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G20 Summit Commitments by Issue:
2008 to 2015

G20 Research Group
December 14, 2015

See also: G20 Summit Compliance Data Set, 2008-2015 | List of Documents Coded, 2008-2014 | Compliance Reports | Methodology


Introduction

The following list of commitments from G20 summits has been compiled by the G20 Research Group drawing from the documents issued at every summit from 2008 to 2015. It lists the commitments according to the criteria below, grouped by issue area. These criteria can also be applied to documents issued at ministerial meetings.

This list of G20 commitments has been assembled as a result of the following steps.

  1. Documents that Count for Coding: the identification of the documents released publicly at the summit in the leaders' name and carrying the full authority of the leaders as a group.

  2. Commitments: the identification of which passages in these documents constitute a commitment by having enough precision, political obligation and future orientation to be capable of shaping members' subsequent behaviour in ways that are measurable to G20 members and outside analysts. If a passage contains multiple instruments or objectives/goals, it is separated into discrete commitments, with each containing the specific instrument identified to reach a specific goal.

  3. Issue Area Identification: each commitment is classified according to the substantive issue area or policy arena to which it most directly relates, as defined by the substance of the objective goal, rather than the instrument identified to reach it. For example, a commitment on aid for trade is classified as a trade commitment and not a development (aid) commitment. The full set of issue areas is designed to provide an exhaustive and mutually exclusive set, so that a commitment is assigned to only one issue area, defined by its objective/goals. Analysts interested in a particular subject, such as development, can examine not only the "core" development commitments (those with development as their specified goal) and also "development-related" commitments (those that use development instruments such as aid to reach goals in other issue areas such as trade). The substance of each issue is defined with exclusions and inclusions and is defined in advance, in ways that apply to all summit institutions and all dimensions of their performance. When new subjects (such as cyber-security) arise, a decision is made on whether they lie in a new issue area or are part of an existing one (such as information and communications technologies). In cases of ambiguity, the following questions are asked:
    1. What section of the communiqué does the commitment reside in (for example, the trade section or the development one)?
    2. What government ministry is responsible for implementing the commitment (for example, the development ministry or the trade ministry)?

John Kirton,
Co-director, G20 Research Group

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Summary Table of Commitments by Issue Area, 2008-2015

Issue Total 2008
Washington
2009
London
2009
Pittsburgh
2010
Toronto
2010
Seoul
2011
Cannes
2012
Los Cabos
2013
St Petersburg
2014
Brisbane
2015
Antalya
Macroeconomic Policy 375 6 15 28 14 29 91 71 66 34 21
Microeconomics 8 0 0 0 0 0 0 0 2 6 0
Financial Regulation 254 59 45 23 12 24 38 18 20 7 8
Trade 111 5 14 6 9 17 15 10 12 9 14
Reform of International Financial Institutions 115 14 29 11 4 16 22 8 5 4 2
Employment and Labour 92 0 4 3 0 4 8 18 29 16 10
Social Policy 12 0 1 1 2 1 3 1 0 0 3
Information and Communication 2 0 0 0 0 0 0 0 0 0 2
Environment 5 0 0 0 0 1 3 0 1 0 0
Climate Change 51 0 3 3 3 8 8 5 11 7 3
Energy 98 0 0 17 1 14 18 10 19 16 3
Development 179 4 15 9 8 22 17 10 50 20 24
Infrastructure 28 0 0 0 0 0 0 0 0 28 0
Food, Agriculture, Nutrition 61 0 0 3 2 2 36 4 11 0 3
Health 35 0 0 0 0 0 0 0 0 33 2
Education 4 0 0 3 0 0 1 0 0 0 0
Gender 6 0 0 0 0 0 0 2 0 4 0
Crime and Corruption 71 3 0 3 3 9 5 7 33 4 4
Terrorism 13 0 0 0 0 0 0 0 1 0 12
Non-proliferation 0 0 0 0 0 0 0 0 0 0 0
Regional Security 0 0 0 0 0 0 0 0 0 0 0
Natural Disasters 0 0 0 0 0 0 0 0 0 0 0
Democracy 0 0 0 0 0 0 0 0 0 0 0
Human Rights 0 0 0 0 0 0 0 0 0 0 0
Reform of the United Nations 0 0 0 0 0 0 0 0 0 0 0
Accountability 75 4 3 15 3 4 5 13 9 17 2
G8/G20 Governance 32 0 0 3 0 2 12 3 12 0 0
Total 1,627 95 129 128 61 153 282 180 281 205 113

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2008 Washington Summit

Total = 95

Commitments from Declaration of the Summit on Financial Markets and the World Economy

2008-1: We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems. (macroeconomic policy)

Actions Taken and to Be Taken

2008-2: Against this background of deteriorating economic conditions worldwide, we agreed that a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries. (macroeconomic policy)

2008-3: [As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:] Continue our vigorous efforts and take whatever further actions are necessary to stabilize the financial system. (macroeconomic policy)

2008-4: [As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:] Use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conducive to fiscal sustainability. (macroeconomic policy)

2008-5: [As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:] Help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and program support. (macroeconomic policy)

2008-6: [As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:] Ensure that the IMF, World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis. (IFI Reform)

Common Principles for Reform of Financial Markets

2008-7: In addition to the actions taken above, we will implement reforms that will strengthen financial markets and regulatory regimes so as to avoid future crises. (financial regulation)

2008-8: Regulation is first and foremost the responsibility of national regulators who constitute the first line of defense against market instability. However, our financial markets are global in scope, therefore, intensified international cooperation among regulators and strengthening of international standards, where necessary, and their consistent implementation is necessary to protect against adverse cross-border, regional and global developments affecting international financial stability. (financial regulation)

2008-9: Regulators must ensure that their actions support market discipline, avoid potentially adverse impacts on other countries, including regulatory arbitrage, and support competition, dynamism and innovation in the marketplace. (financial regulation)

2008-10: We commit to implementing policies consistent with the following common principles for reform. Strengthening Transparency and Accountability: We will strengthen financial market transparency, including by enhancing required disclosure on complex financial products and ensuring complete and accurate disclosure by firms of their financial conditions. Incentives should be aligned to avoid excessive risk-taking. (financial regulation)

2008-11: [We commit to implementing policies consistent with the following common principles for reform.] Enhancing Sound Regulation: We pledge to strengthen our regulatory regimes, prudential oversight, and risk management, and ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate to their circumstances. (financial regulation)

2008-12: We will exercise strong oversight over credit rating agencies, consistent with the agreed and strengthened international code of conduct. (financial regulation)

2008-13: We will also make regulatory regimes more effective over the economic cycle, while ensuring that regulation is efficient, does not stifle innovation, and encourages expanded trade in financial products and services. (financial regulation)

2008-14: We commit to transparent assessments of our national regulatory systems. (accountability)

2008-15: [We commit to implementing policies consistent with the following common principles for reform.] Promoting Integrity in Financial Markets: We commit to protect the integrity of the world's financial markets by bolstering investor and consumer protection, avoiding conflicts of interest, preventing illegal market manipulation, fraudulent activities and abuse, and protecting against illicit finance risks arising from non-cooperative jurisdictions. (financial regulation)

2008-16: We will also promote information sharing, including with respect to jurisdictions that have yet to commit to international standards with respect to bank secrecy and transparency. (financial regulation)

2008-17: [We commit to implementing policies consistent with the following common principles for reform.] Reinforcing International Cooperation: We call upon our national and regional regulators to formulate their regulations and other measures in a consistent manner. (financial regulation)

2008-18: Regulators should enhance their coordination and cooperation across all segments of financial markets, including with respect to cross-border capital flows. (financial regulation)

2008-19: Regulators and other relevant authorities as a matter of priority should strengthen cooperation on crisis prevention, management, and resolution. (financial regulation)

2008-20: [We commit to implementing policies consistent with the following common principles for reform.] Reforming International Financial Institutions: We are committed to advancing the reform of the Bretton Woods Institutions so that they can more adequately reflect changing economic weights in the world economy in order to increase their legitimacy and effectiveness. In this respect, emerging and developing economies, including the poorest countries, should have greater voice and representation. (IFI Reform)

2008-21: The Financial Stability Forum (FSF) must expand urgently to a broader membership of emerging economies, and other major standard setting bodies should promptly review their membership. (IFI reform)

2008-22: The IMF, in collaboration with the expanded FSF and other bodies, should work to better identify vulnerabilities, anticipate potential stresses, and act swiftly to play a key role in crisis response. (IFI Reform)

Tasking of Ministers and Experts

2008-23: We are committed to taking rapid action to implement these principles. (accountability)

2008-24: We instruct our Finance Ministers, as coordinated by their 2009 G-20 leadership (Brazil, UK, Republic of Korea), to initiate processes and a timeline to do so. An initial list of specific measures is set forth in the attached Action Plan, including high priority actions to be completed prior to March 31, 2009. (accountability)

2008-25: In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas: Mitigating against pro-cyclicality in regulatory policy; (macroeconomic policy)

2008-26: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Reviewing and aligning global accounting standards, particularly for complex securities in times of stress; (financial regulation)

2008-27: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Strengthening the resilience and transparency of credit derivatives markets and reducing their systemic risks, including by improving the infrastructure of over-the-counter markets; (financial regulation)

2008-28: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Reviewing compensation practices as they relate to incentives for risk taking and innovation; (financial regulation)

2008-29: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Reviewing the mandates, governance, and resource requirements of the IFIs; (IFI Reform)

2008-30: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Defining the scope of systemically important institutions and determining their appropriate regulation or oversight. (financial regulation)

2008-31: In view of the role of the G-20 in financial systems reform, we will meet again by April 30, 2009, to review the implementation of the principles and decisions agreed today. (accountability)

Commitment to an Open Global Economy

2008-32: We recognize that these reforms will only be successful if grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems. These principles are essential to economic growth and prosperity and have lifted millions out of poverty, and have significantly raised the global standard of living. Recognizing the necessity to improve financial sector regulation, we must avoid over-regulation that would hamper economic growth and exacerbate the contraction of capital flows, including to developing countries. (financial regulation)

2008-33: We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from raising new barriers to investment or to trade in goods and services (trade)

2008-34: [We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from] imposing new export restrictions (trade)

2008-35: [We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from] implementing World Trade Organization (WTO) inconsistent measures to stimulate exports. (trade)

2008-36: Further, we shall strive to reach agreement this year on modalities that leads to a successful conclusion to the WTO's Doha Development Agenda with an ambitious and balanced outcome. We instruct our Trade Ministers to achieve this objective and stand ready to assist directly, as necessary. (trade)

2008-37: We also agree that our countries have the largest stake in the global trading system and therefore each must make the positive contributions necessary to achieve such an outcome. (trade)

2008-38: We reaffirm the importance of the Millennium Development Goals, the development assistance commitments we have made, and urge both developed and emerging economies to undertake commitments consistent with their capacities and roles in the global economy. In this regard, we reaffirm the development principles agreed at the 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, which emphasized country ownership and mobilizing all sources of financing for development. (development)

2008-39: We remain committed to addressing other critical challenges such as energy security and climate change, food security, the rule of law, and the fight against terrorism, poverty and disease. (development)

Action Plan to Implement Principles for Reform

Strengthening Transparency and Accountability

Immediate Actions by March 31, 2009

2008-40: The key global accounting standards bodies should work to enhance guidance for valuation of securities, also taking into account the valuation of complex, illiquid products, especially during times of stress. (financial regulation)

2008-41: Accounting standard setters should significantly advance their work to address weaknesses in accounting and disclosure standards for off-balance sheet vehicles. (financial regulation)

2008-42: Regulators and accounting standard setters should enhance the required disclosure of complex financial instruments by firms to market participants. (financial regulation)

2008-43: With a view toward promoting financial stability, the governance of the international accounting standard setting body should be further enhanced, including by undertaking a review of its membership, in particular in order to ensure transparency, accountability, and an appropriate relationship between this independent body and the relevant authorities. (IFI reform)

2008-44: Private sector bodies that have already developed best practices for private pools of capital and/or hedge funds should bring forward proposals for a set of unified best practices. Finance Ministers should assess the adequacy of these proposals, drawing upon the analysis of regulators, the expanded FSF, and other relevant bodies. (financial regulation)

Medium-term actions

2008-45: The key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard. (financial regulation)

2008-46: Regulators, supervisors, and accounting standard setters, as appropriate, should work with each other

and the private sector on an ongoing basis to ensure consistent application and enforcement of high-quality accounting standards. (financial regulation)

2008-47: Financial institutions should provide enhanced risk disclosures in their reporting and disclose all losses on an ongoing basis, consistent with international best practice, as appropriate. (financial regulation)

2008-48: Regulators should work to ensure that a financial institution' financial statements include a complete, accurate, and timely picture of the firm's activities (including off-balance sheet activities) and are reported on a consistent and regular basis. (financial regulation)

Enhancing Sound Regulation

Regulatory Regimes

Immediate Actions by March 31, 2009

2008-49: The IMF, expanded FSF, and other regulators and bodies should develop recommendations to mitigate pro-cyclicality, including the review of how valuation and leverage, bank capital, executive compensation, and provisioning practices may exacerbate cyclical trends. (IFI reform)

Medium-term actions

2008-50: To the extent countries or regions have not already done so, each country or region pledges to review and report on the structure and principles of its regulatory system to ensure it is compatible with a modern and increasingly globalized financial system. (financial regulation)

2008-51: To this end, all G-20 members commit to undertake a Financial Sector Assessment Program (FSAP) report and support the transparent assessments of countries' national regulatory systems. (financial regulation)

2008-52: The appropriate bodies should review the differentiated nature of regulation in the banking, securities, and insurance sectors and provide a report outlining the issue and making recommendations on needed improvements. (financial regulation)

2008-53: A review of the scope of financial regulation, with a special emphasis on institutions, instruments, and markets that are currently unregulated, along with ensuring that all systemically-important institutions are appropriately regulated, should also be undertaken. (financial regulation)

2008-54: National and regional authorities should review resolution regimes and bankruptcy laws in light of recent experience to ensure that they permit an orderly wind-down of large complex cross-border financial institutions. (financial regulation)

2008-55: Definitions of capital should be harmonized in order to achieve consistent measures of capital and capital adequacy. (financial regulation)

Prudential Oversight

Immediate Actions by March 31, 2009

2008-56: Regulators should take steps to ensure that credit rating agencies meet the highest standards of the international organization of securities regulators and that they avoid conflicts of interest, provide greater disclosure to investors and to issuers, and differentiate ratings for complex products. This will help ensure that credit rating agencies have the right incentives and appropriate oversight to enable them to perform their important role in providing unbiased information and assessments to markets. (financial regulation)

2008-57: The international organization of securities regulators should review credit rating agencies' adoption of the standards and mechanisms for monitoring compliance. (financial regulation)

2008-58: Authorities should ensure that financial institutions maintain adequate capital in amounts necessary to sustain confidence. International standard setters should set out strengthened capital requirements for banks' structured credit and securitization activities. (financial regulation)

2008-59: Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should: speed efforts to reduce the systemic risks of CDS and over-the-counter (OTC) derivatives transactions; (financial regulation)

2008-60: [Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should:] insist that market participants support exchange traded or electronic trading platforms for CDS contracts; (financial regulation)

2008-61: [Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should:] expand OTC derivatives market transparency; (financial regulation)

2008-62: [Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should:] and ensure that the infrastructure for OTC derivatives can support growing volumes. (financial regulation)

Medium-term actions

2008-63: Credit Ratings Agencies that provide public ratings should be registered. (financial regulation)

2008-64: Supervisors and central banks should develop robust and internationally consistent approaches for liquidity supervision of, and central bank liquidity operations for, cross-border banks. (financial regulation)

Risk Management

Immediate Actions by March 31, 2009

2008-65: Regulators should develop enhanced guidance to strengthen banks' risk management practices, in line with international best practices, and should encourage financial firms to reexamine their internal controls and implement strengthened policies for sound risk management. (financial regulation)

2008-66: Regulators should develop and implement procedures to ensure that financial firms implement policies to better manage liquidity risk, including by creating strong liquidity cushions. (financial regulation)

2008-67: Supervisors should ensure that financial firms develop processes that provide for timely and comprehensive measurement of risk concentrations and large counterparty risk positions across products and geographies. (financial regulation)

2008-68: Firms should reassess their risk management models to guard against stress and report to supervisors on their efforts. (financial regulation)

2008-69: The Basel Committee should study the need for and help develop firms' new stress testing models, as appropriate. (financial regulation)

2008-70: Financial institutions should have clear internal incentives to promote stability, and action needs to be taken, through voluntary effort or regulatory action, to avoid compensation schemes which reward excessive short-term returns or risk taking. (financial regulation)

2008-71: Banks should exercise effective risk management and due diligence over structured products and securitization. (financial regulation)

Medium-term actions

2008-72: International standard setting bodies, working with a broad range of economies and other appropriate bodies, should ensure that regulatory policy makers are aware and able to respond rapidly to evolution and innovation in financial markets and products. (financial regulation)

2008-73: Authorities should monitor substantial changes in asset prices and their implications for the macroeconomy and the financial system. (financial regulation)

Promoting Integrity in Financial Markets

Immediate Actions by March 31, 2009

2008-74: Our national and regional authorities should work together to enhance regulatory cooperation between jurisdictions on a regional and international level. (financial regulation)

2008-75: National and regional authorities should work to promote information sharing about domestic and cross-border threats to market stability and ensure that national (or regional, where applicable) legal provisions are adequate to address these threats. (Financial regulation)

2008-76: National and regional authorities should also review business conduct rules to protect markets and investors, especially against market manipulation and fraud and strengthen their cross-border cooperation to protect the international financial system from illicit actors. (financial regulation)

2008-77: In case of misconduct, there should be an appropriate sanctions regime. (crime and corruption)

Medium-term actions

2008-78: National and regional authorities should implement national and international measures that protect the global financial system from uncooperative and non-transparent jurisdictions that pose risks of illicit financial activity. (crime and corruption)

2008-79: The Financial Action Task Force should continue its important work against money laundering and terrorist financing, and we support the efforts of the World Bank - UN Stolen Asset Recovery (StAR) Initiative. (crime and corruption)

2008-80: Tax authorities, drawing upon the work of relevant bodies such as the Organization for Economic Cooperation and Development (OECD), should continue efforts to promote tax information exchange. (financial regulation)

2008-81: Lack of transparency and a failure to exchange tax information should be vigorously addressed. (financial regulation)

Reinforcing International Cooperation

Immediate Actions by March 31, 2009

2008-82: Supervisors should collaborate to establish supervisory colleges for all major cross-border financial institutions, as part of efforts to strengthen the surveillance of cross-border firms. (financial regulation)

2008-83: Major global banks should meet regularly with their supervisory college for comprehensive discussions of the firm's activities and assessment of the risks it faces. (financial regulation)

2008-84: Regulators should take all steps necessary to strengthen cross-border crisis management arrangements, including on cooperation and communication with each other and with appropriate authorities, and develop comprehensive contact lists and conduct simulation exercises, as appropriate. (financial regulation)

Medium-term actions

2008-85: Authorities, drawing especially on the work of regulators, should collect information on areas where convergence in regulatory practices such as accounting standards, auditing, and deposit insurance is making progress, is in need of accelerated progress, or where there may be potential for progress. (financial regulation)

2008-86: Authorities should ensure that temporary measures to restore stability and confidence have minimal distortions and are unwound in a timely, well-sequenced and coordinated manner. (financial regulation)

Reforming International Financial Institutions

Immediate Actions by March 31, 2009

2008-87: The FSF should expand to a broader membership of emerging economies. (IFI reform)

2008-88: The IMF, with its focus on surveillance, and the expanded FSF, with its focus on standard setting, should strengthen their collaboration, enhancing efforts to better integrate regulatory and supervisory responses into the macro-prudential policy framework and conduct early warning exercises. (IFI reform)

2008-89: The IMF, given its universal membership and core macro-financial expertise, should, in close coordination with the FSF and others, take a leading role in drawing lessons from the current crisis, consistent with its mandate. (IFI reform)

2008-90: We should review the adequacy of the resources of the IMF, the World Bank Group and other multilateral development banks and stand ready to increase them where necessary. The IFIs should also continue to review and adapt their lending instruments to adequately meet their members' needs and revise their lending role in the light of the ongoing financial crisis. (IFI reform)

2008-91: We should explore ways to restore emerging and developing countries' access to credit and resume private capital flows which are critical for sustainable growth and development, including ongoing infrastructure investment. (development)

2008-92: In cases where severe market disruptions have limited access to the necessary financing for counter-cyclical fiscal policies, multilateral development banks must ensure arrangements are in place to support, as needed, those countries with a good track record and sound policies. (IFI reform)

Medium-term actions

2008-93: We underscored that the Bretton Woods Institutions must be comprehensively reformed so that they can more adequately reflect changing economic weights in the world economy and be more responsive to future challenges. Emerging and developing economies should have greater voice and representation in these institutions. (IFI reform)

2008-94: The IMF should conduct vigorous and even-handed surveillance reviews of all countries, as well as giving greater attention to their financial sectors and better integrating the reviews with the joint IMF/World Bank financial sector assessment programs. On this basis, the role of the IMF in providing macro-financial policy advice would be strengthened. (IFI reform)

2008-95: Advanced economies, the IMF, and other international organizations should provide capacity-building programs for emerging market economies and developing countries on the formulation and the implementation of new major regulations, consistent with international standards. (development)

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2009 London Summit Commitments

Total = 129

2009L-1: We have today therefore pledged to do whatever is necessary to: restore confidence, growth, and jobs; (macroeconomic policy)

2009L-2: [We have today therefore pledged to do whatever is necessary to:]repair the financial system to restore lending; (macroeconomic policy)

2009L-3: [We have today therefore pledged to do whatever is necessary to:] strengthen financial regulation to rebuild trust; (macroeconomic policy)

2009L-4: [We have today therefore pledged to do whatever is necessary to:] fund and reform our international financial institutions to overcome this crisis and prevent future ones; (IFI reform)

2009L-5: [We have today therefore pledged to do whatever is necessary to:] promote global trade and investment and reject protectionism, to underpin prosperity; (trade)

2009L-6: [We have today therefore pledged to do whatever is necessary to:] build an inclusive, green, and sustainable recovery. (macroeconomic policy)

2009L-7: [We have agreed] to treble resources available to the IMF to $750 billion (IFI reform)

2009L-8: [We have agreed] to support a new SDR allocation of $250 billion (IFI reform)

2009L-9: [We have agreed] to support at least $100 billion of additional lending by the MDBs, (IFI reform)

2009L-10: [We have agreed] to ensure $250 billion of support for trade finance (IFI reform)

2009L-11: [We have agreed] to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries (development)

Restoring growth and jobs

2009L-12: We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion (labour and employment)

2009L-13: [We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year,] raise output by 4 per cent (macroeconomic policy)

2009L-14: [We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year,] and accelerate the transition to a green economy. (macroeconomic policy)

2009L-15: We are committed to deliver the scale of sustained fiscal effort necessary to restore growth. (macroeconomic policy)

