regulation and supervisory framework. (financial regulation)

2012-80.

We remain committed to well-functioning and transparent energy markets. (energy)

2012-81.

We will continue to work to improve the timeliness, completeness and reliability of JODI-Oil. (energy)

2012-82.

We will work on the JODI-Gas database on the same principles. (energy)

2012-83.

We [also look forward to IOSCO's recommendations to improve the functioning and oversight of Price Reporting Agencies in November 2012, which will be produced in collaboration with other mandated organizations (IEF, IEA and OPEC), and] task Finance Ministers to take concrete measures in this area as necessary. (financial regulation)

Meeting the challenges of development

2012-84.

We reaffirm our commitment to work with developing countries, particularly low income countries, and to support them in implementing the nationally driven policies and priorities which are needed to fulfill internationally agreed development goals, particularly the Millennium Development Goals (MDGs) and beyond. (development)

2012-85.

We invite the Development Working Group to explore putting in place a process for ensuring assessment and accountability for G20 development actions by the next Summit. (accountability)

2012-86.

[Recognizing the challenge that rapid urbanization poses and the need to make cities more sustainable,] we [welcome the report on Best Practices for Urban Mass Transport Infrastructure Projects in Medium and Large Cities in Developing Countries, and] support the follow-up actions as set out in the Development Working Group report. (development)

2012-87.

We reaffirm our commitments to the global partnership for development, as set out in the MDGs, and welcome efforts to contribute to this end, including the Global Partnership for Effective Development Cooperation to be launched with voluntary participation under the auspices of the broad consensus achieved at the 4th High Level Forum on Aid Effectiveness held in Busan, Korea. (development)

Promoting longer-term prosperity through inclusive green growth

2012-88.

We commit to continue to help developing countries sustain and strengthen their development through appropriate measures, including those that encourage inclusive green growth. (development)

2012-89.

We will reaffirm our commitment to sustainable development at the 2012 United Nations Conference on Sustainable Development (Rio+20). (Climate Change)

2012-90.

We commit to maintaining a focus on inclusive green growth as part of our G20 agenda and in the light of agreements reached at Rio+20 and the United Nations Framework Convention on Climate Change (UNFCCC). (Green Growth)

2012-91.

We reiterate our commitment to fight climate change and welcome the outcome of the 17th Conference of the Parties to the UN climate change conferences. (Climate Change)

2012-92.

We are committed to the full implementation of the outcomes of Cancun and Durban and will work with Qatar as the incoming Presidency towards achieving a successful and balanced outcome at COP-18. (Climate Change)

2012-93.

We welcome the creation of the G20 study group on climate finance, in order to consider ways to effectively mobilize resources taking into account the objectives, provisions and principles of the UNFCCC in line with the Cancun Agreement and ask to provide a progress report to Finance Ministers in November. (Climate Change)

2012-94.

We [welcome international efforts in launching the Green Growth Knowledge Platform and] will continue exploring options to provide appropriate support to interested developing countries. (Green Growth)

2012-95.

We will self-report again in 2013, on a voluntary basis, and ask appropriate officials to report back on countries' efforts and progress on incorporating green growth policies in structural reform agendas and in relevant national plans to promote sustainable development. (Green Growth)

2012-96.

we reaffirm our commitment to rationalize and phase out inefficient fossil fuel subsides that encourage wasteful consumption over the medium term while providing targeted support for the poorest. (energy)

2012-97.

[we reaffirm our commitment to rationalize and phase out inefficient fossil fuel subsides that encourage wasteful consumption over the medium term while providing targeted support for the poorest.] We ask Finance Ministers to report back by the next Summit on progress made, and acknowledging the relevance of accountability and transparency, to explore options for a voluntary peer review process for G20 members by their next meeting. (accountability)

Intensifying the fight against corruption

2012-98.

We reiterate our commitment to the ratification and full implementation of the United Nations Convention against Corruption (UNCAC), and to more active engagement with the OECD working group on bribery on a voluntary basis. (Crime and Corruption)

2012-99.

We [welcome continuing engagement from the B20 in the fight against corruption and, in accordance with the Terms of Reference of the review mechanism,] will involve the private sector and civil society in the UNCAC review process on a voluntary basis. (Crime and Corruption)

2012-100.

We [endorse today the G20 Anti-Corruption Working Group principles for denial of entry to our countries of corrupt officials, and those who corrupt them, and] will continue to develop frameworks for cooperation. (Crime and Corruption)

2012-101.

We commit to enforcing anti-corruption legislation, and we will pursue those who receive and solicit bribes as well as those who pay them in line with our countries' legislation. (Crime and Corruption)

2012-102.