2009L-16: our central banks have pledged to maintain expansionary policies for as long as needed and to use the full range of monetary policy instruments, including unconventional instruments, consistent with price stability. (macroeconomic policy)

2009L-17: We are committed to take all necessary actions to restore the normal flow of credit through the financial system and ensure the soundness of systemically important institutions, implementing our policies in line with the agreed G20 framework for restoring lending and repairing the financial sector. (macroeconomic policy)

2009L-18: We commit today to taking whatever action is necessary to secure that outcome [that world growth in real terms would resume and rise to over 2% by the end of 2010], and we call on the IMF to assess regularly the actions taken and the global actions required. (macroeconomic policy)

2009L-19: We are resolved to ensure long-term fiscal sustainability and price stability and will put in place credible exit strategies from the measures that need to be taken now to support the financial sector and restore global demand. (macroeconomic policy)

2009L-20: We will conduct all our economic policies cooperatively and responsibly with regard to the impact on other countries and will refrain from competitive devaluation of our currencies and promote a stable and well-functioning international monetary system. (macroeconomic policy)

2009L-21: We will support, now and in the future, to candid, even-handed, and independent IMF surveillance of our economies and financial sectors, of the impact of our policies on others, and of risks facing the global economy. (accountability)

Strengthening financial supervision and regulation

2009L-22: We will take action to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, which will support sustainable global growth and serve the needs of business and citizens. (financial regulation)

2009L-23: We each agree to ensure our domestic regulatory systems are strong. (financial regulation)

2009L-24: But we also agree to establish the much greater consistency and systematic cooperation between countries, and the framework of internationally agreed high standards, that a global financial system requires. (financial regulation)

2009L-25: Strengthened regulation and supervision must promote propriety, integrity and transparency; (financial regulation)

2009L-26: [Strengthened regulation and supervision must] guard against risk across the financial system; (financial regulation)

2009L-27: [Strengthened regulation and supervision must] dampen rather than amplify the financial and economic cycle; (financial regulation)

2009L-28: [Strengthened regulation and supervision must] reduce reliance on inappropriately risky sources of financing; (financial regulation)

2009L-29: [Strengthened regulation and supervision must] discourage excessive risk-taking. (financial regulation)

2009L-30: Regulators and supervisors must protect consumers and investors, (financial regulation)

2009L-31: [Regulators and supervisors must] support market discipline, (financial regulation)

2009L-32: [Regulators and supervisors must] avoid adverse impacts on other countries, (financial regulation)

2009L-33: [Regulators and supervisors must] reduce the scope for regulatory arbitrage, (financial regulation)

2009L-34: [Regulators and supervisors must] support competition and dynamism (financial regulation)

2009L-35: [Regulators and supervisors must] keep pace with innovation in the marketplace. (financial regulation)

2009L-36: To this end we are implementing the Action Plan agreed at our last meeting, as set out in the attached progress report. (financial regulation)

2009L-37: We agree: to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission; (IFI reform)

2009L-38: [We agree:] that the FSB should collaborate with the IMF to provide early warning of macroeconomic and financial risks and the actions needed to address them; (IFI reform)

2009L-39: [We agree:] to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks; (financial regulation)

2009L-40: [We agree:] to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds; (financial regulation)

2009L-41: [We agree:] to endorse and implement the FSF's tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms; (financial regulation)

2009L-42: [We agree:] to take action, once recovery is assured, to improve the quality, quantity, and international consistency of capital in the banking system. (financial regulation)

2009L-43: In future, regulation must prevent excessive leverage and require buffers of resources to be built up in good times; (financial regulation)

2009L-44: [We agree:] to take action against non-cooperative jurisdictions, including tax havens. (financial regulation)

2009L-45: [We agree:] to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards; (financial regulation)

2009L-46: [We agree:] to extend regulatory oversight and registration to Credit Rating Agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest. (financial regulation)

Strengthening our global financial institutions

2009L-47: We have therefore agreed today to make available an additional $850 billion of resources through the global financial institutions to support growth in emerging market and developing countries by helping to finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support. (IFI reform)

2009L-48: we have agreed to increase the resources available to the IMF through immediate financing from members of $250 billion, subsequently incorporated into an expanded and more flexible New Arrangements to Borrow, increased by up to $500 billion, and to consider market borrowing if necessary; (IFI reform)

2009L-49: we support a substantial increase in lending of at least $100 billion by the Multilateral Development Banks (MDBs), including to low income countries, and ensure that all MDBs have the appropriate capital. (IFI reform)

2009L-50: We have agreed to support a general SDR allocation which will inject $250 billion into the world economy and increase global liquidity, (IFI reform)

2009L-51: [We have agree to support] urgent ratification of the Fourth Amendment. (IFI reform)

2009L-52: we are determined to reform and modernise the international financial institutions to ensure they can assist members and shareholders effectively in the new challenges they face. (IFI reform)

2009L-53: We will reform their mandates, scope and governance to reflect changes in the world economy and the new challenges of globalisation, and that emerging and developing economies, including the poorest, must have greater voice and representation. (IFI reform)

2009L-54: This [reforming the international financial institutions' mandates, scope and governance to reflect changes in the world economy and the new challenges of globalisation] must be accompanied by action to increase the credibility and accountability of the institutions through better strategic oversight and decision making. (IFI reform)

2009L-55: we commit to implementing the package of IMF quota and voice reforms agreed in April 2008 (IFI reform)

2009L-56: we agree that, alongside this, consideration should be given to greater involvement of the Fund's Governors in providing strategic direction to the IMF and increasing its accountability; (IFI reform)

2009L-57: we commit to implementing the World Bank reforms agreed in October 2008. (IFI reform)

2009L-58: we agree that the heads and senior leadership of the international financial institutions should be appointed through an open, transparent, and merit-based selection process; (IFI reform)

2009L-59: building on the current reviews of the IMF and World Bank we asked the Chairman, working with the G20 Finance Ministers, to consult widely in an inclusive process and report back to the next meeting with proposals for further reforms to improve the responsiveness and adaptability of the IFIs. (IFI reform)

2009L-60: we agreed on the desirability of a new global consensus on the key values and principles that will promote sustainable economic activity. We support discussion on such a charter for sustainable economic activity with a view to further discussion at our next meeting. (IFI reform)

Resisting protectionism and promoting global trade and investment

2009L-61: We will not repeat the historic mistakes of protectionism of previous eras. (trade)

2009L-62: we reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, (trade)

2009L-63: [we reaffirm the commitment made in Washington: to refrain from] imposing new export restrictions, (trade)

2009L-64: [we reaffirm the commitment made in Washington: to refrain from] implementing World Trade Organisation (WTO) inconsistent measures to stimulate exports. (trade)

2009L-65: In addition we will rectify promptly any such measures. (trade)

2009L-66: We extend this pledge to the end of 2010; (trade)

2009L-67: we will minimise any negative impact on trade and investment of our domestic policy actions including fiscal policy and action in support of the financial sector. (trade)

2009L-68: We will not retreat into financial protectionism, particularly measures that constrain worldwide capital flows, especially to developing countries; (macroeconomic policy)

2009L-69: we will notify promptly the WTO of any such measures and we call on the WTO, together with other international bodies, within their respective mandates, to monitor and report publicly on our adherence to these undertakings on a quarterly basis; (trade)

2009L-70: we will take, at the same time, whatever steps we can to promote and facilitate trade and investment; (trade)

2009L-71: we will ensure availability of at least $250 billion over the next two years to support trade finance through our export credit and investment agencies and through the MDBs. (trade)

2009L-72: We remain committed to reaching an ambitious and balanced conclusion to the Doha Development Round, which is urgently needed. (trade)

2009L-73: To achieve this we are committed to building on the progress already made, including with regard to modalities. (trade)

2009L-74: We will give renewed focus and political attention to this critical issue in the coming period and will use our continuing work and all international meetings that are relevant to drive progress. (trade)

Ensuring a fair and sustainable recovery for all

2009L-75: we reaffirm our historic commitment to meeting the Millennium Development Goals (development)

2009L-76: [we reaffirm our historic commitment] to achieving our respective ODA pledges, including commitments on Aid for Trade, debt relief, and the Gleneagles commitments, especially to sub-Saharan Africa; (development)

2009L-77: the actions and decisions we have taken today will provide $50 billion to support social protection, boost trade and safeguard development in low income countries, as part of the significant increase in crisis support for these and other developing countries and emerging markets; (development)

2009L-78: we are making available resources for social protection for the poorest countries, including through investing in long-term food security and through voluntary bilateral contributions to the World Bank's Vulnerability Framework, including the Infrastructure Crisis Facility, and the Rapid Social Response Fund; (social policy)

2009L-79: we have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next 2 to 3 years. (development)

2009L-80: we have agreed to review the flexibility of the Debt Sustainability Framework and call on the IMF and World Bank to report to the IMFC and Development Committee at the Annual Meetings; (development)

2009L-81: We commit to support those affected by the crisis by creating employment opportunities and through income support measures. (labour and employment)

2009L-82: We will build a fair and family-friendly labour market for both women and men. (labour and employment)

2009L-83: We will support employment by stimulating growth, investing in education and training, and through active labour market policies, focusing on the most vulnerable. (labour and employment)

2009L-84: We agreed to make the best possible use of investment funded by fiscal stimulus programmes towards the goal of building a resilient, sustainable, and green recovery. (macroeconomic policy)

2009L-85: We will make the transition towards clean, innovative, resource efficient, low carbon technologies and infrastructure. (climate change)

2009L-86: We will identify and work together on further measures to build sustainable economies. (climate change)

2009L-87: We reaffirm our commitment to address the threat of irreversible climate change, based on the principle of common but differentiated responsibilities, and to reach agreement at the UN Climate Change conference in Copenhagen in December 2009. (climate change)

Delivering our commitments

2009L-88: We agreed to meet again before the end of this year to review progress on our commitments. (accountability)

Global Plan Annex: Declaration on Strengthening the Financial System

2009L-89: We, the Leaders of the G20, have taken, and will continue to take, action to strengthen regulation [in line with the commitments we made in Washington to reform the regulation of the financial sector.] (financial regulation)

2009L-90: [We, the Leaders of the G20, have taken, and will continue to take, action to strengthen] supervision in line with the commitments we made in Washington to reform the regulation of the financial sector. (financial regulation)

Financial Stability Board

2009L-91: We have agreed that the Financial Stability Forum should be expanded, given a broadened mandate to promote financial stability, and re-established with a stronger institutional basis and enhanced capacity as the Financial Stability Board (FSB). (financial regulation)

International cooperation

2009L-92: [To strengthen international cooperation we have agreed:] to establish the remaining supervisory colleges for significant cross-border firms by June 2009, building on the 28 already in place; (financial regulation)

2009L-93: [To strengthen international cooperation we have agreed:] to implement the FSF principles for cross-border crisis management immediately, (financial regulation)

2009L-94: [To strengthen international cooperation we have agreed:] that home authorities of each major international financial institution should ensure that the group of authorities with a common interest in that financial institution meet at least annually; (financial regulation)

2009L-95: [To strengthen international cooperation we have agreed:] to support continued efforts by the IMF, FSB, World Bank, and BCBS to develop an international framework for cross-border bank resolution arrangements; (financial regulation)

2009L-96: [To strengthen international cooperation we have agreed:] the importance of further work and international cooperation on the subject of exit strategies; (financial regulation)

Prudential regulation

2009L-97: We have agreed to strengthen international frameworks for prudential regulation: until recovery is assured the international standard for the minimum level of capital should remained unchanged; (financial regulation)

2009L-98: [We have agreed to strengthen international frameworks for prudential regulation:] where appropriate, capital buffers above the required minima should be allowed to decline to facilitate lending in deteriorating economic conditions; (financial regulation)

The scope of regulation

2009L-99: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will amend our regulatory systems to ensure authorities are able to identify and take account of macro-prudential risks across the financial system including in the case of regulated banks, shadow banks, and private pools of capital to limit the build up of systemic risk. (financial regulation)

2009L-100: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will ensure that our national regulators possess the powers for gathering relevant information on all material financial institutions, markets, and instruments in order to assess the potential for their failure or severe stress to contribute to systemic risk. This will be done in close coordination at international level in order to achieve as much consistency as possible across jurisdictions; (financial regulation)

2009L-101: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] hedge funds or their managers will be registered and will be required to disclose appropriate information on an ongoing basis to supervisors or regulators, including on their leverage, necessary for assessment of the systemic risks that they pose individually or collectively. Where appropriate, registration should be subject to a minimum size. They will be subject to oversight to ensure that they have adequate risk management. (financial regulation)

2009L-102: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] We will, cooperating through the FSB, develop measures that implement these principles by the end of 2009. We call on the FSB to report to the next meeting of our Finance Ministers and Central Bank Governors; (financial regulation)

2009L-103: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will promote the standardisation and resilience of credit derivatives markets, in particular through the establishment of central clearing counterparties subject to effective regulation and supervision. (financial regulation)

2009L-104: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will each review and adapt the boundaries of the regulatory framework regularly to keep pace with developments in the financial system and promote good practices and consistent approaches at the international level. (financial regulation)

Compensation

2009L-105: We have agreed that our national supervisors should ensure significant progress in the implementation of these principles by the 2009 remuneration round. (financial regulation)

Tax havens and non-cooperative jurisdictions

2009L-106: We stand ready to take agreed action against those jurisdictions which do not meet international standards in relation to tax transparency. (financial regulation)

2009L-107: We are committed to developing proposals, by end 2009, to make it easier for developing countries to secure the benefits of a new cooperative tax environment. (financial regulation)

2009L-108: We are also committed to strengthened adherence to international prudential regulatory and supervisory standards. (financial regulation)

Credit Rating Agencies

2009L-109: [We have agreed on more effective oversight of the activities of Credit Rating Agencies, as they are essential market participants. In particular, we have agreed that:] national authorities will enforce compliance and require changes to a rating agency's practices and procedures for managing conflicts of interest and assuring the transparency and quality of the rating process. (financial regulation)

Next Steps

2009L-110: We instruct our Finance Ministers to complete the implementation of these decisions and the attached action plan. (macroeconomic policy)

2009L-111: We have asked the FSB and the IMF to monitor progress, working with the FATF and the Global Forum, and to provide a report to the next meeting of our Finance Ministers and Central Bank Governors. (accountability)

Declaration on Delivering Resources through the International Financial Institutions

2009L-112: We, the leaders of the Group of Twenty, are committed to ensuring that capital continues to flow to emerging market and developing countries to protect their economies and support world growth. (development)

2009L-113: To this end, we have agreed to increase very substantially the resources available through the international financial institutions and to ensure that the institutions have the facilities needed to address the crisis in a coordinated and comprehensive manner. (financial regulation)

2009L-114: We have agreed to make available an additional $850 billion of resources through the IMF and the multilateral development banks to support growth in emerging market and developing countries by helping to finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support. (development)

2009L-115: For the IMF, we have agreed to support: as an immediate measure, bilateral financing from members of $250 billion; (IFI reform)

2009L-116: [For the IMF, we have agreed to support:] in the near term, incorporate the immediate financing from members into an expanded and more flexible New Arrangements to Borrow, which will include other G20 countries, and be increased by up to $500 billion. We aim to make substantial progress by the Spring meetings; (IFI reform)

2009L-117: [For the IMF, we have agreed to support:] consideration of market borrowing by the IMF to be used if necessary in conjunction with other sources of financing, to raise resources to the level needed to meet demands; (IFI reform)

2009L-118: [For the IMF, we have agreed to support:] a doubling of the IMF's concessional lending capacity for low income countries (IFI reform)

2009L-119: [For the IMF, we have agreed to support:] a doubling of access limits, within the Debt Sustainability Framework (DSF). (IFI reform)

2009L-120: We have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next two to three years. (IFI reform)

2009L-121: In addition to these steps, we have also agreed to support a general allocation of SDRs equivalent to $250 billion to increase global liquidity, $100 billion of which will go directly to emerging market and developing countries. We agreed to ratify urgently the fourth amendment to the IMF's articles. (IFI reform)

2009L-122: We agreed to accelerate the next quota review to be completed by January 2011 to ensure the IMF's finances are on a sustainable footing commensurate with the needs of the international monetary system. (IFI reform)

2009L-123: [For the Multilateral Development Banks (MDBs), we have agreed to support:] a substantial increase in lending of $100 billion including to low income countries, to a total of around $300 billion over the next three years; (development)

2009L-124: [For the Multilateral Development Banks (MDBs), we have agreed to support:] full and exceptional use of MDB balance sheets, to create further capacity for lending to meet crisis needs; (development)

2009L-125: [For the Multilateral Development Banks (MDBs), we have agreed to support:] a 200 per cent general capital increase at the Asian Development Bank (development)

2009L-126: [For the Multilateral Development Banks (MDBs), we have agreed to support:] reviews of the need for capital increases at the Inter-American Development Bank, the African Development Bank and the European Bank for Reconstruction and Development; (development)

2009L-127: [For the Multilateral Development Banks (MDBs), we have agreed to support:] actions by the MDBs to leverage private capital more effectively, including through the use of guarantees, bond insurance and bridging finance; (development)

2009L-128: [For the Multilateral Development Banks (MDBs), we have agreed to support: the new IFC Global Trade Liquidity Pool which should provide up to $50 billion of trade liquidity support over the next three years, with significant co-financing from the private sector (as part of the global effort to ensure the availability of at least $250 billion of trade finance over the next two years).] In order to reach this objective, we agreed to provide $3-4 billion in voluntary bilateral contributions to the IFC Pool. (development)

2009L-129: We have also agreed to ensure that the international financial institutions have the facilities they need to address the current crisis and meet the needs of emerging markets and developing countries. To this end: we will support, through voluntary bilateral contributions, the World Bank Vulnerability Framework, including the Infrastructure Crisis Facility and the Rapid Social Response Fund; (development)

 

Total = 129

2009L-1: We have today therefore pledged to do whatever is necessary to: restore confidence, growth, and jobs; (macroeconomic policy)

2009L-2: [We have today therefore pledged to do whatever is necessary to:]repair the financial system to restore lending; (macroeconomic policy)

2009L-3: [We have today therefore pledged to do whatever is necessary to:] strengthen financial regulation to rebuild trust; (macroeconomic policy)

2009L-4: [We have today therefore pledged to do whatever is necessary to:] fund and reform our international financial institutions to overcome this crisis and prevent future ones; (IFI reform)

2009L-5: [We have today therefore pledged to do whatever is necessary to:] promote global trade and investment and reject protectionism, to underpin prosperity; (trade)

2009L-6: [We have today therefore pledged to do whatever is necessary to:] build an inclusive, green, and sustainable recovery. (macroeconomic policy)

2009L-7: [We have agreed] to treble resources available to the IMF to $750 billion (IFI reform)

2009L-8: [We have agreed] to support a new SDR allocation of $250 billion (IFI reform)

2009L-9: [We have agreed] to support at least $100 billion of additional lending by the MDBs, (IFI reform)

2009L-10: [We have agreed] to ensure $250 billion of support for trade finance (IFI reform)

2009L-11: [We have agreed] to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries (development)

Restoring growth and jobs

2009L-12: We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion (labour and employment)

2009L-13: [We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year,] raise output by 4 per cent (macroeconomic policy)

2009L-14: [We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year,] and accelerate the transition to a green economy. (macroeconomic policy)

2009L-15: We are committed to deliver the scale of sustained fiscal effort necessary to restore growth. (macroeconomic policy)

2009L-16: our central banks have pledged to maintain expansionary policies for as long as needed and to use the full range of monetary policy instruments, including unconventional instruments, consistent with price stability. (macroeconomic policy)

2009L-17: We are committed to take all necessary actions to restore the normal flow of credit through the financial system and ensure the soundness of systemically important institutions, implementing our policies in line with the agreed G20 framework for restoring lending and repairing the financial sector. (macroeconomic policy)

2009L-18: We commit today to taking whatever action is necessary to secure that outcome [that world growth in real terms would resume and rise to over 2% by the end of 2010], and we call on the IMF to assess regularly the actions taken and the global actions required. (macroeconomic policy)

2009L-19: We are resolved to ensure long-term fiscal sustainability and price stability and will put in place credible exit strategies from the measures that need to be taken now to support the financial sector and restore global demand. (macroeconomic policy)

2009L-20: We will conduct all our economic policies cooperatively and responsibly with regard to the impact on other countries and will refrain from competitive devaluation of our currencies and promote a stable and well-functioning international monetary system. (macroeconomic policy)

2009L-21: We will support, now and in the future, to candid, even-handed, and independent IMF surveillance of our economies and financial sectors, of the impact of our policies on others, and of risks facing the global economy. (accountability)

Strengthening financial supervision and regulation

2009L-22: We will take action to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, which will support sustainable global growth and serve the needs of business and citizens. (financial regulation)

2009L-23: We each agree to ensure our domestic regulatory systems are strong. (financial regulation)

2009L-24: But we also agree to establish the much greater consistency and systematic cooperation between countries, and the framework of internationally agreed high standards, that a global financial system requires. (financial regulation)

2009L-25: Strengthened regulation and supervision must promote propriety, integrity and transparency; (financial regulation)

2009L-26: [Strengthened regulation and supervision must] guard against risk across the financial system; (financial regulation)

2009L-27: [Strengthened regulation and supervision must] dampen rather than amplify the financial and economic cycle; (financial regulation)

2009L-28: [Strengthened regulation and supervision must] reduce reliance on inappropriately risky sources of financing; (financial regulation)

2009L-29: [Strengthened regulation and supervision must] discourage excessive risk-taking. (financial regulation)

2009L-30: Regulators and supervisors must protect consumers and investors, (financial regulation)

2009L-31: [Regulators and supervisors must] support market discipline, (financial regulation)

2009L-32: [Regulators and supervisors must] avoid adverse impacts on other countries, (financial regulation)

2009L-33: [Regulators and supervisors must] reduce the scope for regulatory arbitrage, (financial regulation)

2009L-34: [Regulators and supervisors must] support competition and dynamism (financial regulation)

2009L-35: [Regulators and supervisors must] keep pace with innovation in the marketplace. (financial regulation)

2009L-36: To this end we are implementing the Action Plan agreed at our last meeting, as set out in the attached progress report. (financial regulation)

2009L-37: We agree: to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission; (IFI reform)

2009L-38: [We agree:] that the FSB should collaborate with the IMF to provide early warning of macroeconomic and financial risks and the actions needed to address them; (IFI reform)

2009L-39: [We agree:] to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks; (financial regulation)

2009L-40: [We agree:] to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds; (financial regulation)

2009L-41: [We agree:] to endorse and implement the FSF's tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms; (financial regulation)

2009L-42: [We agree:] to take action, once recovery is assured, to improve the quality, quantity, and international consistency of capital in the banking system. (financial regulation)

2009L-43: In future, regulation must prevent excessive leverage and require buffers of resources to be built up in good times; (financial regulation)

2009L-44: [We agree:] to take action against non-cooperative jurisdictions, including tax havens. (financial regulation)

2009L-45: [We agree:] to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards; (financial regulation)

2009L-46: [We agree:] to extend regulatory oversight and registration to Credit Rating Agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest. (financial regulation)

Strengthening our global financial institutions

2009L-47: We have therefore agreed today to make available an additional $850 billion of resources through the global financial institutions to support growth in emerging market and developing countries by helping to finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support. (IFI reform)

2009L-48: we have agreed to increase the resources available to the IMF through immediate financing from members of $250 billion, subsequently incorporated into an expanded and more flexible New Arrangements to Borrow, increased by up to $500 billion, and to consider market borrowing if necessary; (IFI reform)

2009L-49: we support a substantial increase in lending of at least $100 billion by the Multilateral Development Banks (MDBs), including to low income countries, and ensure that all MDBs have the appropriate capital. (IFI reform)

2009L-50: We have agreed to support a general SDR allocation which will inject $250 billion into the world economy and increase global liquidity, (IFI reform)

2009L-51: [We have agree to support] urgent ratification of the Fourth Amendment. (IFI reform)

2009L-52: we are determined to reform and modernise the international financial institutions to ensure they can assist members and shareholders effectively in the new challenges they face. (IFI reform)

2009L-53: We will reform their mandates, scope and governance to reflect changes in the world economy and the new challenges of globalisation, and that emerging and developing economies, including the poorest, must have greater voice and representation. (IFI reform)

2009L-54: This [reforming the international financial institutions' mandates, scope and governance to reflect changes in the world economy and the new challenges of globalisation] must be accompanied by action to increase the credibility and accountability of the institutions through better strategic oversight and decision making. (IFI reform)

2009L-55: we commit to implementing the package of IMF quota and voice reforms agreed in April 2008 (IFI reform)

2009L-56: we agree that, alongside this, consideration should be given to greater involvement of the Fund's Governors in providing strategic direction to the IMF and increasing its accountability; (IFI reform)

2009L-57: we commit to implementing the World Bank reforms agreed in October 2008. (IFI reform)

2009L-58: we agree that the heads and senior leadership of the international financial institutions should be appointed through an open, transparent, and merit-based selection process; (IFI reform)

2009L-59: building on the current reviews of the IMF and World Bank we asked the Chairman, working with the G20 Finance Ministers, to consult widely in an inclusive process and report back to the next meeting with proposals for further reforms to improve the responsiveness and adaptability of the IFIs. (IFI reform)

2009L-60: we agreed on the desirability of a new global consensus on the key values and principles that will promote sustainable economic activity. We support discussion on such a charter for sustainable economic activity with a view to further discussion at our next meeting. (IFI reform)

Resisting protectionism and promoting global trade and investment

2009L-61: We will not repeat the historic mistakes of protectionism of previous eras. (trade)

2009L-62: we reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, (trade)

2009L-63: [we reaffirm the commitment made in Washington: to refrain from] imposing new export restrictions, (trade)

2009L-64: [we reaffirm the commitment made in Washington: to refrain from] implementing World Trade Organisation (WTO) inconsistent measures to stimulate exports. (trade)

2009L-65: In addition we will rectify promptly any such measures. (trade)

2009L-66: We extend this pledge to the end of 2010; (trade)

2009L-67: we will minimise any negative impact on trade and investment of our domestic policy actions including fiscal policy and action in support of the financial sector. (trade)

2009L-68: We will not retreat into financial protectionism, particularly measures that constrain worldwide capital flows, especially to developing countries; (macroeconomic policy)

2009L-69: we will notify promptly the WTO of any such measures and we call on the WTO, together with other international bodies, within their respective mandates, to monitor and report publicly on our adherence to these undertakings on a quarterly basis; (trade)

2009L-70: we will take, at the same time, whatever steps we can to promote and facilitate trade and investment; (trade)

2009L-71: we will ensure availability of at least $250 billion over the next two years to support trade finance through our export credit and investment agencies and through the MDBs. (trade)

2009L-72: We remain committed to reaching an ambitious and balanced conclusion to the Doha Development Round, which is urgently needed. (trade)

2009L-73: To achieve this we are committed to building on the progress already made, including with regard to modalities. (trade)

2009L-74: We will give renewed focus and political attention to this critical issue in the coming period and will use our continuing work and all international meetings that are relevant to drive progress. (trade)

Ensuring a fair and sustainable recovery for all

2009L-75: we reaffirm our historic commitment to meeting the Millennium Development Goals (development)

2009L-76: [we reaffirm our historic commitment] to achieving our respective ODA pledges, including commitments on Aid for Trade, debt relief, and the Gleneagles commitments, especially to sub-Saharan Africa; (development)

2009L-77: the actions and decisions we have taken today will provide $50 billion to support social protection, boost trade and safeguard development in low income countries, as part of the significant increase in crisis support for these and other developing countries and emerging markets; (development)

2009L-78: we are making available resources for social protection for the poorest countries, including through investing in long-term food security and through voluntary bilateral contributions to the World Bank's Vulnerability Framework, including the Infrastructure Crisis Facility, and the Rapid Social Response Fund; (social policy)

2009L-79: we have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next 2 to 3 years. (development)

2009L-80: we have agreed to review the flexibility of the Debt Sustainability Framework and call on the IMF and World Bank to report to the IMFC and Development Committee at the Annual Meetings; (development)

2009L-81: We commit to support those affected by the crisis by creating employment opportunities and through income support measures. (labour and employment)

2009L-82: We will build a fair and family-friendly labour market for both women and men. (labour and employment)

2009L-83: We will support employment by stimulating growth, investing in education and training, and through active labour market policies, focusing on the most vulnerable. (labour and employment)

2009L-84: We agreed to make the best possible use of investment funded by fiscal stimulus programmes towards the goal of building a resilient, sustainable, and green recovery. (macroeconomic policy)

2009L-85: We will make the transition towards clean, innovative, resource efficient, low carbon technologies and infrastructure. (climate change)

2009L-86: We will identify and work together on further measures to build sustainable economies. (climate change)

2009L-87: We reaffirm our commitment to address the threat of irreversible climate change, based on the principle of common but differentiated responsibilities, and to reach agreement at the UN Climate Change conference in Copenhagen in December 2009. (climate change)

Delivering our commitments

2009L-88: We agreed to meet again before the end of this year to review progress on our commitments. (accountability)

Global Plan Annex: Declaration on Strengthening the Financial System

2009L-89: We, the Leaders of the G20, have taken, and will continue to take, action to strengthen regulation [in line with the commitments we made in Washington to reform the regulation of the financial sector.] (financial regulation)

2009L-90: [We, the Leaders of the G20, have taken, and will continue to take, action to strengthen] supervision in line with the commitments we made in Washington to reform the regulation of the financial sector. (financial regulation)

Financial Stability Board

2009L-91: We have agreed that the Financial Stability Forum should be expanded, given a broadened mandate to promote financial stability, and re-established with a stronger institutional basis and enhanced capacity as the Financial Stability Board (FSB). (financial regulation)

International cooperation

2009L-92: [To strengthen international cooperation we have agreed:] to establish the remaining supervisory colleges for significant cross-border firms by June 2009, building on the 28 already in place; (financial regulation)

2009L-93: [To strengthen international cooperation we have agreed:] to implement the FSF principles for cross-border crisis management immediately, (financial regulation)

2009L-94: [To strengthen international cooperation we have agreed:] that home authorities of each major international financial institution should ensure that the group of authorities with a common interest in that financial institution meet at least annually; (financial regulation)

2009L-95: [To strengthen international cooperation we have agreed:] to support continued efforts by the IMF, FSB, World Bank, and BCBS to develop an international framework for cross-border bank resolution arrangements; (financial regulation)

2009L-96: [To strengthen international cooperation we have agreed:] the importance of further work and international cooperation on the subject of exit strategies; (financial regulation)

Prudential regulation

2009L-97: We have agreed to strengthen international frameworks for prudential regulation: until recovery is assured the international standard for the minimum level of capital should remained unchanged; (financial regulation)

2009L-98: [We have agreed to strengthen international frameworks for prudential regulation:] where appropriate, capital buffers above the required minima should be allowed to decline to facilitate lending in deteriorating economic conditions; (financial regulation)

The scope of regulation

2009L-99: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will amend our regulatory systems to ensure authorities are able to identify and take account of macro-prudential risks across the financial system including in the case of regulated banks, shadow banks, and private pools of capital to limit the build up of systemic risk. (financial regulation)

2009L-100: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will ensure that our national regulators possess the powers for gathering relevant information on all material financial institutions, markets, and instruments in order to assess the potential for their failure or severe stress to contribute to systemic risk. This will be done in close coordination at international level in order to achieve as much consistency as possible across jurisdictions; (financial regulation)

2009L-101: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] hedge funds or their managers will be registered and will be required to disclose appropriate information on an ongoing basis to supervisors or regulators, including on their leverage, necessary for assessment of the systemic risks that they pose individually or collectively. Where appropriate, registration should be subject to a minimum size. They will be subject to oversight to ensure that they have adequate risk management. (financial regulation)

2009L-102: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] We will, cooperating through the FSB, develop measures that implement these principles by the end of 2009. We call on the FSB to report to the next meeting of our Finance Ministers and Central Bank Governors; (financial regulation)

2009L-103: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will promote the standardisation and resilience of credit derivatives markets, in particular through the establishment of central clearing counterparties subject to effective regulation and supervision. (financial regulation)

2009L-104: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will each review and adapt the boundaries of the regulatory framework regularly to keep pace with developments in the financial system and promote good practices and consistent approaches at the international level. (financial regulation)

Compensation

2009L-105: We have agreed that our national supervisors should ensure significant progress in the implementation of these principles by the 2009 remuneration round. (financial regulation)

Tax havens and non-cooperative jurisdictions

2009L-106: We stand ready to take agreed action against those jurisdictions which do not meet international standards in relation to tax transparency. (financial regulation)

2009L-107: We are committed to developing proposals, by end 2009, to make it easier for developing countries to secure the benefits of a new cooperative tax environment. (financial regulation)

2009L-108: We are also committed to strengthened adherence to international prudential regulatory and supervisory standards. (financial regulation)

Credit Rating Agencies

2009L-109: [We have agreed on more effective oversight of the activities of Credit Rating Agencies, as they are essential market participants. In particular, we have agreed that:] national authorities will enforce compliance and require changes to a rating agency's practices and procedures for managing conflicts of interest and assuring the transparency and quality of the rating process. (financial regulation)

Next Steps

2009L-110: We instruct our Finance Ministers to complete the implementation of these decisions and the attached action plan. (macroeconomic policy)

2009L-111: We have asked the FSB and the IMF to monitor progress, working with the FATF and the Global Forum, and to provide a report to the next meeting of our Finance Ministers and Central Bank Governors. (accountability)

Declaration on Delivering Resources through the International Financial Institutions

2009L-112: We, the leaders of the Group of Twenty, are committed to ensuring that capital continues to flow to emerging market and developing countries to protect their economies and support world growth. (development)

2009L-113: To this end, we have agreed to increase very substantially the resources available through the international financial institutions and to ensure that the institutions have the facilities needed to address the crisis in a coordinated and comprehensive manner. (financial regulation)

2009L-114: We have agreed to make available an additional $850 billion of resources through the IMF and the multilateral development banks to support growth in emerging market and developing countries by helping to finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support. (development)

2009L-115: For the IMF, we have agreed to support: as an immediate measure, bilateral financing from members of $250 billion; (IFI reform)

2009L-116: [For the IMF, we have agreed to support:] in the near term, incorporate the immediate financing from members into an expanded and more flexible New Arrangements to Borrow, which will include other G20 countries, and be increased by up to $500 billion. We aim to make substantial progress by the Spring meetings; (IFI reform)

2009L-117: [For the IMF, we have agreed to support:] consideration of market borrowing by the IMF to be used if necessary in conjunction with other sources of financing, to raise resources to the level needed to meet demands; (IFI reform)

2009L-118: [For the IMF, we have agreed to support:] a doubling of the IMF's concessional lending capacity for low income countries (IFI reform)

2009L-119: [For the IMF, we have agreed to support:] a doubling of access limits, within the Debt Sustainability Framework (DSF). (IFI reform)

2009L-120: We have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next two to three years. (IFI reform)

2009L-121: In addition to these steps, we have also agreed to support a general allocation of SDRs equivalent to $250 billion to increase global liquidity, $100 billion of which will go directly to emerging market and developing countries. We agreed to ratify urgently the fourth amendment to the IMF's articles. (IFI reform)

2009L-122: We agreed to accelerate the next quota review to be completed by January 2011 to ensure the IMF's finances are on a sustainable footing commensurate with the needs of the international monetary system. (IFI reform)

2009L-123: [For the Multilateral Development Banks (MDBs), we have agreed to support:] a substantial increase in lending of $100 billion including to low income countries, to a total of around $300 billion over the next three years; (development)

2009L-124: [For the Multilateral Development Banks (MDBs), we have agreed to support:] full and exceptional use of MDB balance sheets, to create further capacity for lending to meet crisis needs; (development)

2009L-125: [For the Multilateral Development Banks (MDBs), we have agreed to support:] a 200 per cent general capital increase at the Asian Development Bank (development)

2009L-126: [For the Multilateral Development Banks (MDBs), we have agreed to support:] reviews of the need for capital increases at the Inter-American Development Bank, the African Development Bank and the European Bank for Reconstruction and Development; (development)

2009L-127: [For the Multilateral Development Banks (MDBs), we have agreed to support:] actions by the MDBs to leverage private capital more effectively, including through the use of guarantees, bond insurance and bridging finance; (development)

2009L-128: [For the Multilateral Development Banks (MDBs), we have agreed to support: the new IFC Global Trade Liquidity Pool which should provide up to $50 billion of trade liquidity support over the next three years, with significant co-financing from the private sector (as part of the global effort to ensure the availability of at least $250 billion of trade finance over the next two years).] In order to reach this objective, we agreed to provide $3-4 billion in voluntary bilateral contributions to the IFC Pool. (development)

2009L-129: We have also agreed to ensure that the international financial institutions have the facilities they need to address the current crisis and meet the needs of emerging markets and developing countries. To this end: we will support, through voluntary bilateral contributions, the World Bank Vulnerability Framework, including the Infrastructure Crisis Facility and the Rapid Social Response Fund; (development)

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2009 Pittsburgh Summit

Total = 128

Preamble

2009P-1: We pledge today to sustain our strong policy response until a durable recovery is secured. (macroeconomic policy)

2009P-2: We will act to ensure that when growth returns, jobs do too. (macroeconomic policy)

2009P-3: We will avoid any premature withdrawal of stimulus. (macroeconomic policy)

2009P-4: At the same time, we will prepare our exit strategies and, when the time is right, withdraw our extraordinary policy support in a cooperative and coordinated way, maintaining our commitment to fiscal responsibility. Today we agreed: (macroeconomic policy)

2009P-5: To launch a framework that lays out the policies and the way we act together to generate strong, sustainable and balanced global growth. (macroeconomic policy)

2009P-6: We pledge to avoid destabilizing booms and busts in asset and credit prices and adopt macroeconomic policies, consistent with price stability, that promote adequate and balanced global demand. (macroeconomic policy)

2009P-7: We will also make decisive progress on structural reforms that foster private demand and strengthen long-run growth potential. (macroeconomic policy)

2009P-8: To make sure our regulatory system for banks and other financial firms reins in the excesses that led to the crisis. (financial regulation)

2009P-9: We committed to act together to raise capital standards, to implement strong international compensation standards aimed at ending practices that lead to excessive risk-taking, to improve the over-the-counter derivatives market and to create more powerful tools to hold large global firms to account for the risks they take. (financial regulation)

2009P-10: To reform the global architecture to meet the needs of the 21st century. After this crisis, critical players need to be at the table and fully vested in our institutions to allow us to cooperate to lay the foundation for strong, sustainable and balanced growth. (macroeconomic policy)

2009P-11: We designated the G20 to be the premier forum for our international economic cooperation. (G8/G20 governance)

2009P-12: We established the Financial Stability Board (FSB) to include major emerging economies and welcome its efforts to coordinate and monitor progress in strengthening financial regulation. (financial regulation)

2009P-13: We are committed to a shift in International Monetary Fund (IMF) quota share to dynamic emerging markets and developing countries of at least 5% from over-represented countries to under-represented countries using the current quota formula as the basis to work from. (IFI reform)

2009P-14: We called on the World Bank to play a leading role in responding to problems whose nature requires globally coordinated action, such as climate change and food security, and agreed that the World Bank and the regional development banks should have sufficient resources to address these challenges and fulfill their mandates. (IFI reform)

2009P-15: To take new steps to increase access to food, fuel and finance among the world's poorest while clamping down on illicit outflows. (development)

2009P-16: To start, we call on the World Bank to develop a new trust fund to support the new Food Security Initiative for low-income countries announced last summer. (food and agriculture)

2009P-17: We will increase, on a voluntary basis, funding for programs to bring clean affordable energy to the poorest, such as the Scaling Up Renewable Energy Program. (energy)

2009P-18: To phase out and rationalize over the medium term inefficient fossil fuel subsidies while providing targeted support for the poorest. (energy)

2009P-19: We call on our Energy and Finance Ministers to report to us their implementation strategies and timeline for acting to meet this critical commitment at our next meeting. (energy)

2009P-20: We will promote energy market transparency and market stability as part of our broader effort to avoid excessive volatility. (energy)

2009P-21: To maintain our openness and move toward greener, more sustainable growth. (macroeconomic policy)

2009P-22: We are committed to bringing the Doha Round to a successful conclusion in 2010. (trade)

2009P-23: We will spare no effort to reach agreement in Copenhagen through the United Nations Framework Convention on Climate Change (UNFCCC) negotiations. (climate change)

2009P-24: Finally, we agreed to meet in Canada in June 2010 and in Korea in November 2010. (G8/G20 governance)

A Framework for Strong, Sustainable, and Balanced Growth

2009P-25: We also need to develop a transparent and credible process for withdrawing our extraordinary fiscal, monetary and financial sector support, to be implemented when recovery becomes fully secured. (macroeconomic policy)

2009P-26: We task our Finance Ministers, working with input from the IMF and FSB, at their November meeting to continue developing cooperative and coordinated exit strategies recognizing that the scale, timing, and sequencing of this process will vary across countries or regions and across the type of policy measures. (macroeconomic policy)

2009P-27: Our objective is to return the world to high, sustainable, and balanced growth, while maintaining our commitment to fiscal responsibility and sustainability, with reforms to increase our growth potential and capacity to generate jobs and policies designed to avoid both the re-creation of asset bubbles and the re-emergence of unsustainable global financial flows. We commit to put in place the necessary policy measures to achieve these outcomes. (macroeconomic policy)

2009P-28: Today we are launching a Framework for Strong, Sustainable, and Balanced Growth. To put in place this framework, we commit to develop a process whereby we set out our objectives, put forward policies to achieve these objectives, and together assess our progress. (macroeconomic policy)

2009P-29: We will ask the IMF to help us with its analysis of how our respective national or regional policy frameworks fit together. (accountability)

2009P-30: We will ask the World Bank to advise us on progress in promoting development and poverty reduction as part of the rebalancing of global growth. (development)

2009P-31: We will work together to ensure that our fiscal, monetary, trade, and structural policies are collectively consistent with more sustainable and balanced trajectories of growth. (macroeconomic policy)

2009P-32: We will undertake macro prudential and regulatory policies to help prevent credit and asset price cycles from becoming forces of destabilization. (macroeconomic policy)

2009P-33: We call on our Finance Ministers and Central Bank Governors to launch the new Framework by November by initiating a cooperative process of mutual assessment of our policy frameworks and the implications of those frameworks for the pattern and sustainability of global growth. (accountability)

2009P-34: G20 members will agree on shared policy objectives. These objectives should be updated as conditions evolve. (macroeconomic policy)

2009P-35: G20 members will set out our medium-term policy frameworks and will work together to assess the collective implications of our national policy frameworks for the level and pattern of global growth and to identify potential risks to financial stability. (macroeconomic policy)

2009P-36: We ask the IMF to assist our Finance Ministers and Central Bank Governors in this process of mutual assessment by developing a forward-looking analysis of whether policies pursued by individual G20 countries are collectively consistent with more sustainable and balanced trajectories for the global economy, and to report regularly to both the G20 and the International Monetary and Financial Committee (IMFC), building on the IMF's existing bilateral and multilateral surveillance analysis, on global economic developments, patterns of growth and suggested policy adjustments. (accountability)

2009P-37: Our Finance Ministers and Central Bank Governors will elaborate this process at their November meeting and we will review the results of the first mutual assessment at our next summit. (accountability)

Strengthening the International Financial Regulatory System

2009P-38: We call on the FSB to report on progress to the G20 Finance Ministers and Central Bank Governors in advance of the next Leaders summit. (accountability)

2009P-39: We are committed to take action at the national and international level to raise standards together so that our national authorities implement global standards consistently in a way that ensures a level playing field and avoids fragmentation of markets, protectionism, and regulatory arbitrage. (financial regulation)

2009P-40: We commit to conduct robust, transparent stress tests as needed. (financial regulation)

2009P-41: In addition, we have agreed to improve the regulation, functioning, and transparency of financial and commodity markets to address excessive commodity price volatility. (financial regulation)

We call on our Finance Ministers and Central Bank Governors to reach agreement on an international framework of reform in the following critical areas:

2009P-42: Building high quality capital and mitigating pro-cyclicality (macroeconomic policy)

2009P-43: We commit to developing by end-2010 internationally agreed rules to improve both the quantity and quality of bank capital and to discourage excessive leverage. (financial regulation)

2009P-44: All major G20 financial centers commit to have adopted the Basel II Capital Framework by 2011. (financial regulation)

2009P-45: Reforming compensation practices to support financial stability. (financial regulation)

2009P-46: We fully endorse the implementation standards of the FSB aimed at aligning compensation with long-term value creation, not excessive risk-taking, including by: (financial regulation)

2009P-47: (i) avoiding multi-year guaranteed bonuses; (financial regulation)

2009P-48: (ii) requiring a significant portion of variable compensation to be deferred, tied to performance and subject to appropriate clawback and to be vested in the form of stock or stock-like instruments, as long as these create incentives aligned with long-term value creation and the time horizon of risk; (financial regulation)

2009P-49: (iii) ensuring that compensation for senior executives and other employees having a material impact on the firm's risk exposure align with performance and risk; (financial regulation)

2009P-50: (iv) making firms' compensation policies and structures transparent through disclosure requirements; (financial regulation)

2009P-51: (v) limiting variable compensation as a percentage of total net revenues when it is inconsistent with the maintenance of a sound capital base; (financial regulation)

2009P-52: (vi) ensuring that compensation committees overseeing compensation policies are able to act independently. (financial regulation)

2009P-53: We task the FSB to monitor the implementation of FSB standards and propose additional measures as required by March 2010. (accountability)

2009P-54: Improving over-the-counter derivatives markets: (financial regulation)

2009P-55: Addressing cross-border resolutions and systemically important financial institutions by end-2010. (financial regulation)