To help facilitate international cooperation among G20 and non-G20 governments in their investigation and prosecution of corruption, we will publish a guide on Mutual Legal Assistance from G20 countries, as well as information on tracing assets in G20 jurisdictions. (Crime and Corruption)

2012-103.

We renew our commitment to deny safe haven to the proceeds of corruption and to the recovery and restitution of stolen assets. (Crime and Corruption)

2012-104.

We extend the mandate of the Anti-Corruption Working Group for two years to the end of 2014 and request the Working Group to prepare a comprehensive action plan, as well as a second Working Group Monitoring Report, both to be presented for consideration and adoption by Sherpas by the end of 2012. (Crime and Corruption)

Other paragraphs

2012-105.

We will continue developing efforts with non-members, regional and international organizations, including the UN and other actors. (International Cooperation)

2012-106.

In line with the Cannes mandate, in order to ensure our outreach remains consistent and effective, we welcome a set of principles in this area, developed by Sherpas. (International cooperation)

2012-107.

We will convene in St. Petersburg, under the Chairmanship of Russia. (International Cooperation)

The Los Cabos Growth and Jobs Action Plan

2012-108.

We have agreed today on a globally coordinated economic plan to achieve those goals through our Framework for Strong, Sustainable and Balanced Growth. (macroeconomic)

2012-109.

We are united in our commitment to take strong and decisive action to deliver on the commitments set out below. (accountability)

2012-110.

We will undertake ongoing accountability assessments and improve our tracking of measures to assess progress as set out in the Los Cabos Accountability Framework. (accountability)

Addressing Near-term Risks, Restoring Confidence, and Promoting Growth

2012-111.

The Euro Area members of the G20 will take all necessary measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks. (subset commitment: Euro Area members) (macroeconomic)

2012-112.

Euro area members will foster intra Euro Area adjustment through structural reforms to strengthen competitiveness in deficit countries and to promote demand and growth in surplus countries. (subset commitment: Euro area members) (macroeconomic)

2012-113.

The European Union members of the G20 are determined to move forward expeditiously on measures to support growth including through completing the European Single Market [for more targeted investment, employment, growth and competitiveness, while maintaining the firm commitment to implement fiscal consolidation to be assessed on a structural basis.] (subset commitment: The European Union members) (macroeconomic)

2012-114.

[The European Union members of the G20 are determined to move forward expeditiously on measures to support growth including through] making better use of European financial means, such as the EIB, pilot project bonds, and structural and cohesion funds, for more targeted investment, employment, growth and competitiveness, while maintaining the firm commitment to implement fiscal consolidation to be assessed on a structural basis. (subset commitment: The European Union members) (macroeconomic)

2012-115.

Fiscal policies in all of our economies will focus on strengthening and sustaining the recovery in a manner which promotes fiscal sustainability and enhances policy credibility. (macroeconomic)

2012-116.

Advanced economies are committed to meeting the medium term Toronto commitments by implementing credible medium-term fiscal consolidation plans. (subset commitment: advanced economies) (macroeconomic)

2012-117.

Recognizing the need to pursue growth-oriented policies that support demand and recovery, the United States will calibrate the pace of its fiscal consolidation by ensuring that its public finances are placed on a sustainable long-run path so that a sharp fiscal contraction in 2013 is avoided. (individual commitment: US) (macroeconomic)

2012-118.

Japan will implement reconstruction spending as expeditiously as possible. (individual commitment: Japan) (macroeconomic)

2012-119.

Australia, Brazil, Canada, China, Germany, Indonesia, Korea, the UK and the US are allowing automatic fiscal stabilisers to operate, taking into account national circumstances and current demand conditions. (subset:: Australia, Brazil, Canada, China, Germany, Indonesia, Korea, the UK and the US)

2012-120.

Italy will deliver on its agenda of frontloaded fiscal consolidation accompanied by growth-enhancing measures. (individual commitment: Italy) (macroeconomic)

2012-121.

Fiscal policy in Spain will remain focused on consolidation. (individual commitment: Spain) (macroeconomic)

2012-122.

Monetary policies will remain focused on maintaining price stability and sustaining the global economic recovery. [In this context, the actions taken by central banks in advanced economies have played an important role in promoting global economic growth and stability]. (macroeconomic)

2012-123.

Central banks will remain vigilant and take action as appropriate to achieve their objectives. (macroeconomic)

2012-124.

Our central banks, financial market supervisors and treasuries will remain in close dialogue and will cooperate through the FSB to maintain financial stability during this period of heightened uncertainty. (macroeconomic)

2012-125.

We will maintain momentum on the financial sector institutional reforms needed to safeguard our financial systems over the medium term while taking appropriate actions to protect credit channels and the integrity of global payment and settlement systems. (financial regulation)

2012-126.