2009P-56: Our authorities should establish crisis management groups for the major cross-border firms and a legal framework for crisis intervention as well as improve information sharing in times of stress. (financial regulation)

2009P-57: We should develop resolution tools and frameworks for the effective resolution of financial groups to help mitigate the disruption of financial institution failures and reduce moral hazard in the future. (financial regulation)

2009P-58: We call on our international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process, and complete their convergence project by June 2011. (financial regulation)

2009P-59: We are committed to maintain the momentum in dealing with tax havens, money laundering, proceeds of corruption, terrorist financing, and prudential standards. (crime and corruption)

2009P-60: We stand ready to use countermeasures against tax havens from March 2010. (financial regulation)

2009P-61: We call on the FSB to report progress to address NCJs with regards to international cooperation and information exchange in November 2009 and to initiate a peer review process by February 2010. (accountability)

2009P-62: We task the IMF to prepare a report for our next meeting with regard to the range of options countries have adopted or are considering as to how the financial sector could make a fair and substantial contribution toward paying for any burdens associated with government interventions to repair the banking system. (accountability)

Modernizing Our Global Institutions to Reflect Today's Global Economy

Reforming the Mandate, Mission and Governance of the IMF

2009P-63: As recovery takes hold, we will work together to strengthen the Fund's ability to provide even-handed, candid and independent surveillance of the risks facing the global economy and the international financial system. (IFI reform)

2009P-64: We ask the IMF to support our effort under the Framework for Strong, Sustainable and Balanced Growth through its surveillance of our countries' policy frameworks and their collective implications for financial stability and the level and pattern of global growth. (accountability)

2009P-65: We are committed to a shift in quota share to dynamic emerging market and developing countries of at least five percent from over-represented to under-represented countries using the current IMF quota formula as the basis to work from. (IFI reform)

2009P-66: We are also committed to protecting the voting share of the poorest in the IMF. (IFI reform)

2009P-67: On this basis and as part of the IMF's quota review, to be completed by January 2011, we urge an acceleration of work toward bringing the review to a successful conclusion. (IFI reform)

Reforming the Mission, Mandate and Governance of Our Development Banks

2009P-68: We reaffirm our commitment to ensure that the Multilateral Development Banks and their concessional lending facilities, especially the International Development Agency (IDA) and the African Development Fund, are appropriately funded. (IFI reform)

2009P-69: We will help ensure the World Bank and the regional development banks have sufficient resources to fulfill these four challenges and their development mandate, including through a review of their general capital increase needs to be completed by the first half of 2010. (IFI reform)

2009P-70: We commit to pursue governance and operational effectiveness reform in conjunction with voting reform to ensure that the World Bank is relevant, effective, and legitimate. (IFI reform)

2009P-71: We stress the importance of moving towards equitable voting power in the World Bank over time through the adoption of a dynamic formula which primarily reflects countries' evolving economic weight and the World Bank's development mission, and that generates in the next shareholding review a significant increase of at least 3% of voting power for developing and transition countries, in addition to the 1.46% increase under the first phase of this important adjustment, to the benefit of under-represented countries. While recognizing that over-represented countries will make a contribution, it will be important to protect the voting power of the smallest poor countries. We recommit to reaching agreement by the 2010 Spring Meetings. (IFI reform)

Energy Security and Climate Change

We individually and collectively commit to:

2009P-72: Increase energy market transparency and market stability by publishing complete, accurate, and timely data on oil production, consumption, refining and stock levels, as appropriate, on a regular basis, ideally monthly, beginning by January 2010. (energy)

2009P-73: We will improve our domestic capabilities to collect energy data and improve energy demand and supply forecasting and ask the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) to ramp up their efforts to assist interested countries in developing those capabilities. (energy)

2009P-74: We will strengthen the producer-consumer dialogue to improve our understanding of market fundamentals, including supply and demand trends, and price volatility, and note the work of the IEF experts group. (energy)

2009P-75: Improve regulatory oversight of energy markets by implementing the International Organization of Securities Commissions (IOSCO) recommendations on commodity futures markets and calling on relevant regulators to collect data on large concentrations of trader positions on oil in our national commodities futures markets. (energy)

2009P-76: We ask our relevant regulators to report back at our next meeting on progress towards implementation. (accountability)

2009P-77: We will direct relevant regulators to also collect related data on over-the-counter oil markets and to take steps to combat market manipulation leading to excessive price volatility. (energy)

2009P-78: We call for further refinement and improvement of commodity market information, including through the publication of more detailed and disaggregated data, coordinated as far as possible internationally. (energy)

2009P-79: We ask IOSCO to help national governments design and implement these policies, conduct further analysis including with regard with to excessive volatility, make specific recommendations, and to report regularly on our progress. (energy)

Building on these efforts and recognizing the challenges of populations suffering from energy poverty, we commit to:

2009P-80: Rationalize and phase out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption. (energy)

2009P-81: We will have our Energy and Finance Ministers, based on their national circumstances, develop implementation strategies and timeframes, and report back to Leaders at the next Summit. (energy)

2009P-82: We request relevant institutions, such as the IEA, OPEC, OECD, and World Bank, provide an analysis of the scope of energy subsidies and suggestions for the implementation of this initiative and report back at the next summit. (energy)

2009P-83: We commit to stimulate investment in clean energy, renewables, and energy efficiency and provide financial and technical support for such projects in developing countries. (energy)

2009P-84: We commit to take steps to facilitate the diffusion or transfer of clean energy technology including by conducting joint research and building capacity. (energy)

2009P-85: We will intensify our efforts, in cooperation with other parties, to reach agreement in Copenhagen through the UNFCCC negotiation. An agreement must include mitigation, adaptation, technology, and financing. (climate change)

2009P-86: We welcome the work of the Finance Ministers and direct them to report back at their next meeting with a range of possible options for climate change financing to be provided as a resource to be considered in the UNFCCC negotiations at Copenhagen. (climate change)

Strengthening Support for the Most Vulnerable

2009P-87: We ask our relevant ministers to explore the benefits of a new crisis support facility in IDA to protect LICs from future crises and the enhanced use of financial instruments in protecting the investment plans of middle income countries from interruption in times of crisis, including greater use of guarantees. (IFI reform)

2009P-88: We reaffirm our historic commitment to meet the Millennium Development Goals and our respective Official Development Assistance (ODA) pledges, including commitments on Aid for Trade, debt relief, and those made at Gleneagles, especially to sub-Saharan Africa, to 2010 and beyond. (development)

2009P-89: Even before the crisis, too many still suffered from hunger and poverty and even more people lack access to energy and finance. Recognizing that the crisis has exacerbated this situation, we pledge cooperation to improve access to food, fuel, and finance for the poor. (development)

2009P-90: We call on the World Bank to work with interested donors and organizations to develop a multilateral trust fund to scale-up agricultural assistance to low-income countries. (food and agriculture)

2009P-91: We ask the World Bank, the African Development Bank, UN, Food and Agriculture Organization (FAO), International Fund for Agricultural Development (IFAD), World Food Programme (WFP) and other stakeholders to coordinate their efforts, including through country-led mechanisms, in order to complement and reinforce other existing multilateral and bilateral efforts to tackle food insecurity. (food and agriculture)

2009P-92: To increase access to energy, we will promote the deployment of clean, affordable energy resources to the developing world. (development)

2009P-93: We commit, on a voluntary basis, to funding programs that achieve this objective, such as the Scaling Up Renewable Energy Program and the Energy for the Poor Initiative, and to increasing and more closely harmonizing our bilateral efforts. (development)

2009P-94: Working with the Consultative Group to Assist the Poor (CGAP), the International Finance Corporation (IFC) and other international organizations, we will launch a G20 Financial Inclusion Experts Group. (development)

2009P-95: We commit to launch a G20 SME Finance Challenge, a call to the private sector to put forward its best proposals for how public finance can maximize the deployment of private finance on a sustainable and scalable basis. (development)

2009P-96: We will work with the World Bank's Stolen Assets Recovery (StAR) program to secure the return of stolen assets to developing countries, and support other efforts to stem illicit outflows. (crime and corruption)

2009P-97: We note the principles of the Paris Declaration on Aid Effectiveness and the Accra Agenda for Action and will work to increase the transparency of international aid flows by 2010. (development)

2009P-98: We call for the adoption and enforcement of laws against transnational bribery, such as the OECD Anti-Bribery Convention, and the ratification by the G20 of the UN Convention against Corruption (UNCAC) and the adoption during the third Conference of the Parties in Doha of an effective, transparent, and inclusive mechanism for the review of its implementation. (crime and corruption)

Putting Quality Jobs at the Heart of the Recovery

2009P-99: We commit to implementing recovery plans that support decent work, help preserve employment, and prioritize job growth. (labour and employment)

2009P-100: In addition, we will continue to provide income, social protection, and training support for the unemployed and those most at risk of unemployment. (labour and employment)

2009P-101: To assure that global growth is broadly beneficial, we should implement policies consistent with ILO fundamental principles and rights at work. (macroeconomic policy)

2009P-102: We should ensure access to training programs that support lifelong skills development and focus on future market needs. (education)

2009P-103: We pledge to support robust training efforts in our growth strategies and investments. (education)

2009P-104: We recognize successful employment and training programs are often designed together with employers and workers, and we call on the ILO, in partnership with other organizations, to convene its constituents and NGOs to develop a training strategy for our consideration. (education)

2009P-105: We also welcome the recently-adopted ILO Resolution on Recovering from the Crisis: A Global Jobs Pact, and we commit our nations to adopt key elements of its general framework to advance the social dimension of globalization. (social policy)

2009P-106: We direct our Ministers to assess the evolving employment situation, review reports from the ILO and other organizations on the impact of policies we have adopted, report on whether further measures are desirable, and consider medium-term employment and skills development policies, social protection programs, and best practices to ensure workers are prepared to take advantage of advances in science and technology. (labour and employment)

An Open Global Economy

2009P-107: We will keep markets open and free and reaffirm the commitments made in Washington and London: to refrain from raising barriers or imposing new barriers to investment or to trade in goods and services, imposing new export restrictions or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports and commit to rectify such measures as they arise. (trade)

2009P-108: We will minimize any negative impact on trade and investment of our domestic policy actions, including fiscal policy and action to support the financial sector. (trade)

2009P-109: We will not retreat into financial protectionism, particularly measures that constrain worldwide capital flows, especially to developing countries. (trade)

2009P-110: We will notify promptly the WTO of any relevant trade measures. (trade)

2009P-111: We are determined to seek an ambitious and balanced conclusion to the Doha Development Round in 2010, consistent with its mandate, based on the progress already made, including with regard to modalities. (trade)

2009P-112: We ask our ministers to take stock of the situation no later than early 2010, taking into account the results of the work program agreed to in Geneva following the Delhi Ministerial, and seek progress on Agriculture, Non-Agricultural Market Access, as well as Services, Rules, Trade Facilitation and all other remaining issues. (accountability)

2009P-113: We will remain engaged and review the progress of the negotiations at our next meeting. (accountability)

The Path from Pittsburgh

2009P-114: Today, we designated the G20 as the premier forum for our international economic cooperation. We have asked our representatives to report back at the next meeting with recommendations on how to maximize the effectiveness of our cooperation. (G8/G20 governance)

G20 Framework for Strong, Sustainable and Balanced Growth

[In our Framework for Strong, Sustainable and Balanced Growth, we will:]

2009P-115: implement responsible fiscal policies, attentive to short-term flexibility considerations and longer-run sustainability requirements. (macroeconomic policy)

2009P-116: strengthen financial supervision to prevent the re-emergence in the financial system of excess credit growth and excess leverage and undertake macro prudential and regulatory policies to help prevent credit and asset price cycles from becoming forces of destabilization. (financial regulation)

2009P-117: promote more balanced current accounts and support open trade and investment to advance global prosperity and growth sustainability, while actively rejecting protectionist measures. (macroeconomic policy)

2009P-118: undertake monetary policies consistent with price stability in the context of market oriented exchange rates that reflect underlying economic fundamentals. (macroeconomic policy)

2009P-119: undertake structural reforms to increase our potential growth rates and, where needed, improve social safety nets. (macroeconomic policy)

2009P-120: promote balanced and sustainable economic development in order to narrow development imbalances and reduce poverty. (macroeconomic policy)

2009P-121: G20 members with sustained, significant external deficits pledge to undertake policies to support private savings and undertake fiscal consolidation while maintaining open markets and strengthening export sectors. (macroeconomic policy)

2009P-122: G20 members with sustained, significant external surpluses pledge to strengthen domestic sources of growth. According to national circumstances this could include increasing investment, reducing financial markets distortions, boosting productivity in service sectors, improving social safety nets, and lifting constraints on demand growth. (macroeconomic policy)

2009P-123: G20 members will agree on shared policy objectives. These objectives should be updated as conditions evolve. (macroeconomic policy)

2009P-124: G20 members will set out their medium-term policy frameworks and will work together to assess the collective implications of our national policy frameworks for the level and pattern of global growth, and to identify potential risks to financial stability. (macroeconomic policy)

2009P-125: G20 leaders will consider, based on the results of the mutual assessment, and agree any actions to meet our common objectives. (international cooperation)

2009P-126: [To accomplish this, our Finance Ministers should, with the assistance of the IMF:] Develop a forward looking assessment of G20 economic developments to help analyze whether patterns of demand and supply, credit, debt and reserves growth are supportive of strong, sustainable and balanced growth. (accountability)

2009P-127: Assess the implications and consistency of fiscal and monetary policies, credit growth and asset markets, foreign exchange developments, commodity and energy prices, and current account imbalances. (accountability)
2009P-128: Report regularly to both the G20 and the IMFC on global economic developments, key risks, and concerns with respect to patterns of growth and suggested G20 policy adjustments, individually and collectively. (accountability)

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2010 Toronto Summit

Total = 61

Preamble

2010T-1: We are determined to be accountable for the commitments we have made, and have instructed our Ministers and officials to take all necessary steps to implement them fully within agreed timelines. (Accountability)

The Framework for Strong, Sustainable and Balanced Growth

2010T-2: We will continue to co-operate and undertake appropriate actions to bolster economic growth and foster a strong and lasting recovery. (Macroeconomic policy)

2010T-3: We are committed to taking concerted actions to sustain the recovery, create jobs and achieve stronger, more sustainable and more balanced growth. (Macroeconomic policy)

2010T-4: [We agreed today on:] Following through on fiscal stimulus (Macroeconomic policy)

2010T-5: [We agreed today on: Following through on] communicating "growth friendly" fiscal consolidation plans in advanced countries that will be implemented going forward. (Macroeconomic policy)

2010T-6: Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 (Macroeconomic policy)

2010T-7: [Advanced economies have committed to fiscal plans that will] stabilize or reduce government debt-to-GDP ratios by 2016. (Macroeconomic policy)

2010T-8: Fiscal consolidation plans will be credible; clearly communicated; differentiated to national circumstances, and focused on measures to foster economic growth. (Macroeconomic policy)

2010T-9: [We agreed today on:] Strengthening social safety nets (social policy)

2010T-10: [We agreed today on:] enhancing corporate governance reform (accountability)

2010T-11: [We agreed today on: enhancing] financial market development (financial regulation)

2010T-12: [We agreed today on: enhancing] infrastructure spending (Macroeconomic policy)

2010T-13: [We agreed today on: enhancing] greater exchange rate flexibility in some emerging markets; (Macroeconomic policy)

2010T-14: [We agreed today on:] Pursuing structural reforms across the entire G20 membership to increase and sustain our growth prospects; (Macroeconomic policy)

2010T-15: [We agreed today on:] Making more progress on rebalancing global demand. (Macroeconomic policy)

2010T-16: Advanced deficit countries should take actions to boost national savings while maintaining open markets and enhancing export competitiveness. (Macroeconomic policy)

2010T-17: Surplus economies will undertake reforms to reduce their reliance on external demand and focus more on domestic sources of growth. (Macroeconomic policy)

2010T-18: We are committed to narrowing the development gap (Development)

2010T-19: We must consider the impact of our policy actions on low-income countries. (Development)

2010T-20: We will continue to support development financing, including through new approaches that encourage development financing from both public and private sources. (Development)

2010T-21: We have agreed that the second stage of our country-led and consultative mutual assessment will be conducted at the country and European level and that we will each identify additional measures, as necessary, that we will take toward achieving strong, sustainable, and balanced growth. (Macroeconomic policy)

Financial Sector Reform

2010T-22: We pledge to act together to achieve the commitments to reform the financial sector made at the Washington, London and Pittsburgh Summits by the agreed or accelerated timeframes (Financial Regulation).

2010T-23: We are committed to international assessment and peer review to ensure that all our decisions are fully implemented (Accountability).

2010T-24: We support reaching agreement at the time of the Seoul Summit on the new capital framework (Financial Regulation).

2010T-25: We agreed that all members will adopt the new standards and these will be phased in over a timeframe that is consistent with sustained recovery and limits market disruption, with the aim of implementation by end-2012, and a transition horizon informed by the macroeconomic impact assessment of the Financial Stability Board (FSB) and BCBS. (Financial Regulation)

2010T-26: We agreed to strengthen financial market infrastructure by accelerating the implementation of strong measures to improve transparency and regulatory oversight of hedge fund, credit rating agencies and over-the-counter derivatives, in an internationally consistent and non-discriminatory way. (Financial Regulation)

2010T-27: We re-emphasized the importance of achieving a single set of high quality improved global accounting standards (Financial Regulation)

2010T-28: [We re-emphasized the importance of achieving] the implementation of the FSB's standards for sound compensation (Financial Regulation).

2010T-29: We agreed that new, stronger rules must be complemented with more effective oversight and supervision. (Financial Regulation)

2010T-30: We tasked the FSB, in consultation with the IMF, to report to our Finance Ministers and Central Bank Governors in October 2010 on recommendations to strengthen oversight and supervision, specifically relating to the mandate, capacity and resourcing of supervisors and specific powers which should be adopted to proactively identify and address risks, including early intervention. (Financial Regulation)

2010T-31: We are committed to design and implement a system where we have the powers and tools to restructure or resolve all types of financial institutions in crisis, without taxpayers ultimately bearing the burden, and adopted principles that will guide implementation. (Financial Regulation)

2010T-32: We called upon the FSB to consider and develop concrete policy recommendations to effectively address problems associated with, and resolve systemically important financial institutions by the Seoul Summit. (Financial Regulation)

2010T-33: We have strengthened our commitment to the IMF/World Bank Financial Sector Assessment Program (FSAP) and pledge to support robust and transparent peer review through the FSB. (Financial Regulation)

International Financial Institutions and Development

2010T-34: We commit to strengthening the legitimacy, credibility and effectiveness of the IFIs to make them even stronger partners for us in the future. (IFI Reform)

2010T-35: We will fulfill our commitment to ensure an ambitious replenishment for the concessional lending facilities of the MDBs, especially the International Development Association and the African Development Fund. (Development)

2010T-36: We underscore our resolve to ensure ratification of the 2008 IMF Quota and Voice Reforms and expansion of the New Arrangements to Borrow (NAB). (IFI Reform)

2010T-37: We called for an acceleration of the substantial work still needed for the IMF to complete the quota reform by the Seoul Summit and in parallel deliver on other governance reforms, in line with commitments made in Pittsburgh. (IFI Reform)

2010T-38: Today we build on our earlier commitment to open, transparent and merit-based selection processes for the heads and senior leadership of all the IFIs. We will strengthen the selection processes in the lead up to the Seoul Summit in the context of broader reform. (IFI Reform)

2010T-39: We agreed to task our Finance Ministers and Central Bank Governors to prepare policy options to strengthen global financial safety nets for our consideration at the Seoul Summit. (social policy)

2010T-40: We stand united with the people of Haiti and are providing much-needed reconstruction assistance, including the full cancellation of all of Haiti's IFI debt. (Development)

2010T-41: We have launched the SME Finance Challenge and commit to mobilizing funding for implementation of winning proposals, including through the strong support of the MDBs. (Development)

2010T-42: Looking ahead, we commit to exploring innovative, results-based mechanisms to harness the private sector for agricultural innovation. (Food and Agriculture)

2010T-43: We call for the full implementation of the L'Aquila Initiative and the application of its principles. (Food and Agriculture)

Fighting Protectionism and Promoting Trade and Investment

2010T-44: As such, we renew for a further three years, until the end of 2013, our commitment to refrain from raising barriers or imposing new barriers to investment or trade in goods and services, imposing new export restrictions or implementing World Trade Organization (WTO)-inconsistent measures to stimulate exports (Trade)

2010T-45: [we] commit to rectify such measures as they arise. (Trade)

2010T-46: We will minimize any negative impact on trade and investment of our domestic policy actions, including fiscal policy and action to support the financial sector. (Trade)

2010T-47: We ask the WTO, OECD and UNCTAD to continue to monitor the situation within their respective mandates, reporting publicly on these commitments on a quarterly basis. (Trade)

2010T-48: We ask the OECD, the ILO, World Bank, and the WTO to report on the benefits of trade liberalization for employment and growth at the Seoul Summit. (Trade)

2010T-49: We therefore reiterate our support for bringing the WTO Doha Development Round to a balanced and ambitious conclusion as soon as possible, consistent with its mandate and based on the progress already made. (Trade)

2010T-50: We direct our representatives, using all negotiating avenues, to pursue this objective, and to report on progress at our next meeting in Seoul, where we will discuss the status of the negotiations and the way forward. (Trade)

2010T-51: We commit to maintain momentum for Aid for Trade. (Trade)

2010T-52: We also ask international agencies, including the World Bank and other Multilateral Development Banks to step up their capacity and support trade facilitation which will boost world trade. (Trade)

Other Issues and Forward Agenda

2010T-53: We call for the ratification and full implementation by all G20 members of the United Nations Convention against Corruption (UNCAC) and encourage others to do the same. (Crime and Corruption)

2010T-54: We will fully implement the reviews in accordance with the provisions of UNCAC. (Crime and Corruption)

2010T-55: Building on the progress made since Pittsburgh to address corruption, we agree to establish a Working Group to make comprehensive recommendations for consideration by Leaders in Korea on how the G20 could continue to make practical and valuable contributions to international efforts to combat corruption and lead by example, in key areas that include, but are not limited to, adopting and enforcing strong and effective anti-bribery rules, fighting corruption in the public and private sectors, preventing access of corrupt persons to global financial systems, cooperation in visa denial, extradition and asset recovery, and protecting whistleblowers who stand-up against corruption. (crime and corruption)

2010T-56: We reiterate our commitment to a green recovery and to sustainable global growth. (Climate Change)

2010T-57: Those of us who have associated with the Copenhagen Accord reaffirm our support for it and its implementation and call on others to associate with it. (Climate Change)

2010T-58: We are committed to engage in negotiations under the UNFCCC on the basis of its objective provisions and principles including common but differentiated responsibilities and respective capabilities and are determined to ensure a successful outcome through an inclusive process at the Cancun Conferences. (Climate Change)

2010T-59: In this regard [referencing the MDGs and the importance of supporting the poorest countries] it is important to work with Least Developed Countries (LDCs) to make them active participants in and beneficiaries of the global economic system. (Development)

2010T-60: [We note with appreciation the report on energy subsidies from the International Energy Agency (IEA), Organization of the Petroleum Exporting Countries (OPEC), OECD and World Bank. We welcome the work of Finance and Energy Ministers in delivering implementation strategies and timeframes, based on national circumstances, for the rationalization and phase out over the medium term of inefficient fossil fuel subsidies that encourage wasteful consumption, taking into account vulnerable groups and their development needs.] We also encourage continued and full implementation of country-specific strategies and will continue to review progress towards this commitment at upcoming summits. (Energy)
2010T-61: We agree to establish a Working Group on Development and mandate it to elaborate, consistent with the G20's focus on measures to promote economic growth and resilience, a development agenda and multi-year action plans to be adopted at the Seoul Summit. (Development)

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2010 Seoul Summit

Total = 153

The G20 Seoul Summit Leaders' Declaration

2010S-1: We pledge to continue our coordinated efforts and act together to generate strong, sustainable and balanced growth. (macroeconomic policy)

2010S-2: To this end, we are determined to put jobs at the heart of the recovery, to provide social protection, decent work and also to ensure accelerated growth in low income countries (LICs). (macroeconomic policy)

2010S-3: We are agreed today to develop our common view to meet these new challenges and a path to strong, sustainable and balanced growth beyond the crisis. (macroeconomic policy)

2010S-4: The [Seoul Action] Plan includes our commitment to: undertake macroeconomic policies, including fiscal consolidation where necessary (macroeconomic policy)

2010S-5: [The [Seoul Action] Plan includes our commitment to:] moving toward more market-determined exchange rate systems, enhancing exchange rate flexibility to reflect underlying economic fundamentals, and refraining from competitive devaluation of currencies. (macroeconomic policy)

2010S-6: [The [Seoul Action] Plan includes the commitment that:] Advanced economies, including those with reserve currencies, will be vigilant against excess volatility and disorderly movements in exchange rates. (macroeconomic policy)

2010S-7: [The [Seoul Action] Plan includes our commitment to:] implement a range of structural reforms that boost and sustain global demand, foster job creation, and increase the potential for growth; (macroeconomic policy)

2010S-8: [The [Seoul Action] Plan includes our commitment to:] enhance the Mutual Assessment Process (MAP) to promote external sustainability. (macroeconomic policy)

2010S-9: We will strengthen multilateral cooperation to promote external sustainability (macroeconomic policy)

2010S-10: [we will] pursue the full range of policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels. (macroeconomic policy)

2010S-11: Persistently large imbalances, assessed against indicative guidelines to be agreed by our Finance Ministers and Central Bank Governors, warrant an assessment of their nature and the root causes of impediments to adjustment as part of the MAP, recognizing the need to take into account national or regional circumstances, including large commodity producers. (macroeconomic policy)

2010S-12: we call on our Framework Working Group, with technical support from the IMF and other international organizations, to develop these indicative guidelines, with progress to be discussed by our Finance Ministers and Central Bank Governors in the first half of 2011 (macroeconomic policy)

2010S-13: [The [Seoul Action] Plan includes our commitment to:] a modernized IMF that better reflects the changes in the world economy through greater representation of dynamic emerging markets and developing countries. (ifi reform)

2010S-14: [The [Seoul Action] Plan includes our commitment to:] instruments to strengthen global financial safety nets, which help countries cope with financial volatility by providing them with practical tools to overcome sudden reversals of international capital flows. (ifi reform)

2010S-15: [The [Seoul Action] Plan includes our commitment to:] core elements of a new financial regulatory framework, including bank capital and liquidity standards (Financial Regulation)

2010S-16: [The [Seoul Action] Plan includes our commitment to:] better regulate and effectively resolve systemically important financial institutions, complemented by more effective oversight and supervision. (Financial Regulation)

2010S-17: [The [Seoul Action] Plan includes our commitment to:] the Seoul Development Consensus for Shared Growth that sets out our commitment to work in partnership with other developing countries, and LICs in particular, to help them build the capacity to achieve and maximize their growth potential, thereby contributing to global rebalancing. (development)

2010S-18: [The [Seoul Action] Plan includes:] our strong commitment to direct our negotiators to engage in across-the-board negotiations to promptly bring the Doha Development Round to a successful, ambitious, comprehensive, and balanced conclusion consistent with the mandate of the Doha Development Round and built on the progress already achieved. (trade)

2010S-19: We are also committed to resisting all forms of protectionist measures. (trade)

2010S-20: We will continue to monitor and assess ongoing implementation of the commitments made today and in the past in a transparent and objective way. (accountability)

2010S-21: we have agreed to work further on macro-prudential policy frameworks; (macroeconomic policy)

2010S-22: [we have agreed to] better reflect the perspective of emerging market economies in financial regulatory reforms; (Financial Regulation)

2010S-23: [we have agreed to] strengthen regulation and oversight of shadow banking; (Financial Regulation)

2010S-24: we have agreed to further work on regulation and supervision of commodity derivatives markets; (Financial Regulation)

2010S-25: [we have agreed to] improve market integrity and efficiency; (Financial Regulation)

2010S-26: [we have agreed to] enhance consumer protection; (Financial Regulation)

2010S-27: [we have agreed to] pursue all outstanding governance reform issues at the IMF (ifi reform)

2010S-28: [we have agreed to pursue all outstanding governance reform issues at the] World Bank; (ifi reform)

2010S-29: [we have agreed to] build a more stable and resilient international monetary system, including by further strengthening global financial safety nets. (ifi reform)

2010S-30: We will also expand our MAP based on the indicative guidelines to be agreed. (macroeconomic policy)

2010S-31: To promote resilience, job creation and mitigate risks for development, we will prioritize action under the Seoul Consensus on addressing critical bottlenecks, including infrastructure deficits, food market volatility, and exclusion from financial services. (labour and employment)

2010S-32: To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to prevent and tackle corruption through our Anti-Corruption Action Plan; (crime and corruption)

2010S-33: [To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to] rationalize and phase-out over the medium term inefficient fossil fuel subsidies; (energy)

2010S-34: [To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to] mitigate excessive fossil fuel price volatility; (energy)

2010S-35: [To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to] safeguard the global marine environment; (environment)

2010S-36: [To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to] and combat the challenges of global climate change. (climate change)

2010S-37: We reaffirm our resolute commitment to fight climate change, as reflected in the Leaders' Seoul Summit Document. (climate change)

2010S-38: We will spare no effort to reach a balanced and successful outcome in Cancun. (climate change)

The Seoul Summit Document

The Seoul Action Plan

2010S-39: We reaffirm the importance of central banks' commitment to price stability, thereby contributing to the recovery and sustainable growth. (macroeconomic policy)

2010S-40: We will move toward more market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals and refrain from competitive devaluation of currencies. (macroeconomic policy)

2010S-41: Advanced economies, including those with reserve currencies, will be vigilant against excess volatility and disorderly movements in exchange rates. …in circumstances where countries are facing undue burden of adjustment, policy responses in emerging market economies with adequate reserves and increasingly overvalued flexible exchange rates may also include carefully designed macro-prudential measures. (macroeconomic policy)

2010S-42: We will reinvigorate our efforts to promote a stable and well functioning international monetary system. (macroeconomic policy)

2010S-43: We reaffirm our commitment to free trade and investment recognizing its central importance for the global recovery. (trade)

2010S-44: We will refrain from introducing, and oppose protectionist trade actions in all forms. (trade)

2010S-45: We reaffirm our commitment to avoid financial protectionism. (trade)

2010S-46: We will focus efforts to resolve the most significant bottlenecks to inclusive, sustainable and resilient growth in developing countries, low-income countries (LICs) in particular: infrastructure, human resources development, trade, private investment and job creation, food security, growth with resilience, financial inclusion, domestic resource mobilization and knowledge sharing. (development)

2010S-47: In addition, we will take concrete actions to increase our financial and technical support, including fulfilling the Official Development Assistance (ODA) commitments by advanced countries. (development)

2010S-48: Advanced economies will formulate and implement clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plans in line with the Toronto commitment, differentiated according to national circumstances. (macroeconomic policy)

2010S-49: We are committed to take action at the national and international level to raise standards, (macroeconomic policy)

2010S-50: [We are committed to] ensure that our national authorities implement global standards developed to date, consistently, in a way that ensures a level playing field, a race to the top and avoids fragmentation of markets, protectionism and regulatory arbitrage. (macroeconomic policy)

2010S-51: In particular, we will implement fully the new bank capital and liquidity standards (Financial Regulation)

2010S-52: [In particular, we will] address too-big-to-fail problems. (Financial Regulation)

2010S-53: We agreed to further work on financial regulatory reforms. (Financial Regulation)

2010S-54: We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake: Product market reforms to simplify regulation and reduce regulatory barriers in order to promote competition and enhance productivity in key sectors. (Financial Regulation)

2010S-55: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Labor market and human resource development reforms, including better targeted benefits schemes to increase participation; (labour and employment)

2010S-56: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] education and training to increase employment in quality jobs, boost productivity and thereby enhance potential growth. (labour and employment)

2010S-57: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Tax reform to enhance productivity by removing distortions and improving the incentives to work, invest and innovate. (labour and employment)

2010S-58: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Green growth and innovation oriented policy measures to find new sources of growth and promote sustainable development. (climate change)

2010S-59: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Reforms to reduce the reliance on external demand and focus more on domestic sources of growth in surplus countries while promoting higher national savings and enhancing export competitiveness in deficit countries. (macroeconomic policy)

2010S-60: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Reforms to strengthen social safety nets such as public health care and pension plans, corporate governance and financial market development to help reduce precautionary savings in emerging surplus countries. (social policy)

2010S-61: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Investment in infrastructure to address bottlenecks and enhance growth potential. (macroeconomic policy)

2010S-62: In addition, we will enhance the MAP to promote external sustainability. (macroeconomic policy)

2010S-63: We will strengthen multilateral cooperation to promote external sustainability (macroeconomic policy)

2010S-64: [We will] pursue the full range of policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels. (macroeconomic policy)

2010S-65: Persistently large imbalances, assessed against indicative guidelines to be agreed by our Finance Ministers and Central Bank Governors, warrant an assessment of their nature and the root causes of impediments to adjustment as part of the MAP, recognizing the need to take into account national or regional circumstances, including large commodity producers. (macroeconomic policy)

2010S-66: Members with sustained, significant external deficits pledge to undertake policies to support private savings and where appropriate undertake fiscal consolidation while maintaining open markets and strengthening export sectors. (macroeconomic policy)

2010S-67: Members with sustained, significant external surpluses pledge to strengthen domestic sources of growth. (macroeconomic policy)

2010S-68: Recognizing the benefits of the Framework, we agreed to expand and refine the country-led, consultative MAP by including monitoring of the implementation of our commitments and assessment of our progress toward achieving our shared objectives. This process will be adopted in 2011 under the French Presidency. (accountability)

International Financial Institution Reforms

Modernized IMF governance

2010S-69: Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include: Shifts in quota shares to dynamic emerging market and developing countries and to under-represented countries of over 6%, while protecting the voting share of the poorest, which we commit to work to complete by the Annual Meetings in 2012. (ifi reform)

2010S-70: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] A doubling of quotas, with a corresponding rollback of the New Arrangements to Borrow (NAB) preserving relative shares, when the quota increase becomes effective. (ifi reform)

2010S-71: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] Continuing the dynamic process aimed at enhancing the voice and representation of emerging market and developing countries, including the poorest, through a comprehensive review of the quota formula by January 2013 to better reflect the economic weights. (ifi reform)

2010S-72: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] completion of the next general review of quotas by January 2014. (ifi reform)

2010S-73: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] Greater representation for emerging market and developing countries at the Executive Board through two fewer advanced European chairs, and the possibility of a second alter1nate for all multi-country constituencies. (ifi reform)

2010S-74: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] Moving to an all-elected Board, along with a commitment by the IMF's membership to maintain the Board size at 24 chairs, and following the completion of the 14th General Review, a review of the Board's composition every eight years. (ifi reform)

2010S-75: We reiterate the urgency of promptly concluding the 2008 IMF Quota and Voice Reforms. (ifi reform)

2010S-76: We asked our Finance Ministers and Central Bank Governors to continue to pursue all outstanding governance reform issues at the World Bank and the IMF. (ifi reform)

Surveillance

(none)

Multilateral Development Banks

2010S-77: We reiterate our commitment to completing an ambitious replenishment for the concessional lending facilities of the MDBs, especially the International Development Association, to help ensure that LICs have access to sufficient concessional resources. (development)

Strengthened global financial safety nets

2010S-78: we asked our Finance Ministers and Central Bank Governors to explore, with input from the IMF: a structured approach to cope with shocks of a systemic nature. (ifi reform)

2010S-79: [we asked our Finance Ministers and Central Bank Governors to explore, with input from the IMF]: ways to improve collaboration between RFAs and the IMF across all possible areas and enhance the capability of RFAs for crisis prevention, while recognizing region-specific circumstances and characteristics of each RFA. (ifi reform)

2010S-80: We agreed to explore ways to further improve the international monetary system to ensure systemic stability in the global economy. (ifi reform)

Financial Sector Reforms

Transformed financial system to address the root causes of the crisis

2010S-81: We are committed to adopt and implement fully these standards within the agreed timeframe that is consistent with economic recovery and financial stability. (Financial Regulation)

2010S-82: The new framework will be translated into our national laws and regulations, and will be implemented starting on January 1, 2013 and fully phased in by January 1, 2019. (Financial Regulation)

2010S-83: We endorsed the policy framework, work processes, and timelines proposed by the FSB to reduce the moral hazard risks posed by systemically important financial institutions (SIFIs) and address the too-big-to-fail problem. (Financial Regulation)

2010S-84: we agreed that G-SIFIs should be subject to a sustained process of mandatory international recovery and resolution planning. (Financial Regulation)

2010S-85: We agreed to conduct rigorous risk assessment on these firms through international supervisory colleges and negotiate institution-specific crisis cooperation agreements within crisis management groups. (Financial Regulation)

2010S-86: We reaffirmed our Toronto commitment to national-level implementation of the BCBS's cross-border resolution recommendations. (Financial Regulation)

Implementation and international assessment, including peer review

2010S-87: We reaffirmed today our full commitment to action and implementation. (accountability)

2010S-88: At the national level, we will incorporate the new standards and principles into relevant legislation and policies. (Financial Regulation)

2010S-89: We also firmly recommitted to work in an internationally consistent and non-discriminatory manner to strengthen regulation and supervision on hedge funds (Financial Regulation)

2010S-90: [We also firmly recommitted to work in an internationally consistent and non-discriminatory manner to strengthen regulation and supervision on] OTC derivatives (Financial Regulation)

2010S-91: [We also firmly recommitted to work in an internationally consistent and non-discriminatory manner to strengthen regulation and supervision on] credit rating agencies. (Financial Regulation)

2010S-92: We reaffirmed the importance of fully implementing the FSB's standards for sound compensation. (Financial Regulation)

2010S-93: we reiterated our commitment to preventing non-cooperative jurisdictions from posing risks to the global financial system and welcomed the ongoing efforts by the FSB, Global Forum on Tax Transparency and Exchange of Information (Global Forum), and the Financial Action Task Force (FATF), based on comprehensive, consistent and transparent assessment. (Financial Regulation)

Future work: Issues that warrant more attention

2010S-94: We agreed to work on financial stability issues that are of particular interest to emerging market and developing economies. (Financial Regulation)

Fighting Protectionism and Promoting Trade and Investment

2010S-95: Recognizing the importance of free trade and investment for global recovery, we are committed to keeping markets open and liberalizing trade and investment as a means to promote economic progress for all and narrow the development gap. (trade)

2010S-96: We therefore reaffirm the extension of our standstill commitments until the end of 2013 as agreed in Toronto (trade)

2010S-97: [we] commit to rollback any new protectionist measures that may have risen, including export restrictions and WTO-inconsistent measures to stimulate exports (trade)

2010S-98: We direct our negotiators to engage in across-the-board negotiations to promptly bring the Doha Development Round to a successful, ambitious, comprehensive, and balanced conclusion consistent with the mandate of the Doha Development Round and built on the progress achieved. (trade)

2010S-99: Once such an outcome is reached, we commit to seek ratification, where necessary, in our respective systems. (trade)

2010S-100: We note our commitment to at least maintain, beyond 2011, Aid for Trade levels that reflect the average of the last three years (2006 to 2008); (trade)

2010S-101: [We note our commitment] to make progress toward duty-free quota-free market access for least developed country (LDC) products in line with our Hong Kong commitments, without prejudice to other negotiations, including as regards preferential rules of origin; (trade)

2010S-102: [We note our commitment] to call on relevant international agencies to coordinate a collective multilateral response to support trade facilitation; (trade)

2010S-103: [We note our commitment]and to support measures to increase the availability of trade finance in developing countries, particularly LICs. (trade)

2010S-104: In this respect, we also agree to monitor and assess trade finance programs in support of developing countries, in particular their coverage and impact on LICs, (trade)

2010S-105: [we agree] to evaluate the impact of regulatory regimes on trade finance. (trade)

2010S-106: We therefore commit to support the regional integration efforts of African leaders, including by helping to realize their vision of a free trade area through the promotion of trade facilitation and regional infrastructure. (trade)

Seoul Development Consensus for Shared Growth

2010S-107: We commit to work in partnership with other developing countries, LICs in particular, to help them build the capacity to achieve and maintain their maximum economic growth potential. (development)

2010S-108: We agree to establish a High-Level Panel (HLP) to recommend measures to mobilize infrastructure financing and review MDBs' policy frameworks. (development)

2010S-109: We will announce the Chair of the HLP by December 2010; (development)

2010S-110: [We will]: Improve the development of employable skills matched to employer and labor market needs in order to enhance the ability to attract investment, create decent jobs and increase productivity. (development)

2010S-111: We will support the development of internationally comparable skills indicators and the enhancement of national strategies for skills development, building on the G20 Training Strategy; (development)

2010S-112: [We will]: Improve the access and availability to trade with advanced economies and between developing and LICs. (development)

2010S-113: [we will]: Identify, enhance and promote responsible private investment in value chains and develop key indicators for measuring and maximizing the economic and employment impact of private sector investment; (development)

2010S-114: [we will] enhance food security policy coherence and coordination (food and agriculture)

2010S-115: [we will] increase agricultural productivity and food availability, including by advancing innovative results-based mechanisms, promoting responsible agriculture investment, fostering smallholder agriculture, and inviting relevant international organizations to develop, for our 2011 Summit in France, proposals to better manage and mitigate risks of food price volatility without distorting market behavior. (food and agriculture)

2010S-116: [we will]: Improve income security and resilience to adverse shocks by assisting developing countries enhance social protection programs, including through further implementation of the UN Global Pulse Initiative, and by facilitating implementation of initiatives aimed at a quantified reduction of the average cost of transferring remittances; (development)

2010S-117: [we will] Increase access to finance for the poor and small and medium enterprises (SMEs). (development)

2010S-118: [we will] Build sustainable revenue bases for inclusive growth and social equity by improving developing country tax administration systems and policies and highlighting the relationship between non-cooperative jurisdictions and development; (development)

2010S-119: [we will] scale up and mainstream sharing of knowledge and experience, especially between developing countries, in order to improve their capacity and ensure that the broadest range of experiences are used to help tailor national policies. (development)

2010S-120: We commit to and prioritize full, timely and effective implementation of the Multi-Year Action Plan, understanding its high potential to have a positive transformative impact on people's lives, both through our individual and collective actions and in partnership with other global development stakeholders. (development)

2010S-121: We reaffirm our commitment to the achievement of the MDGs and will align our work in accordance with globally agreed development principles for sustainable economic, social and environmental development, to complement the outcomes of the UN High-Level Plenary Meeting on the MDGs held in September 2010 in New York, as well as with processes such as the Fourth UN LDC Summit in Turkey and the Fourth High-Level Forum on Aid Effectiveness in Korea, both to be held in 2011. (development)

2010S-122: We also reaffirm our respective ODA pledges and commitments to assist the poorest countries and mobilize domestic resources made following on from the Monterrey Consensus and other fora. (development)

2010S-123: We further mandate the Development Working Group to monitor implementation of the Multi-Year Action Plan, so that we may review progress and consider the need for any further steps at the 2011 Summit in France. (development)

Financial Inclusion

2010S-124: We reiterate our strong commitment to financial inclusion and recognize the benefits of improved access to finance to lift the lives of the poor and to support the contribution of SMEs to economic development. (development)

2010S-125: Working with the Alliance for Financial Inclusion, the Consultative Group to Assist the Poor and the International Finance Corporation, we commit to launch the Global Partnership for Financial Inclusion (GPFI) as an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakeholders to carry forward our work on financial inclusion, including implementation of the Financial Inclusion Action Plan. (development)

2010S-126: We welcome the commitment of Canada, Korea, the United States and the Inter-American Development Bank of $528 million to the Framework through grants and co-financing. (development)

Energy

Fossil Fuel Subsidies

2010S-127: We reaffirm our commitment to rationalize and phase-out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption, with timing based on national circumstances, while providing targeted support for the poorest. (energy)

2010S-128: We direct our Finance and Energy Ministers to report back on the progress made in implementing country-specific strategies and in achieving the goals to which we agreed in Pittsburgh and Toronto at the 2011 Summit in France. (energy)

Fossil Fuel Price Volatility

2010S-129: We support the establishment of the IEF charter to strengthen the producer-consumer dialogue (energy)

2010S-130: We ask the Energy Experts Group to extend its work on volatility to other fossil fuels as a second step. (energy)

Global Marine Environment Protection

(none)

Climate Change and Green Growth

2010S-131: We reiterate our commitment to take strong and action-oriented measures and remain fully dedicated to UN climate change negotiations. (climate change)

2010S-132: Those of us who have associated with the Copenhagen Accord reaffirm our support for it and its implementation. (climate change)

2010S-133: We all are committed to achieving a successful, balanced result that includes the core issues of mitigation, transparency, finance, technology, adaptation, and forest preservation. (climate change)

2010S-134: We are committed to support country-led green growth policies that promote environmentally sustainable global growth along with employment creation while ensuring energy access for the poor. (climate change)

2010S-135: we will take steps to create, as appropriate, the enabling environments that are conducive to the development and deployment of energy efficiency and clean energy technologies, including policies and practices in our countries and beyond, including technical transfer and capacity building. (energy)

2010S-136: [we] encourage further discussion on cooperation in R&D and regulatory measures, together with business leaders, and ask our Energy Experts Group to monitor and report back to us on progress at the 2011 Summit in France. (energy)

2010S-137: [We also commit to stimulate investment in] clean energy technology, (energy)

2010S-138: [We also commit to stimulate investment in] energy and resource efficiency, (energy)

2010S-139: [We also commit to stimulate investment in] green transportation, (energy)

2010S-140: [We also commit to stimulate investment in] green cities by mobilizing finance, establishing clear and consistent standards, (energy)

2010S-141: [We also commit to stimulate investment in] developing long-term energy policies, supporting education, enterprise and R&D, (energy)

2010S-142: [We also commit to stimulate investment in] continuing to promote cross-border collaboration and coordination of national legislative approaches. (energy)

Anti-Corruption

2010S-143: we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including: to accede or ratify and effectively implement the UN Convention against Corruption and promote a transparent and inclusive review process; (crime and corruption)

2010S-144: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] adopt and enforce laws against the bribery of foreign public officials; (crime and corruption)

2010S-145: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] prevent access of corrupt officials to the global financial system; (crime and corruption)

2010S-146: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] consider a cooperative framework for the denial of entry to corrupt officials, extradition, and asset recovery; (crime and corruption)

2010S-147: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] protect whistleblowers; (crime and corruption)

2010S-148: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] safeguard anticorruption bodies. (crime and corruption)

2010S-149: We are also committed to undertake a dedicated effort to encourage public-private partnerships to tackle corruption and to engage the private sector in the fight against corruption, with a view to promoting propriety, integrity and transparency in the conduct of business affairs, as well as in the public sector. (crime and corruption)

2010S-150: The G20 will hold itself accountable for its commitments. (accountability)

2010S-151: Beyond our participation in existing mechanisms of peer review for international anti-corruption standards, we mandate the Anti-Corruption Working Group to submit annual reports on the implementation of our commitments to future Summits for the duration of the Anti-Corruption Action Plan. (crime and corruption)

Business Summit

(none)

Consultation

2010S-152: We will increase our efforts to conduct G20 consultation activities in a more systematic way, building on constructive partnerships with international organizations, in particular the UN, regional bodies, civil society, trade unions and academia. (G8/G20 governance)
2010S-153: we will invite no more than five non-member invitees, of which at least two will be countries in Africa. (G8/G20 governance)

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2011 Cannes Summit

Total = 282

Final Communiqué of the Leaders

2011-1: We reaffirm our commitment to work together and we have taken decisions to reinvigorate economic growth (macroeconomic policy)

2011-2: [We reaffirm our commitment to work together and we have taken decisions to] create jobs (macroeconomic policy)

2011-3: [We reaffirm our commitment to work together and we have taken decisions to] ensure financial stability (macroeconomic policy)

2011-4: [We reaffirm our commitment to work together and we have taken decisions to] promote social inclusion (social policy)

2011-5: [We reaffirm our commitment to work together and we have taken decisions to] make globalization serve the needs of the people (social policy)

A global strategy for growth and jobs

[We have agreed on an Action plan for Growth and Jobs to address short term vulnerabilities and strengthen medium-term foundations for growth.]