Should economic conditions deteriorate significantly further, Argentina, Australia, Brazil, Canada, China, Germany, Korea, Russia and the US stand ready to coordinate and implement additional measures to support demand, taking into account national circumstances and commitments.( subset: Argentina, Australia, Brazil, Canada, China, Germany, Korea, Russia and the US) (macroeconomic)

2012-127.

Emerging markets will adjust their macroeconomic policies to support domestic demand, while ensuring price stability. (subset commitment: emerging markets) (macroeconomic)

2012-128.

When and where appropriate, macro-prudential measures will also be used to help manage domestic credit growth and liquidity. (subset commitment: emerging markets) (macroeconomic)

2012-129.

[Recognizing that geopolitical risks might lead to a supply-side induced spike in oil prices, in an environment of limited spare capacity and modest inventories,] members stand ready to take additional actions as needed. (energy)

2012-130.

We welcome the commitments by producing countries to ensure adequate supply. (subset commitment: producing countries) (energy)

2012-131.

we welcome Saudi Arabia's readiness to mobilize, as necessary, more than 2.5 million barrels per day of existing spare capacity. (individual commitment: Saudi Arabia) (energy)

2012-132.

In all policy areas, we commit to minimize the negative spillovers on other countries of policies implemented for domestic purposes. (international cooperation)

Strengthening the Medium-term Foundations for Growth

2012-133.

Advanced economies will ensure their fiscal finances are on a sustainable track. (subset commitment: advanced economies) (macroeconomic)

2012-134.

[Recognizing the importance of strengthening and implementing their medium-term fiscal consolidation plans, the US and Japan commit to actions that will lead to steady reduction in their public debt-to-GDP ratios:] The US commits to placing its federal debt-to-GDP ratio on a firm downward path by 2016 through a balanced approach. (individual commitment: US) (macroeconomic)

2012-135.

[Recognizing the importance of strengthening and implementing their medium-term fiscal consolidation plans, the US and Japan commit to actions that will lead to steady reduction in their public debt-to-GDP ratios:] Japan reaffirms its commitment to meet its primary balances targets for FY2015 and FY2020, and to reduce its debt-to-GDP ratio from FY2021 onwards. (individual commitment: Japan) (macroeconomic)

2012-136.

By our next Summit, members agree to identify credible and ambitious country-specific targets for the debt-to-GDP ratio beyond 2016, where these do not currently exist, accompanied by clear strategies and timetables to achieve them. These strategies will consider tax and expenditure reforms, including modifications to entitlements. (subset commitment: advance economies) (macroeconomic)

2012-137.

We will intensify our efforts to rebalance global demand, through increasing domestic demand in countries with current account surpluses (subset commitment: countries with current account surpluses) (macroeconomic)

2012-138.

[We will intensify our efforts to rebalance global demand, through] rotating demand from the public to private sector in countries with fiscal deficits (subset commitment: countries with fiscal deficits) (macroeconomic)

2012-139.

[We will intensify our efforts to rebalance global demand, through] increasing national savings in countries with current account deficits. (subset commitment: countries with current account deficits) (macroeconomic)

2012-140.

The reduction of structural fiscal deficits and actions to promote private savings in advanced economies with current account deficits will contribute to a lasting reduction in global imbalances (US). (individual commitment: US) (macroeconomic)

2012-141.

We reaffirm our commitment to move more rapidly toward market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying fundamentals, avoid persistent exchange rate misalignments, and refrain from competitive devaluation of currencies. (macroeconomic)

2012-142.

We welcome China's commitment to continue exchange rate regime reform. (individual commitment: China) (macroeconomic)

2012-143.

Emerging markets will take further actions to rebalance demand (subset commitment: emerging markets) (macroeconomic)

2012-144.

[Emerging markets will take further actions to rebalance demand,] including by: continuing to promote the liberalization of interest rates (China) (individual commitment: China) (macroeconomic)

2012-145.

[Emerging markets will take further actions to rebalance demand, including by:] increasing investment (Brazil) (individual commitment: Brazil) (macroeconomic)

2012-146.

[Emerging markets will take further actions to rebalance demand, including by:] increasing savings rates (Turkey). (individual commitment: Turkey) (macroeconomic)

2012-147.

Advanced surplus economies or those with relatively weak private demand will help promote domestic demand (subset commitment: advanced surplus economies or those with relatively weak private demand) (macroeconomic)

2012-148.

[Advanced surplus economies or those with relatively weak private demand will help promote domestic demand] through the further liberalization of service sectors (subset: Korea, Germany, Japan) (macroeconomic)

2012-149.

[Advanced surplus economies or those with relatively weak private demand will help promote domestic demand through] ]encouraging investment through eliminating inefficiencies (Germany) (individual commitment: Germany) (macroeconomic)

2012-150.