2011-6: To address the immediate challenges faced by the global economy, we commit to coordinate our actions (macroeconomic policy)

2011-7: [To address the immediate challenges faced by the global economy, we commit to coordinate our] policies (macroeconomic policy)

2011-8: Advanced economies commit to adopt policies to build confidence and support growth (macroeconomic policy)

2011-9: [Advanced economies commit to] implement clear, credible and specific measures to achieve fiscal consolidation (macroeconomic policy)

2011-10: Taking into account national circumstances, countries where public finances remain strong commit to let automatic stabilizers work (macroeconomic policy)

2011-11: [Taking into account national circumstances, countries where public finances remain strong commit to] take discretionary measures to support domestic demand should economic conditions materially worsen (macroeconomic policy)

2011-12: Countries with large current account surpluses commit to reforms to increase domestic demand, coupled with greater exchange rate flexibility (macroeconomic policy)

2011-13: We all commit to further structural reforms to raise output in our countries (macroeconomic policy)

Towards a more stable and resilient International Monetary System

2011-14: To adjust to currencies' changing role and characteristics over time, the composition of the SDR basket will be reviewed in 2015, or earlier, as currencies meet the existing criteria to enter the basket (IFI reform)

2011-15: We are also committed to further progress towards a more integrated, even-handed and effective IMF surveillance and to better identify and address spill-over effects (IFI reform)

2011-16: We affirm our commitment to move more rapidly toward more market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals, avoid persistent exchange rate misalignments and refrain from competitive devaluation of currencies (macroeconomic policy)

2011-17: We are determined to act on our commitments to exchange rate reform articulated in our Action plan for Growth and Jobs to address short term vulnerabilities (macroeconomic policy)

2011-18: [We are determined to act on our commitments to exchange rate reform articulated in our Action plan for Growth and Jobs to] restoring financial stability (macroeconomic policy)

2011-19: [We are determined to act on our commitments to exchange rate reform articulated in our Action plan for Growth and Jobs to] strengthen the medium-term foundations for growth (macroeconomic policy)

2011-20: We agreed to continue our efforts to further strengthen global financial safety nets (IFI reform)

2011-21: We support the IMF in putting forward the new Precautionary and Liquidity Line (PLL) to provide on a case by case basis increased and more flexible short-term liquidity to countries with strong policies and fundamentals facing exogenous shocks (macroeconomic policy)

2011-22: We also support the IMF in putting forward a single facility to fulfil the emergency assistance needs of its members. (IFI reform)

2011-23: We will ensure the IMF continues to have resources to play its systemic role to the benefit of its whole membership, building on the substantial resources we have already mobilized since London in 2009. We stand ready to ensure additional resources could be mobilised in a timely manner (IFI reform)

2011-24: [We] ask our finance ministers by their next meeting to work on deploying a range of various options including bilateral contributions to the IMF, SDRs, and voluntary contributions to an IMF special structure such as an administered account (IFI reform)

2011-25: We will expeditiously implement in full the 2010 quota and governance reform of the IMF (IFI reform)

Reforming the financial sector and enhancing market integrity

2011-26: In Washington in 2008, we committed to ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate. We will implement our commitments and pursue the reform of the financial system. (Financial Regulation)

2011-27: We have decided to develop the regulation and oversight of shadow banking (Financial Regulation)

2011-28: We will develop further our regulation on market integrity and efficiency, including addressing the risks posed by high frequency trading (Financial Regulation)

2011-29: [We will develop further our regulation on market integrity and efficiency, including addressing the risks posed by] dark liquidity (Financial Regulation)

2011-30: We will strictly monitor the implementation of our commitments regarding banks (Financial Regulation)

2011-31: [We will strictly monitor the implementation of our commitments regarding] OTC markets (Financial Regulation)

2011-32: [We will strictly monitor the implementation of our commitments regarding] compensation practices (Financial Regulation)

2011-33: We have agreed to reform the FSB to improve its capacity to coordinate and monitor our financial regulation agenda. This reform includes giving it legal personality and greater financial autonomy (IFI reform)

Addressing commodity price volatility and promoting agriculture

2011-34: We decide to act in the framework of the Action Plan on Food Price Volatility and Agriculture agreed by our Ministers of Agriculture in June 2011 (Food and Agriculture)

2011-35: We decide to invest in and support research [of agriculture productivity] (Food and Agriculture)

2011-36: [We decide to invest in and support] development of agriculture productivity (Food and Agriculture)

2011-37: To improve food security, we commit to develop appropriate risk-management instruments (Food and Agriculture)

2011-38: [To improve food security, we commit to develop appropriate] humanitarian emergency tools (Food and Agriculture)

2011-39: We decide that food purchased for non-commercial humanitarian purposes by the World Food Program will not be subject to export restrictions or extraordinary taxes. (Food and Agriculture)

Improving energy markets and pursuing the Fight against Climate Change

2011-40: We are determined to enhance the functioning and transparency of energy markets (Energy)

2011-41: We commit to improve the timeliness, completeness and reliability of the JODI-oil database (Energy)

2011-42: [We commit to improve the timeliness, completeness and reliability] to work on the JODI-gas database [along the same principles] (Energy)

2011-43: We reaffirm our commitment to rationalise and phase-out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption, while providing targeted support for the poorest (Energy)

2011-44: We are committed to the success of the upcoming Durban Conference on Climate Change (Climate Change)

2011-45: We discussed the IFIs report on climate finance and asked our Finance Ministers to continue work in this field, taking into account the objectives, provisions and principles of the UNFCCC (Climate Change)

Avoiding protectionism and strengthening the multilateral trading system

2011-46: We reaffirm our standstill commitments until the end of 2013, as agreed in Toronto, commit to roll back any new protectionist measure that may have risen, including new export restrictions and WTO-inconsistent measures to stimulate exports (trade)

2011-47: We stand by the Doha Development Agenda (DDA) mandate. (trade)

2011-48: [we need to pursue in 2012 fresh, credible approaches to furthering negotiations, including the issues of concern for Least Developed Countries and, where they can bear fruit, the remaining elements of the DDA mandate.] We direct our Ministers to work on such approaches at the upcoming Ministerial meeting in Geneva and also to engage into discussions on challenges and opportunities to the multilateral trading system in a globalised economy and to report back by the Mexico Summit (trade)

2011-49: We support a strengthening of the WTO (trade)

Addressing the challenges of development

2011-50: We commit to ensure a more inclusive growth (macroeconomic policy)

2011-51: We commit to ensure a more resilient growth (macroeconomic policy)

2011-52: We support the concrete initiatives mentioned in the Cannes final Declaration, with a view to foster investments in agriculture [in particular in low income countries and to the benefit of smallholders] (Food and Agriculture)

2011-53: [We support the concrete initiatives mentioned in the Cannes final Declaration, with a view to] mitigate the impact of price volatility, in particular in low income countries and to the benefit of smallholders (Food and Agriculture)

2011-54: Recognizing that the lack of Infrastructure dramatically hampers the growth potential in many developing countries, particularly in Africa, we support recommendations of the High Level Panel (Development)

2011-55: Emerging countries will engage or continue to extend their level of support to other developing countries. (regarding ODA) (Development)

Reforming global governance for the 21st century

2011-56: We decide to formalise the Troika (G8/G20 governance)

2011-57: We will pursue consistent and effective engagement with non-members, including the UN and we welcome their contributions to our work (G8/G20 governance)

2011-58: [We] agree to put our collective political will behind our economic and financial agenda, and the reform and more effective working of relevant international institutions (G8/G20 governance)

2011-59: We support reforms to be implemented within the FAO (Food and Agriculture)

2011-60: [We support reforms to be implemented within] the FSB (IFI reform)

2011-61: We have committed to strengthen our multilateral trade framework ( Trade)

2011-62: We have also agreed, as part of our reforms to the G20, that after 2015, annual presidencies of the G20 will be chosen from rotating regional groups, starting with the Asian grouping comprising of China, Indonesia, Japan and Korea (G8/G20 governance)

The Cannes Action Plan for Growth and Jobs

2011-63: We agree that strengthened international policy cooperation is needed now (G8/G20 governance)

2011-64: We have agreed on an Action Plan to address short-term vulnerabilities (macroeconomic policy)

2011-65: [We have agreed on an Action Plan to] strengthen medium-term foundations for growth. (macroeconomic policy)

2011-66: We are firmly committed to support the recovery (macroeconomic policy)

2011-67: [We are firmly committed to] ensure financial stability (macroeconomic policy)

2011-68: [We are firmly committed to] restore confidence (macroeconomic policy)

2011-69: We hereby commit to decisively pursue the introduction of the following actions without delay (macroeconomic policy)

Addressing Short-term Vulnerabilities and Restoring Financial Stability

2011-70: We commit to take all necessary actions to preserve the stability of banking systems (macroeconomic policy)

2011-71: [We commit to take all necessary actions to preserve the stability of] financial markets (macroeconomic policy)

2011-72: We will ensure that banks are adequately capitalized and have sufficient access to funding to deal with current risks (macroeconomic policy)

2011-73: Central Banks continue to stand ready to provide liquidity to banks as required (macroeconomic policy)

2011-74: G-20 members agree to implement an appropriate mix of measures to secure the recovery (macroeconomic policy)

2011-75: Monetary policies will maintain price stability over the medium term and continue to support economic recovery. As warranted by national circumstances, including medium term consolidation plans, monetary policy will respond to changes in economic and financial market conditions subject to their likely impact on the medium-term outlook for price developments (macroeconomic policy)

2011-76: Advanced countries, taking into account different national circumstances, will adopt policies to build confidence and support growth, [including as set out in the country specific commitments below] (macroeconomic policy)

2011-77: [Advanced countries, taking into account different national circumstances, will adopt policies to] implement clear, credible and specific measures to achieve fiscal consolidation, including as set out in the country specific commitments below (macroeconomic policy)

2011-78: Governments in the euro area commit to take all necessary measures and actions needed to ensure the stability of the euro area and have adopted a comprehensive package (macroeconomic policy)

2011-79: Euro area countries agreed to significantly strengthen economic and fiscal surveillance and governance of the euro area (macroeconomic policy)

2011-80: A particular effort in terms of fiscal consolidation and structural reforms will be made by those euro area Member States that are experiencing tensions in sovereign debt markets (macroeconomic policy)

2011-81: Last, a comprehensive set of measures to raise confidence in the banking sector has been agreed, including by facilitating access to term-funding where appropriate temporarily increasing the capital position of large banks to 9% of Core Tier 1 capital after accounting for sovereign exposures by the end of June 2012, while maintaining the credit flow to the real economy and ensuring that these plans will not lead to excessive deleveraging (macroeconomic policy)

2011-82: Italy commits to reaching a rapidly declining debt-to-GDP ratio starting in 2012 [This objective, based on the full implementation of the 60 billion euro fiscal package approved during the summer, will be underpinned by the strengthening of the fiscal rules, stemming from both the European legislation and the introduction in the constitution of the balanced budget rule] (macroeconomic policy)

2011-83: [Italy commits to reaching] close to a balanced budget by 2013. This objective, based on the full implementation of the 60 billion euro fiscal package approved during the summer, will be underpinned by the strengthening of the fiscal rules, stemming from both the European legislation and the introduction in the constitution of the balanced budget rule (macroeconomic policy)

2011-84: Italy commits to implement, fully and swiftly, the comprehensive plan of growth enhancing structural reforms announced on October 26th (macroeconomic policy)

2011-85: The US commits to the timely implementation of a package of near-term measures to sustain the recovery, through public investments [consistent with a credible plan for medium-term fiscal consolidation] (macroeconomic policy)

2011-86: [The US commits to the timely implementation of a package of near-term measures to sustain the recovery, through] tax reforms [consistent with a credible plan for medium-term fiscal consolidation] (macroeconomic policy)

2011-87: [The US commits to the timely implementation of a package of near-term measures to sustain the recovery, through] targeted jobs measures, consistent with a credible plan for medium-term fiscal consolidation (macroeconomic policy)

2011-88: Japan commits to the expeditious implementation of substantial fiscal measures for reconstruction from the earthquake estimated at least 19 trillion yen (about 4% of GDP), while ensuring the commitment to medium-term fiscal consolidation (macroeconomic policy)

2011-89: Australia, Brazil, Canada, China, Germany, Korea and Indonesia, where public finances remain relatively strong, taking into account national circumstances, agree to let automatic fiscal stabilisers work and, should global economic conditions materially worsen, agree to take discretionary measures to support domestic demand as appropriate, while maintaining their medium-term fiscal objectives (macroeconomic policy)

2011-90: Emerging market economies commit to adopting macroeconomic policies to enhance the resilience of their economies (macroeconomic policy)

2011-91: Those in surplus will adopt macroeconomic policies to move towards more domestic-led growth, thus supporting the global recovery and financial stability. (macroeconomic policy)

2011-92: We affirm our commitment to move more rapidly toward market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying fundamentals and refrain from competitive devaluation of currencies (macroeconomic policy)

2011-93: In all policy areas, we commit to minimize the negative spillovers on other countries of policies implemented for domestic purposes (macroeconomic policy)

2011-94: We reaffirm our shared interest in a strong and stable international financial system, and our support for market-determined exchange rates. We reiterate that excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. (macroeconomic policy)

2011-95: We commit that the IMF must have adequate resources to fulfill its systemic responsibilities (IFI reform)

Strengthening the Medium-term Foundations for Growth

2011-96: We have agreed that the actions to address immediate risks to recovery must be complemented by sustained, broad-based reforms to boost confidence (macroeconomic policy)

2011-97: [We have agreed that the actions to address immediate risks to recovery must be complemented by sustained, broad-based reforms to] raise global output (macroeconomic policy)

2011-98: [We have agreed that the actions to address immediate risks to recovery must be complemented by sustained, broad-based reforms to] create jobs (macroeconomic policy)

2011-99: We have agreed to a six-point plan to strengthen the medium-term foundations for growth: commitments to fiscal consolidation (macroeconomic policy)

2011-100: [We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] commitments to boost private demand in countries with current account surpluses (macroeconomic policy)

2011-101: [We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] where appropriate, to rotate demand from the public to the private sector in countries with current account deficits (macroeconomic policy)

2011-102: [We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] structural reforms to raise growth [across G-20 members] (macroeconomic policy)

2011-103: [We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] enhance job creation across G-20 members (macroeconomic policy)

2011-104: [We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] reforms to strengthen national financial systems (macroeconomic policy)

2011-105: [We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] reforms to strengthen global financial systems (macroeconomic policy)

2011-106: [We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] measures to promote open trade and investment, rejecting protectionism in all its forms (trade)

2011-107: [We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] actions to promote development. Annex provides detailed policy commitments by all members, with the key actions summarised below (macroeconomic policy)

2011-108: Australia, Canada, France, Germany, Italy, Korea, Spain, the UK, and the US reaffirm their Toronto commitment to clear and credible fiscal consolidation plans to halve deficits by 2013 from 2010 levels (macroeconomic policy)

2011-109: [Australia, Canada, France, Germany, Italy, Korea, Spain, the UK, and the US reaffirm their Toronto commitment to] stabilise or reduce government debt-to-GDP ratios by 2016 (macroeconomic policy)

2011-110: The United States commits to place its debt-to-GDP ratio on a declining path no later than the middle of the decade through a balanced deficit reduction plan that builds on the Budget Control Act of 2011, which enacted about $1 trillion in discretionary savings over the next ten years and locked in at least an additional $1.2 trillion in deficit reduction beyond that (macroeconomic policy)

2011-111: [The United States commits to place its debt-to-GDP ratio on a declining path no later than the middle of the decade] The plan will include: additional spending reductions, among them reforms to entitlement programs; tax reform that raises revenue, lowers rates, and cuts tax loopholes and expenditures; and stronger budgetary rules to enhance predictability and credibility. In combination with the Budget Control Act, these reforms will yield a total deficit reduction of $4 trillion over 10 years (macroeconomic policy)

2011-112: France commits to reducing its fiscal deficit to 3% in 2013 through: tighter limits on central government and health insurance expenditure; better targeted social transfers; a growth-friendly reduction of tax expenditures; and the inscription of existing fiscal rules into the Constitution to anchor stability (macroeconomic policy)

2011-113: The UK reaffirms its commitment to its planned fiscal consolidation and the detailed four-year departmental expenditure plans set out in the 2010 Spending Review (macroeconomic policy)

2011-114: [The UK] It will also undertake structural reforms, including measures to ensure growth-friendly fiscal adjustment and measures to address long-term spending pressures and imbalances, such as managing future increases in the state pension age more systematically in response to changes in longevity (macroeconomic policy)

2011-115: Japan commits to implementing the "Definite Plan for the Comprehensive Reform of Social Security and Tax" which sets out policies including the gradual increase in the consumption tax to 10% by the middle of this decade and to submitting implementing legislation by the end of FY2011 to realise these policies, in order to meet its Toronto commitment (macroeconomic policy)

2011-116: India commits to strengthening revenue mobilization through tax reforms, including a unified goods and services tax, and overhauling the personal and corporate tax code. (macroeconomic policy)

2011-117: Germany will implement measures to promote private consumption and investment, with the expectation that, expressed as a share of GDP, both components will increase over time. (macroeconomic policy)

2011-118: Germany commits to taking measures aimed at strengthening domestic demand, including by alleviating inefficiencies that may underpin low investment and high private savings (macroeconomic policy)

2011-119: Recognizing that private demand has been relatively weak in recent years, Japan will implement measures to promote private consumption and investment with the expectation that, expressed as a share of GDP, both components will increase over time. This includes accelerating the implementation of the "New Growth Strategy" comprising policies that will boost demand for a range of services (macroeconomic policy)

2011-120: China will rebalance demand towards domestic consumption by implementing measures to strengthen social safety nets [These actions will be reinforced by ongoing measures to promote greater exchange rate flexibility to better reflect underlying economic fundamentals, and gradually reduce the pace of accumulation of foreign reserves] (macroeconomic policy)

2011-121: [China will rebalance demand towards domestic consumption by implementing measures to] increase household income [These actions will be reinforced by ongoing measures to promote greater exchange rate flexibility to better reflect underlying economic fundamentals, and gradually reduce the pace of accumulation of foreign reserves] (macroeconomic policy)

2011-122: [China will rebalance demand towards domestic consumption by implementing measures to] transform the economic growth pattern. These actions will be reinforced by ongoing measures to promote greater exchange rate flexibility to better reflect underlying economic fundamentals, and gradually reduce the pace of accumulation of foreign reserves (macroeconomic policy)

2011-123: Other surplus economies recognise that they too have a significant role to play in promoting global rebalancing and commit to encourage private spending (Indonesia, Korea). Indonesia has announced a national plan for infrastructure that will significantly increase private investment. (macroeconomic policy)

2011-124: Structural reforms will be combined with active, flexible labour market policies and effective labour institutions that provide incentives for increasing formal and quality jobs (labour and employment)

2011-125: Members commit to promote mobility and encourage participation, including tax and benefit reforms to reduce long-term unemployment (labour and employment)

2011-126: [Members commit to] encourage the participation of older workers and women where appropriate. (labour and employment)

2011-127: Members will enhance competition and reduce distortions. Actions include: infrastructure investment (Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa) (macroeconomic policy)

2011-128: [Members will enhance competition and reduce distortions. Actions include] supporting research, education and skills development (Canada) (education)

2011-129: [Members will enhance competition and reduce distortions. Actions include] eliminating tariffs on machinery and manufacturing inputs (Canada) (trade)

2011-130: [Members will enhance competition and reduce distortions. Actions include] reform of pricing for factors of production (China) (macroeconomic policy)

2011-131: [Members will enhance competition and reduce distortions. Actions include] promote market-based interest rate reform in an orderly manner (China) (macroeconomic policy)

2011-132: [Members will enhance competition and reduce distortions. Actions include] gradually achieve RMB capital account convertibility as stated in its current 5-year plan (China) (macroeconomic policy)

2011-133: [Members will enhance competition and reduce distortions. Actions include] structural reforms in the services sector to boost productivity (France, Germany, Italy, Korea) (macroeconomic policy)

2011-134: [Members will enhance competition and reduce distortions. Actions include] tax reform aimed at a more employment-friendly taxation (Germany, Italy) (macroeconomic policy)

2011-135: [Members will enhance competition and reduce distortions. Actions include] raising standards of disclosure of information by financial institutions (Russia) (Financial Regulation)

2011-136: include] phasing out wasteful and distortive subsidies in the medium term, while providing targeted support for the poor (India, Indonesia) (energy)