[Advanced surplus economies or those with relatively weak private demand will help promote domestic demand through] creating new industries and new markets through innovation in areas such as environment and healthcare (Japan) (individual commitment: Japan) (macroeconomic)

2012-151.

Oil-exporting countries will continue to pursue productive public investment and encourage private investment, which will have positive regional and global spillover effects, while ensuring fiscal sustainability given the volatile nature of revenues. (subset commitment: oil-exporting countries) (macroeconomic)

2012-152.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries.] These reforms include: Labour market reforms to increase employment and increase labour force participation, such as: retraining long-term unemployed (US) (individual commitment: US) (labour and employment)

2012-153.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] skills development (Spain) (individual commitment: Spain) (labour and employment)

2012-154.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] increasing wage flexibility, such as decentralizing wage setting (Italy) (individual commitment: Italy) (labour and employment)

2012-155.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] reducing labour tax wedges (subset: Brazil, Italy) (labour and employment)

2012-156.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] reforms to employment insurance to make it more effective and efficient in supporting job creation (Canada) (individual commitment: Canada) (labour and employment)

2012-157.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] enhancing education, training and skills development (subset Australia, Canada, France, Germany, Italy, Turkey, South Africa) (labour and employment)

2012-158.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] encouraging the participation of females in the labour force by, for example, reforming benefit systems and providing affordable child care services (subset: Australia, Germany, Japan, Korea) (labour and employment)

2012-159.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] improving employment opportunities for targeted groups such as youth and persons with disabilities (subset: Canada, Korea, UK) (labour and employment)

2012-160.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] encouraging the participation of younger workers through apprenticeships (UK) (individual commitment: UK) (labour and employment)

2012-161.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include: Labour market reforms to increase employment and increase labour force participation, such as:] encouraging formal sector employment through better education or skill development (subset: Brazil, Indonesia, Mexico, South Africa) (labour and employment)

2012-162.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Product market reforms to promote competition and enhance productivity in key sectors (sbset: Australia, Canada, France, Germany, Italy, Mexico) (macroeconomic)

2012-163.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Actions to promote the stabilisation of the housing sector (US). (individual commitment: US) (macroeconomic)

2012-164.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Providing targeted support for the poor or strengthening social safety nets (subset: India, Indonesia, China, Mexico, Saudi Arabia, South Africa). (socioeconomic)

2012-165.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Phasing out distortive subsidies in the medium-term where they exist in both advanced and emerging economies. (macroeconomic)

2012-166.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Tax and benefit reforms to enhance productivity and improve incentives to work (subset: Australia, Germany, Italy, UK) (labour and employment)

2012-167.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Planning regulation reforms to better support economic growth by reducing the burdens facing businesses wishing to expand (UK) (individual commitment: UK) (macroeconomic)

2012-168.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Encourage further trade liberalization through unilateral tariff elimination in key sectors (Canada) (individual commitment: Canada) (trade)

2012-169.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Promote investments in infrastructure to increase productivity and living standards in the medium term by addressing bottlenecks (subset: Argentina, Australia, Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa, UK) (macroeconomic)

2012-170.

[In Cannes, countries put forward structural reform commitments to boost and sustain global demand, foster job creation, contribute to global rebalancing and increase the growth potential in all G-20 countries. These reforms include:] Commitments to promote green and sustainable growth (subset: Australia, Korea, Germany, Mexico). (Green Growth)

2012-171.

Current global economic challenges underscore the need to reaffirm our commitment to the effective implementation of the agreed financial reforms in order to make the financial sector more resilient, stable and able to support economic growth. (financial regulation)

2012-172.

[G-20 members continue to look to the FSB, in cooperation with standard setters, to monitor progress, reporting back on a regular basis.] This will be complemented by efforts to increase financial inclusion. (financial regulation)

2012-173.

We reaffirm our commitment to resist protectionism in all forms and promote open trade, and will take active measures to reduce the number of WTO inconsistent trade restrictive measures and resist financial protectionism. (trade)

2012-174.

Members reiterate the commitment on actions to maximize growth potential and economic resilience in developing countries, (development)

2012-175.

[Members reiterate] the importance of fulfilling aid commitments by advanced countries (subset commitment: advanced countries) (development)

2012-176.

[Members reiterate the importance of] mobilizing domestic, external, and new innovative sources of finance to meet development needs. (development)

2012-177.

Emerging market members will also promote a range of reforms to promote development, including improving the investment climate and enhancing infrastructure investment. (subset commitment: emerging market members) (macroeconomic)

2012-178.

We will continue to coordinate policy in the future as economic conditions evolve. (international cooperation)

2012-179.

We ask our Finance Ministers to work closely together in the coming months to address vulnerabilities and sustain the recovery. (macroeconomic)

2012-180.

We will review progress against all of our commitments at the St. Petersburg Summit in 2013. (accountability)

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