2011-137: [Members will enhance competition and reduce distortions. Actions include] reforms to energy efficiency and greater use of renewable and domestic energy resources (Turkey) (energy)

2011-138: [Members will enhance competition and reduce distortions. Actions include reforms to] agriculture (Argentina) (Food and Agriculture)

2011-139: [Members will enhance competition and reduce distortions. Actions include] enhanced regional integration to promote trade and investment (South Africa) (trade)

2011-140: [Members will enhance competition and reduce distortions. Actions include] improved practices and enhanced oversight of the short-term financing markets and reforms to help promote a rise in household savings as a share of GDP (US) (Financial Regulation)

2011-141: [Members will enhance competition and reduce distortions. Actions include] transitioning to a clean energy economy through effective carbon price mechanism (Australia) (energy)

2011-142: [Members will enhance competition and reduce distortions. Actions include] efforts to promote green growth (Korea) (climate change)

2011-143: The EU is fully committed to accelerate and further deepen the Single Market integration through a comprehensive programme based on twelve key priority actions to boost growth. These include actions in the areas of services, trans-European networks, the digital single market, workers' mobility, financing for small and medium-sized enterprises and taxation. (macroeconomic policy)

2011-144: In the framework of the 'Europe 2020' strategy, the EU adopted several targets for 2020: to raise to 75% the employment rate for those aged 20-64, to improve the education levels, and to raise the share of public and private investment levels in R&D to 3% of EU's GDP. (labour and employment)

2011-145: Saudi Arabia is committed to continue playing its systemic role in stabilizing the oil markets in support of the global economy. (energy)

2011-146: We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including: implementing Basel II, II.5 and III along the agreed timelines; (Financial Regulation)

2011-147: [We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] more intensive supervisory effort; (Financial Regulation)

2011-148: [We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] clearing and trading obligations for OTC derivatives; (Financial Regulation)

2011-149: [We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] standards and principles for sounder compensation practices, (Financial Regulation)

2011-150: [We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] achieving a single set of high quality global accounting standards; (Financial Regulation)

2011-151: [We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] a comprehensive framework to address the risks posed by systemically-important financial institutions (Financial Regulation)

2011-152: [We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] strengthened regulation and oversight of shadow banking (Financial Regulation)

2011-153: We endorsed the joint IMF/WB/FSB report on financial stability issues in emerging markets and developing economies. (Financial Regulation)

2011-154: We reaffirm our commitment to resist protectionism in all forms and rectify WTO inconsistent measures (trade)

2011-155: [We reaffirm our commitment to] advance the multilateral trade agenda, as agreed in Toronto (trade)

2011-156: While reducing barriers to trade and investment will help reduce the development gap and support progress towards the Millennium Development Goals, further efforts to support capacity building [would also have positive spillovers for global growth, rebalancing and development] (development)

2011-157: [While reducing barriers to trade and investment will help reduce the development gap and support progress towards the Millennium Development Goals,] channelling of surplus savings for growth-enhancing investments in developing countries, including infrastructure development, would also have positive spillovers for global growth, rebalancing and development. (development)

2011-158: We will also hold ourselves accountable for meeting our commitments to address near-term vulnerabilities and move ahead on reforms (see Annex). (accountability)

2011-159: We will enhance our reporting and monitoring in 2012 and future years, developing a framework to assess progress against our commitments for the reform of our fiscal, financial, structural, and monetary and exchange rate, trade and development policies. (accountability)

2011-160: As agreed in Seoul, we will continue to use the indicative guidelines as a mechanism to assess progress in rebalancing, and the consistency of fiscal, monetary, financial sector, structural, exchange rate and other policies. (accountability)

2011-161: We will continue to coordinate policy in the future as economic conditions evolve. Our Framework for Strong, Sustainable and Balanced Growth is not a point in time exercise, but a dynamic process to adjust to developments. (G8/G20 governance)

2011-162: We ask our Finance Ministers to work closely together in the coming months to address vulnerabilities and sustain recovery. (macroeconomic policy)

Cannes Summit final declaration: "Building Our Common Future: Renewed Collective Action For The Benefit Of All"

A global strategy for growth and jobs

2011-163: We commit to coordinate our actions and policies (macroeconomic policy)

2011-164: We have agreed on an Action plan for Growth and Jobs. Each of us will play their part (macroeconomic policy)

Fostering Employment and Social Protection

2011-165: We are committed to renew our efforts to combat unemployment and promote decent jobs, especially for youth and others who have been most affected by the economic crisis. (labour and employment)

2011-166: We commit to promote and ensure full respect of the fundamental principles and rights at work (labour and employment)

2011-167: We are determined to strengthen the social dimension of globalisation (social policy)

2011-168: Social and employment issues, alongside economic, monetary and financial issues, will remain an integral part of the G20 agenda (labour and employment)

2011-169: Our Labour and Employment Ministers met in Paris on September 26-27, 2011 to tackle these issues. We endorse their conclusions, annexed to this Declaration. We ask our Ministers to meet again next year to review progress made on this agenda. (labour and employment)

Building a more stable and resilient International Monetary System

Reflecting the changing economic equilibrium and the emergence of new international currencies

2011-170: We will continue our work on the role of the SDR (IFI reform)

Strengthening our capacity to cope with crises

2011-171: We agreed to further strengthen global financial safety nets in which national governments [will each play a role according to and within their respective mandate] (macroeconomic policy)

2011-172: [We agreed to further strengthen global financial safety nets in which] central banks [will each play a role according to and within their respective mandate] (macroeconomic policy)

2011-173: [We agreed to further strengthen global financial safety nets in which] regional financial arrangements [will each play a role according to and within their respective mandate] (macroeconomic policy)

2011-174: [We agreed to further strengthen global financial safety nets in which] international financial institutions will each play a role according to and within their respective mandate (macroeconomic policy)

2011-175: We support the IMF in putting forward the new Precautionary and Liquidity Line (PLL) (IFI reform)

2011-176: We also support the IMF in putting forward a single emergency facility to provide non-concessional financing for emergency needs such as natural disasters, emergency situations in fragile and post-conflict states, and also other disruptive events. (Financial Regulation)

Strengthening IMF surveillance

2011-177: We agreed on the need to increase the ownership and traction of IMF surveillance, which are key components of its effectiveness. (IFI reform)

2011-178: We agreed to ensure greater involvement of Ministers and Governors, by providing greater strategic guidance through the IMFC. (IFI reform)

2011-179: We commit to continue working to ensure systemic stability in the global economy (macroeconomic policy)

2011-180: [We commit to continue working to ensure] an appropriate transition towards an IMS which better reflects the increased weight of emerging market economies (IFI reform)

2011-181: In 2012, we will continue to take concrete steps in this direction (IFI reform)

Implementing and deepening Financial sector reforms

2011-182: We are determined to fulfill the commitment we made in Washington in November 2008 to ensure that all financial markets, products and participants are regulated or subject to oversight as appropriate to their circumstances in an internationally consistent and non-discriminatory way (accountability)

Meeting our commitments notably on banks, OTC derivatives, compensation practices and credit rating agencies, and intensifying our monitoring to track deficiencies

2011-183: We are committed to improve banks' resilience to financial and economic shocks (Financial Regulation)

2011-184: We agree to cooperate further to avoid loopholes and overlapping regulations (Financial Regulation)

2011-185: We reaffirm our commitment to discourage compensation practices that lead to excessive risk taking by implementing the agreed FSB principles and standards on compensation (Financial Regulation)

2011-186: We reaffirm our commitment to reduce authorities' and financial institutions' reliance on external credit ratings (Financial Regulation)

2011-187: We agree to intensify our monitoring of financial regulatory reforms, report on our progress and track our deficiencies. (Financial Regulation)

Addressing the too big to fail issue

2011-188: We will implement the FSB standards and recommendations within the agreed timelines (Financial Regulation)

2011-189: [We will implement the FSB standards and recommendations] and commit to undertake the necessary legislative changes (Financial Regulation)

2011-190: [We commit to] step up cooperation amongst authorities and strengthen supervisory mandates and powers (Financial Regulation)

Filling in the gaps in the regulation and supervision of the financial sector

2011-191: We agree to strengthen the regulation and oversight of the shadow banking system and endorse the FSB initial eleven recommendations with a work-plan to further develop them in the course of 2012, building on a balanced approach between indirect regulation of shadow banking through banks and direct regulation of shadow banking activities, including money markets funds, securitization, securities lending and repo activities, and other shadow banking entities. (Financial Regulation)

2011-192: We ask Finance Ministers and Central Bank Governors to review the progress made in this area at their April meeting (Financial Regulation)

2011-193: We commit to implement initial recommendations by IOSCO on market integrity and efficiency, including measures to address the risks posed by high frequency trading [and call for further work by mid-2012] (Financial Regulation)

2011-194: [We commit to implement initial recommendations by IOSCO on market integrity and efficiency, including measures to address] dark liquidity, and call for further work by mid-2012. (Financial Regulation)

2011-195: We support the creation of a global legal entity identifier (LEI) which uniquely identifies parties to financial transactions. (Financial Regulation)

2011-196: [We] endorse the FSB report on consumer finance protection and the high level principles on financial consumer protection prepared by the OECD together with the FSB. We will pursue the full application of these principles in our jurisdictions (Financial Regulation)

2011-197: We reaffirm our objective to achieve a single set of high quality global accounting standards (Financial Regulation)

2011-198: [We reaffirm our objective to] meet the objectives set at the London summit in April 2009, notably as regards the improvement of standards for the valuation of financial instruments (Financial Regulation)

Tackling tax havens and non-cooperative jurisdictions

2011-199: We are committed to protect our public finances from the risks posed by tax havens and non cooperative jurisdictions. The damage caused is particularly important for the least developed countries (Financial Regulation)

2011-200: [We are committed to protect] the global financial system from the risks posed by tax havens and non cooperative jurisdictions. The damage caused is particularly important for the least developed countries (Financial Regulation)

2011-201: We stand ready, if needed, to use our existing countermeasures to deal with jurisdictions which fail to meet these standards. (Financial Regulation)

Strengthening the FSB capacity resources and governance

2011-202: To keep pace with this growing role, we agreed to strengthen FSB's capacity, resources and governance, building on its Chair's proposals (IFI reform)

2011-203: [We agreed to strengthen FSB's capacity, resources and governance, building on its Chair's proposals. These include:] the establishment of the FSB on an enduring organizational footing (IFI reform)

2011-204: [We agreed to strengthen FSB's capacity, resources and governance, building on its Chair's proposals. These include:] the reconstitution of the steering committee (IFI reform)

2011-205: We agree that the upcoming changes to the FSB steering committee should include the executive branch of governments of the G20 Chair and the larger financial systems as well as the geographic regions and financial centers not currently represented, in a balanced manner consistent with the FSB Charter (IFI reform)

2011-206: [We agreed to strengthen FSB's capacity, resources and governance, building on its Chair's proposals. These include:] The strengthening of its coordination role vis-à-vis other standard setting bodies (SSB) on policy development and implementation monitoring, avoiding any functional overlaps and recognizing the independence of the SSBs. (IFI reform)

2011-207: We call for first steps to be implemented by the end of this year and will review the implementation of the reform at our next Summit (IFI reform)

Addressing Food Price Volatility and Increasing Agriculture Production and Productivity

2011-208: Increasing agricultural production and productivity is essential to promote food security and foster sustainable economic growth [We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with] producers (Food and Agriculture)

2011-209: Increasing agricultural production and productivity is essential to promote food security and foster sustainable economic growth [We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with] civil society (Food and Agriculture)

2011-210: Increasing agricultural production and productivity is essential to promote food security and foster sustainable economic growth [We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with private sector (Food and Agriculture)

2011-211: A more stable, predictable, distortion free, open and transparent trading system allows more investment in agriculture and has a critical role to play in this regard [We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with] producers (Food and Agriculture)

2011-212: A more stable, predictable, distortion free, open and transparent trading system allows more investment in agriculture and has a critical role to play in this regard [We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with] civil society (Food and Agriculture)

2011-213: A more stable, predictable, distortion free, open and transparent trading system allows more investment in agriculture and has a critical role to play in this regard [We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with] producers (Food and Agriculture)

2011-214: Mitigating excessive food and agricultural commodity price volatility is also an important endeavour. These are necessary conditions for stable access to sufficient, safe and nutritious food for everyone. We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with producers (Food and Agriculture)

2011-215: Mitigating excessive food and agricultural commodity price volatility is also an important endeavour. These are necessary conditions for stable access to sufficient, safe and nutritious food for everyone. We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with civil society (Food and Agriculture)

2011-216: Mitigating excessive food and agricultural commodity price volatility is also an important endeavour. These are necessary conditions for stable access to sufficient, safe and nutritious food for everyone. We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with the private sector (Food and Agriculture)

2011-217: We have decided to act on the five objectives of this Action Plan: improving agricultural production and productivity (Food and Agriculture)

2011-218: [We have decided to act on the five objectives of this Action Plan:] increasing market information and transparency (Food and Agriculture)

2011-219: [We have decided to act on the five objectives of this Action Plan:] reducing the effects of price volatility for the most vulnerable (Food and Agriculture)

2011-220: [We have decided to act on the five objectives of this Action Plan:] strengthening international policy coordination (Food and Agriculture)

2011-221: [We have decided to act on the five objectives of this Action Plan:] improving the functioning of agricultural commodity derivatives' markets (Food and Agriculture)

2011-222: We commit to sustainably increase agricultural production and productivity. (Food and Agriculture)

2011-223: We agree to further invest in agriculture, in particular in the poorest countries, and bearing in mind the importance of smallholders, through responsible public and private investment (Food and Agriculture)

2011-224: In this regard, we decide to: Invest in research and development of agricultural productivity. (Food and Agriculture)

2011-225: We support the "International Research Initiative for Wheat Improvement" (Wheat Initiative), launched in Paris on September 15, 2011 (Food and Agriculture)

2011-226: We commit to improve market information and transparency in order to make international markets for agricultural commodities more effective. (Food and Agriculture)

2011-227: We commit to mitigate the adverse effects of excessive price volatility for the most vulnerable through the development of appropriate risk-management instruments. These actions are detailed in the development section of this final Declaration. (Financial Regulation)

2011-228: According to the Action Plan, we agree to remove food export restrictions or extraordinary taxes for food purchased for non-commercial humanitarian purposes by the World Food Program and agree not to impose them in the future. (Food and Agriculture)

2011-229: We will keep progress on the implementation of the Action Plan on Food Price Volatility and Agriculture (Food and Agriculture)

Improving the functioning of Energy Markets

2011-230: We are committed to promote sustainable development and green growth and to continue our efforts to face the challenge of climate change. (climate change)

2011-231: We commit to more transparent physical [markets] (Energy)

2011-232: [We commit to more transparent] financial energy markets (Energy)

2011-233: We have made progress and reaffirm our commitment to improve the timeliness, completeness and reliability of the JODI-Oil database as soon as possible (Energy)

2011-234: We also commit to support the IEF -- JODI work in order to improve the reliability of JODI-Oil and look forward to receiving their recommendations. We will regularly review and assess progress made on this front (Energy)

2011-235: We note the new JODI-Gas database and commit to work on contributing to it on the basis of the same principles as the JODI-Oil database. (Energy)

2011-236: We reaffirm our commitment to rationalise and phase-out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption, while providing targeted support for the poorest. (Energy)

2011-237: We ask our Finance Ministers and other relevant officials to press ahead with reforms and report back next year. (Energy)

Protecting Marine Environment

2011-238: We decide to take further action to protect the marine environment, in particular to prevent accidents related to offshore oil and gas exploration and development [and to deal with their consequences] (Environment)

2011-239: [We decide to take further action to protect the marine environment, in particular to prevent accidents related to] marine transportation, and to deal with their consequences (Environment)

2011-240: We also commit to foster dialogue with international organisations and relevant stakeholders (Environment)

Fostering Clean energy, Green Growth and Sustainable Development

2011-241: We will promote low-carbon development strategies in order to optimize the potential for green growth and ensure sustainable development in our countries and beyond. (Climate Change)

2011-242: We commit to encouraging effective policies that overcome barriers to efficiency, or otherwise spur innovation and deployment of clean and efficient energy technologies. (Energy)

2011-243: [In order to optimize the potential for green growth and ensure sustainable development in our countries and beyond] We support the development of clean energy and energy efficiency (C3E) technologies. (Energy)

2011-244: [In order to optimize the potential for green growth and ensure sustainable development in our countries and beyond.] We support the deployment of clean energy and energy efficiency (C3E) technologies. (Energy)

2011-245: We are committed to the success of the United Nations Conference on Sustainable Development in Rio de Janeiro in 2012. (Climate Change)

Pursuing the Fight against Climate Change

2011-246: We are committed to the success of the upcoming Durban Conference on Climate Change on 28 November - 9 December 2011. (Climate Change)

2011-247: We stand ready to work towards operationalization of the Green Climate Fund as part of a balanced outcome in Durban, building upon the report of the Transitional Committee (Climate Change)

Avoiding protectionism and reinforcing the Multilateral Trading System

2011-248: We reaffirm our standstill commitments until the end of 2013, as agreed in Toronto (Trade)

2011-249: [We] commit to roll back any new protectionist measure that may have risen, including new export restrictions and WTO-inconsistent measures to stimulate exports (Trade)

2011-250: We stand by the Doha Development Agenda (DDA) mandate (Trade)

2011-251: We direct our Ministers to work on such approaches at the upcoming Ministerial meeting in Geneva and also to engage into discussions on challenges and opportunities to the multilateral trading system in a globalised economy and to report back by the Mexico Summit. (Trade)

2011-252: We support a strengthening of the WTO, which should play a more active role in improving transparency on trade relations and policies and enhancing the functioning of the dispute settlement mechanism (Trade)

Development: Investing for Global Growth

2011-253: We commit to maximise growth potential in developing countries, in particular in Low-Income Countries (LICs). (Development)

2011-254: [We commit to maximise] economic resilience in developing countries, in particular in Low-Income Countries (LICs). (Development)

2011-255: We support the report of the Development Working Group, annexed to this Declaration, implementing the G20's Seoul Development Consensus for Shared Growth (Development)

2011-256: We take actions to overcome the most critical bottlenecks and constraints hampering growth in developing countries. (Development)

2011-257: In this regard, we decided to focus on two priorities, food security and infrastructure, and to address the issue of financing for development. (Development)

2011-258: [In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Support, for those involved, the implementation of the L'Aquila Food Security Initiative and other initiatives, including the Global Agriculture and Food Security Program (Food and Agriculture)

2011-259: [In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Launch a platform for tropical agriculture to enhance capacity-building and knowledge sharing to improve agricultural production and productivity (Food and Agriculture)

2011-260: [In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Foster smallholder sensitive investments in agriculture and explore opportunities for market inclusion and empowerment of small producers in value chains (Food and Agriculture)

2011-261: [In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Support risk-management instruments, such as commodity hedging instruments, weather index insurances and contingent financing tools, to protect the most vulnerable against excessive price volatility, including the expansion of the Agricultural Price Risk-Management Product developed by the World Bank Group (IFC). (Food and Agriculture)

2011-262: In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Confirm our commitment to scaling-up nutrition through a combination of direct nutrition interventions and the incorporation of nutrition in all relevant policies. (Food and Agriculture)

2011-263: We support efforts to improve capacities and facilitate the mobilization of resources for infrastructure projects initiated by public and private sectors. (Development)

2011-264: Recognizing that economic shocks affect disproportionately the most vulnerable, we commit to ensure a more inclusive growth. (Development)

2011-265: [Recognizing that economic shocks affect disproportionately the most vulnerable, we commit to ensure a more] resilient growth. (Development)

2011-266: We therefore decide to support the implementation and expansion of nationally-designed social protection floors in developing countries, especially low income countries. (Development)

2011-267: We will work to reduce the average cost of transferring remittances from 10% to 5% by 2014, contributing to release an additional 15 billion USD per year for recipient families. (Development)

2011-268: We endorse the five recommendations put forward in its report, annexed to this Declaration, and commit to pursue our efforts under the Mexican Presidency. (Development)

2011-269: We commit to raise the quality and efficiency of aid by concentrating on the highest impact interventions (Development)

2011-270: [We commit to raise the quality and efficiency of aid by] increase the focus on concrete results and overall impact on development (development)

Intensifying our Fight against Corruption

2011-271: We commit to accelerate the ratification and implementation of UNCAC and to have a more active engagement within the OECD Working Group on Bribery on a voluntary basis. (Crime and Corruption)

2011-272: We commit to lead by example in ensuring the transparency and inclusivity of UNCAC reviews by considering the voluntary options in accordance with the Terms of Reference of the Mechanism, notably with regards to the participation of civil society and transparency; (Crime and Corruption)

2011-273: We support the work of the Financial Action Task Force (FATF) to continue to identify and engage those jurisdictions with strategic Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) deficiencies (Crime and Corruption)

2011-274: [We support the work of the Financial Action Task Force (FATF) to] update and implement the FATF standards calling for transparency of cross-border wires, beneficial ownership, customer due diligence and enhanced due diligence (Crime and Corruption)

2011-275: We agree on a work program which includes a framework for asset recovery, building on the World Bank's Stolen Asset Recovery (StAR) Initiative, whistle-blowers' protection, denial of entry to corrupt officials and public sector transparency, including fair and transparent public procurement, with concrete results by the end of 2012. (Crime and Corruption)

2011-276: We hold ourselves accountable for our commitments and will review progress at our next Summit. (accountability)

Governance

2011-277: We agree that, in order to strengthen its ability to build and sustain the political consensus needed to respond to challenges, the G20 must remain efficient, transparent and accountable. (G8/G20 governance)

2011-278: [To achieve this, we decide to:] Maintain our focus on the broad global economic challenges; (G8/G20 governance)

2011-279: [To achieve this, we decide to:] Bolster our ability to deliver our agenda and work program effectively. (G8/G20 governance)

2011-280: We decide to formalise the Troika, made of past, present and future Presidencies to steer the work of the G20 in consultation with its members. (G8/G20 governance)

2011-281: We ask our Sherpas to develop working practices for the G20 under the Mexican Presidency; (G8/G20 governance)
2011-282: [To achieve this, we decide to:] Pursue consistent and effective engagement with non-members, regional and international organisations, including the United Nations, and other actors, and we welcome their contribution to our work as appropriate. We also encourage engagement with civil society. We request our Sherpas to make us proposals for the next meeting. (G8/G20 governance)

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2012 Los Cabos Summit

Total = 180

G20 Leaders Declaration

2012-1: We will act together to strengthen recovery and address financial market tensions. (macroeconomic policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

2012-17: All G20 members will take the necessary actions to strengthen global growth and restore confidence. (macroeconomic policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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. (gender)

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. (gender)

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. (financial regulation)

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). (macroeconomic policy)

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. (climate change)

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. (macroeconomic policy)

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. (G8/G20 governance)

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. (G8/G20 governance)

2012-107: We will convene in St. Petersburg, under the Chairmanship of Russia. (G8/G20 governance)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

2012-118: Japan will implement reconstruction spending as expeditiously as possible. (individual commitment: Japan) (macroeconomic policy)

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) (macroeconomic policy)

2012-120: Italy will deliver on its agenda of frontloaded fiscal consolidation accompanied by growth-enhancing measures. (individual commitment: Italy) (macroeconomic policy)

2012-121: Fiscal policy in Spain will remain focused on consolidation. (individual commitment: Spain) (macroeconomic policy)

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 policy)

2012-123: Central banks will remain vigilant and take action as appropriate to achieve their objectives. (macroeconomic policy)

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 policy)

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 policy)

2012-127: Emerging markets will adjust their macroeconomic policies to support domestic demand, while ensuring price stability. (subset commitment: emerging markets) (macroeconomic policy)

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 policy)

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. (macroeconomic policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

2012-142: We welcome China's commitment to continue exchange rate regime reform. (individual commitment: China) (macroeconomic policy)

2012-143: Emerging markets will take further actions to rebalance demand (subset commitment: emerging markets) (macroeconomic policy)

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 policy)

2012-145: [Emerging markets will take further actions to rebalance demand, including by:] increasing investment (Brazil) (individual commitment: Brazil) (macroeconomic policy)

2012-146: [Emerging markets will take further actions to rebalance demand, including by:] increasing savings rates (Turkey). (individual commitment: Turkey) (macroeconomic policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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 policy)

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). (social policy)

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 policy)

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 policy)

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 policy)

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). (macroeconomic policy)

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 policy)

2012-178: We will continue to coordinate policy in the future as economic conditions evolve. (macroeconomic policy)

2012-179: We ask our Finance Ministers to work closely together in the coming months to address vulnerabilities and sustain the recovery. (macroeconomic policy)
2012-180: We will review progress against all of our commitments at the St. Petersburg Summit in 2013. (accountability)

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2013 St. Petersburg Summit

Total = 281

Preamble

2013-1: we are fully committed to taking decisive actions to return to a job-rich, strong, sustainable and balanced growth path (macroeconomic policy)

2013-2: We today committed to continue our efforts to support inclusive labour markets, with the exchange of country-specific plans or sets of actions, developed as appropriate according to our different constitutional circumstances. (labour and employment)

2013-3: [We] committed to identify a set of collective and country-specific measures that tangibly improve our domestic investment environments (macroeconomic policy)

2013-4: [We committed to] start to implement a set of collective and country-specific measures that tangibly improve our domestic investment environment (macroeconomic policy)

2013-5: We extend our commitment to refrain from protectionist measures (trade)

2013-6: [We] aim at enhancing transparency in trade, including in regional trade agreements. (trade)

2013-7: [We] committed to take steps to change our rules to tackle tax avoidance, harmful practices, and aggressive tax planning (macroeconomic policy)

2013-8: We will hold ourselves to our commitment to implement the G20 Anti-Corruption Action Plan, combating domestic and foreign bribery, tackling corruption in high-risk sectors, strengthening international cooperation and promoting public integrity and transparency in the fight against corruption. (Crime and corruption)

2013-9: We commit to enhance energy cooperation (energy)

2013-10: [We commit] to make energy market data more accurate (energy)

2013-11: [We commit to make energy market data more] available (energy)

2013-12: [We commit] to take steps to support the development of cleaner and more efficient energy technologies to enhance the efficiency of markets and shift towards a more sustainable energy future. (energy)

2013-13: We underscore our commitment to work together to address climate change [which is a global problem that requires a global solution] (climate change)

2013-14: [We underscore our commitment to work together to address] environment protection, which is a global problem that requires a global solution. (environment)

2013-15: We will continue to develop comprehensive growth strategies to achieve stronger, more sustainable and balanced growth in the context of fiscal sustainability (macroeconomic policy)

Global Economy and G20 Framework for Strong, Sustainable and Balanced Growth

2013-16: We will act together and implement all our commitments [in the St. Petersburg Action Plan] in a timely manner (accountability)

2013-17: We will rigorously monitor [our implementation of the St. Petersburg Action Plan] (accountability)

2013-18: Advanced G20 countries agree to maintain a flexible approach in implementing their fiscal strategies, while remaining committed to sustainable public finances (macroeconomic policy)

2013-19: Facing increased financial volatility, emerging markets agree to take the necessary actions to support growth [including efforts to improve fundamentals, increase resilience to external shocks and strengthen financial systems] (macroeconomic policy)

2013-20: [Facing increased financial volatility, emerging markets agree to take the necessary actions to] maintain stability, including efforts to improve fundamentals, increase resilience to external shocks and strengthen financial systems. (macroeconomic policy)

2013-21: We will continue to monitor financial market conditions carefully (financial regulation)

2013-22: We commit to cooperate to ensure that policies implemented to support domestic growth also support global growth (macroeconomic policy)

2013-23: [We commit to cooperate to ensure that policies implemented to support domestic growth also support] financial stability (macroeconomic policy)

2013-24: [We commit] to manage their spillovers on other countries. (macroeconomic policy)

2013-25: We reiterate our commitments to move more rapidly toward more market-determined exchange rate systems [to reflect underlying fundamentals, and avoid persistent exchange rate misalignments]. (macroeconomic policy)

2013-26: [We reiterate our commitments to move more rapidly toward more market-determined] exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments. (macroeconomic policy)

2013-27: We will refrain from competitive devaluation (macroeconomic policy)

2013-28: [We] will not target our exchange rates for competitive purposes. (macroeconomic policy)

2013-29: We will resist all forms of protectionism (trade)

2013-30: [We will] keep our markets open. (trade)

2013-31: We are also committed to strengthening the foundations for long-term growth through implementing ambitious and targeted reforms designed to ensure fiscal sustainability (macroeconomic policy)

2013-32: [We are also committed to strengthening the foundations for long-term growth through implementing ambitious and targeted reforms designed to] boost investment (macroeconomic policy)

2013-33: [We are also committed to strengthening the foundations for long-term growth through implementing ambitious and targeted reforms designed to] increase productivity (macroeconomic policy)

2013-34: [We are also committed to strengthening the foundations for long-term growth through implementing ambitious and targeted reforms designed to increase] labor force participation (labour and employment)

2013-35: [We are also committed to strengthening the foundations for long-term growth through implementing ambitious and targeted reforms designed to] address internal [imbalances] (macroeconomic policy)

2013-36: [We are also committed to strengthening the foundations for long-term growth through implementing ambitious and targeted reforms designed to address] external imbalances. (macroeconomic policy)

2013-37: [A]ll advanced economies have developed credible, ambitious, and country-specific medium-term fiscal strategies. These strategies will be implemented flexibly to take into account near-term economic conditions, so as to support economic growth and job creation, while putting debt as a share of GDP on a sustainable path (macroeconomic policy)

2013-38: Members have committed to a wide range of reforms to strengthen the foundations for strong, sustainable and balanced growth over the long term by boosting investment. (macroeconomic policy)

2013-39: [Members have committed to a wide range of reforms to strengthen the foundations for strong, sustainable and balanced growth over the long term by] addressing fundamental weaknesses. (macroeconomic policy)

2013-40: [Members have committed to a wide range of reforms to strengthen the foundations for strong, sustainable and balanced growth over the long term by] enhancing productivity and competitiveness. (macroeconomic policy)

2013-41: [Members have committed to a wide range of reforms to strengthen the foundations for strong, sustainable and balanced growth over the long term by] increasing labour force participation. (labour and employment)

2013-42: [Members have committed to a wide range of reforms to strengthen the foundations for strong, sustainable and balanced growth over the long term by] improving financial stability (macroeconomic policy)

2013-43: [Members have committed to a wide range of reforms to strengthen the foundations for strong, sustainable and balanced growth over the long term by improving] credit access. (macroeconomic policy)

2013-44: [Members have committed to a wide range of reforms to strengthen the foundations for strong, sustainable and balanced growth over the long term by] addressing internal and external imbalances. (macroeconomic policy)

2013-45: We are determined to achieve more progress toward broad based rebalancing of global demand (macroeconomic policy)

2013-46: In order to ensure a durable improvement as global growth strengthens, we are determined to undertake further policy adjustments toward rebalancing global demand between surplus and deficit countries (macroeconomic policy)

2013-47: [In order to ensure a durable improvement as global growth strengthens, we are determined to undertake further policy adjustments toward] internal rebalancing (macroeconomic policy)

2013-48: [We are committed to] achieve stronger domestic demand growth in large surplus economies (microeconomics)

2013-49: [We are committed to regularly assessing progress on achieving] stronger domestic demand growth in large surplus economies (macroeconomic policy)

2013-50: [We are committed to achieving] increased savings (macroeconomic policy)

2013-51: [We are committed to regularly assessing progress on achieving] increased savings (macroeconomic policy)

2013-52: [We are committed to achieving] enhanced competitiveness in deficit economies (macroeconomic policy)

2013-53: [We are committed to regularly assessing progress on achieving] enhanced competitiveness in deficit economies (macroeconomic policy)

2013-54: [We are committed to achieving] more flexible exchange rates (macroeconomic policy)

2013-55: [We are committed to regularly assessing progress on achieving] more flexible exchange rates (macroeconomic policy)

2013-56: We will identify the remaining key obstacles to be addressed [needed to achieve stronger, more sustainable and balanced growth in our economies]. (macroeconomic policy)

2013-57: [We will identify the remaining key] reforms needed to achieve stronger, more sustainable and balanced growth in our economies. (macroeconomic policy)

Growth through Quality Jobs

2013-58: We commit to take a broad-ranged action, tailored to national circumstances, to promote more [jobs] (labour and employment)

2013-59: [We commit to take a broad-ranged action, tailored to national circumstances, to promote] better jobs (labour and employment)

2013-60: We commit to] Improve business environment [through pro-growth structural reforms in product and labour markets, including by promoting labour market adaptability and efficiency, ensuring adequate labour protection, as well as appropriate tax regimes and other government initiatives that may be required according to national circumstances]. (microeconomics)

2013-61: [We commit to] stimulate the creation of formal jobs [through pro-growth structural reforms in product and labour markets, including by promoting labour market adaptability and efficiency, ensuring adequate labour protection, as well as appropriate tax regimes and other government initiatives that may be required according to national circumstances] (labour and employment)

2013-62: [We commit to stimulate the creation of] more productive jobs [through pro-growth structural reforms in product and labour markets, including by promoting labour market adaptability and efficiency, ensuring adequate labour protection, as well as appropriate tax regimes and other government initiatives that may be required according to national circumstances] (labour and employment)

2013-63: [We commit to stimulate the creation of rewarding jobs, through pro-growth structural reforms in product and labour markets, including by promoting labour market adaptability and efficiency, ensuring adequate labour protection, as well as appropriate tax regimes and other government initiatives that may be required according to national circumstances]. (labour and employment)

2013-64: [We commit to] Invest in our people's skills [to give them skill portability and better prospects, to facilitate mobility and enhance employability] (labour and employment)

2013-65: [We commit to invest in] quality education [to give them skill portability and better prospects, to facilitate mobility and enhance employability] (labour and employment)

2013-66: [We commit to invest in] life-long learning programs to give them skill portability and better prospects, to facilitate mobility and enhance employability. (labour and employment)

2013-67: [We commit to] Foster targeted investments to ensure that labour market infrastructure [are in place to help jobseekers find work and bring under-represented and vulnerable groups into the labour market and reduce informality] (labour and employment)

2013-68: [We commit to foster] effective labour activation policies are in place to help jobseekers find work and bring under-represented and vulnerable groups into the labour market and reduce informality. (labour and employment)

2013-69: [We commit to] Improve job quality, including through working conditions, wage bargaining frameworks, national wage-setting systems, and access to social protection. (labour and employment)

2013-70: [We commit to] Develop country-specific plans or sets of actions on employment (labour and employment)

2013-71: We will discuss the progress [on the country-specific plans or sets of actions on employment] in Brisbane. (accountability)

2013-72: We call upon our Ministers of Labour and Employment and our Ministers of Economy and Finance to continue to collaborate to promote quality job creation and job-rich and sustained growth. (labour and employment)

2013-73: We are committed to quality apprenticeship (labour and employment)

2013-74: [We are committed to] vocational training programmes (labour and employment)

2013-75: [We are committed to] finding innovative ways to encourage firms to hire youth for example by, where appropriate, reducing non-wage labour costs, moving towards early intervention measures and effective job-search assistance for different groups of youth, and motivating youth entrepreneurship and business start-ups. (labour and employment)

2013-76: We commit to increase our efforts to support inclusive labour markets, [which will contribute to higher employment levels along with a sustained decline in unemployment, underemployment and informal employment] (labour and employment)

2013-77: [We commit to increase our efforts to support] better labour market information, [which will contribute to higher employment levels along with a sustained decline in unemployment, underemployment and informal employment] (labour and employment)

2013-78: [We commit to increase our efforts to support] effective employment services, which will contribute to higher employment levels along with a sustained decline in unemployment, underemployment and informal employment. (labour and employment)

2013-79: We commit to encourage the private sector, including small and medium sized enterprises as one of our most important partners, in fostering inclusive economic growth including for job creation and labour absorption. (macroeconomic policy)

2013-80: We are committed therefore to develop [tailored activation strategies for these groups that combine income support for those out of work with measures to improve their employability through job search assistance, work experience, public employment programs, hiring subsidies, conditional transfers and training as well as reduced obstacles for employment as per country's circumstances] (labour and employment)

2013-81: [We are committed therefore to] strengthen tailored activation strategies for these groups that combine income support for those out of work with measures to improve their employability through job search assistance, work experience, public employment programs, hiring subsidies, conditional transfers and training as well as reduced obstacles for employment as per country's circumstances (labour and employment)

2013-82: We call upon our Ministers of Labour and Employment and Ministers of Finance to work together to exchange best practices [on implementation of this commitment with the support of the ILO, the OECD and the World Bank Group in identifying good practices and effective measures for more inclusive labour markets] (labour and employment)

2013-83: [We call upon our Ministers of Labour and Employment and Ministers of Finance to work together] to deliver on implementation of this commitment with the support of the ILO, the OECD and the World Bank Group in identifying good practices and effective measures for more inclusive labour markets. (labour and employment)

2013-84: We commit to continue to work and to broaden this approach including the scope of the database, to develop country owned and country specific monitoring methodologies (accountability)

2013-85: [We commit to], where necessary, use the database when building upon our country owned and country specific policies. (labour and employment)

2013-86: [We] extend [the G20 Task Force on Employment's] mandate for another year (labour and employment)

Financing for Investment

2013-87: [In particular, we recognize the paramount importance of the investment climate in attracting long-term financing and] will take a comprehensive approach to identifying and addressing impediments to the mobilization of private capital (macroeconomic policy)

2013-88: [In particular, we recognize the paramount importance of the investment climate in attracting long-term financing and will take a comprehensive approach to identifying and addressing impediments to] improving underlying investment conditions (macroeconomic policy)

2013-89: [[In particular, we recognize the paramount importance of the investment climate in attracting long-term financing and will take a comprehensive approach to identifying and addressing impediments to] the efficiency of public investment (macroeconomic policy)

2013-90: To lift growth and create jobs by boosting investment, we commit to identify and start to implement by the Brisbane Summit a set of collective and country-specific actions that tangibly improve our domestic investment environments such that they are more favorable to long-term investment financing and can lead to an effective increase of implemented projects, particularly in infrastructure and for SMEs. (macroeconomic policy)

2013-91: These actions will be part of our country-growth strategies. (macroeconomic policy)

Enhancing Multilateral Trade

2013-92: We extend until the end of 2016 our standstill commitment (trade)

2013-93: being fully committed to further progress in removing barriers and impediments to global trade and investment, we reaffirm commitment to roll back new protectionist measures. (trade)

2013-94: We are committed to timely complying with WTO notification requirements (trade)

2013-95: [We are committed to] enhancing transparency through the existing WTO rules (trade)

2013-96: We commit to ensure that RTAs support the multilateral trading system. (trade)

2013-97: we are committed to continue our work on RTAs in the WTO and share our approach for Advancing Transparency in Regional Trade Agreements (Annex). (trade)

Addressing Base Erosion and Profit Shifting, Tackling Tax Avoidance, and Promoting Tax Transparency and Automatic Exchange of Information

2013-98: we are committed to automatic exchange of information as the new global standard, which must ensure confidentiality and the proper use of information exchanged (crime and corruption)

2013-99: we fully support the OECD work with G20 countries aimed at presenting such a new single global standard for automatic exchange of information by February 2014 (crime and corruption)

2013-100: [we fully support the OECD work with G20 countries aimed] to finalizing technical modalities of effective automatic exchange by mid-2014. (crime and corruption)

2013-101: We are committed to make automatic exchange of information attainable by all countries, including LICs (crime and corruption)

2013-102: [We] will seek to provide capacity building support to [LICs]. (development)

2013-103: Working with international organizations, we will continue to share our expertise [to secure success] (crime and corruption)

2013-104: [Working with international organizations, we will continue to] help build capacity [to secure success] (crime and corruption)

2013-105: [Working with international organizations, we will continue to] engage in long-term partnership programmes to secure success. (crime and corruption)

2013-106: we are committed to continue to assist developing countries, including through the IOs, in identifying individual country needs [in the area of tax administration] (development)

2013-107: [we are committed to continue to assist developing countries, including through the IOs, in] building capacity in the area of tax administration (in addition to automatic exchange of information) (development)

International Financial Architecture

2013-108: We continue to support the IMF Executive Board's decision to integrate the process of reaching a final agreement on a new quota formula with the 15th General Review of Quotas. (IFI reform)

2013-109: We remain committed, together with the whole IMF membership, to agree on the quota formula and complete the 15th General Quota Review by January 2014 as agreed at the Seoul Summit and reiterated in Cannes and Los Cabos. (IFI reform)

2013-110: We reaffirm our previous commitment 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 market and developing countries. (IFI reform)

2013-111: We reaffirm the need to protect the voice and representation of the IMF poorest members as part of this General Review of Quotas. (IFI reform)

2013-112: We will fulfill our commitment to contribute to a successful International Development Association (IDA) 17 Replenishment (development)

2013-113: [We will fulfill our commitment to contribute to a successful] African Development Fund (AfDF) 13 Replenishment. (development)

Financial Regulation

Achievements to date and a road ahead

2013-114: We are committed to maintain the momentum of reform until the job is done (financial regulation)

Towards a financial system that supports strong, sustainable and balanced economic growth

2013-115: We are fully committed to tackling systemic risk (financial regulation)

2013-116: We are committed to fully realizing the benefits of an open, integrated and resilient global financial system. (financial regulation)

2013-117: To this end, we will continue to take necessary actions in each of our jurisdictions to fully implement the agreed reforms in a consistent and non-discriminatory way. (financial regulation)

2013-118: We will enhance cooperation (financial regulation)

2013-119: [We will enhance] information sharing. (financial regulation)

2013-120: We are resolved to see the financial reform agenda through to its completion in a manner that avoids fragmenting the global financial system. (financial regulation)

2013-121: We will continue to cooperate on all financial regulation issues (financial regulation)

2013-122: We will also continue to monitor [the impact of financial regulatory reforms on the robustness of the financial system (macroeconomic policy)

2013-123: [We will also continue to monitor the impact of financial regulatory reforms on] stability (macroeconomic policy)

2013-124: [We will also continue to monitor the impact of financial regulatory reforms] on economic growth (macroeconomic policy)

2013-125: [We will also continue to monitor the impact of financial regulatory reforms] on the availability of long-term finance for investment (macroeconomic policy)

2013-126: [We will also continue to] assess the impact of financial regulatory reforms on the robustness of the financial system (macroeconomic policy)

2013-127: [We will also continue to assess the impact of financial regulatory reforms on] stability (macroeconomic policy)

2013-128: [We will also continue to assess the impact of financial regulatory reforms] on economic growth (macroeconomic policy)

2013-129: [We will also continue to assess the impact of financial regulatory reforms] on the availability of long-term finance for investment. (macroeconomic policy)

Building resilient financial institutions and ending "too-big-to-fail"

2013-130: We reiterate our commitment to implement Basel III according to internationally agreed timelines (financial regulation)

2013-131: We renew our commitment to make any necessary reforms to implement fully the FSB's Key Attributes of Effective Resolution Regimes for all parts of the financial sector that could cause systemic problems. (financial regulation)

2013-132: We will undertake the necessary actions to remove obstacles to cross-border resolution. (financial regulation)

2013-133: We reaffirm our commitment to ensure that supervisors have strong mandates (financial regulation)

2013-134: [We reaffirm our commitment to ensure that supervisors have] adequate resources (financial regulation)

2013-135: [We reaffirm our commitment to ensure that supervisors have] independence to act. (financial regulation)

Promoting transparent, continuously functioning financial markets

2013-136: We support the establishment of the FSB's Official Sector Steering Group to coordinate work on the necessary reforms of financial benchmarks. (financial regulation)

2013-137: [We welcome the FSB's progress report on the implementation of the principles and standards for sound compensation practices.] We reaffirm our commitment to ensure that these principles and standards are implemented in a consistent manner and ask the FSB to continue its ongoing monitoring (financial regulation)

Addressing risks posed by the shadow banking

2013-138: We will work towards timely implementation of the recommendations while taking into account country specific circumstances. (financial regulation)

Tackling money laundering and terrorism financing

2013-139: We reiterate our commitment to FATF's work in fighting money laundering (crime and corruption)

2013-140: [We reiterate our commitment to FATF's work in] terrorism financing (terrorism)

2013-141: [We reiterate our commitment to FATF's] key contribution into tackling other crimes such as tax crimes, corruption, terrorism, and drug trafficking. (crime and corruption)

2013-142: we commit to take measures to ensure that we meet the FATF standards regarding the identification of the beneficial owners of companies (crime and corruption)

2013-143: [we commit to take measures to ensure that we meet the FATF standards regarding] other legal arrangements such as trusts that are also relevant for tax purposes (crime and corruption)

2013-144: We will ensure that this information is available in a timely fashion to law enforcement [in accordance with the confidentiality legal requirements, for example through central registries or other appropriate mechanisms] (crime and corruption)

2013-145: [We will ensure that this information is available in a timely fashion to] tax collection agencies [in accordance with the confidentiality legal requirements, for example through central registries or other appropriate mechanisms.] (crime and corruption)

2013-146: [We will ensure that this information is available in a timely fashion to] other relevant authorities in accordance with the confidentiality legal requirements, for example through central registries or other appropriate mechanisms. (crime and corruption)

Financial Inclusion, Financial Education, Consumer Protection

2013-147: We endorse the recommendations laid out in the GPFI's report, annexed to this Declaration, and commit to further pursue these efforts under the Australian Presidency. (development)

Promoting Development for All

2013-148: We acknowledge that food security and nutrition will remain a top priority in our agenda (food and agriculture)

2013-149: We reaffirm our determination to implement all previous G20 commitments [including that stated in the Action Plan on Food Price Volatility and Agriculture which the G20 endorsed in 2011] (food and agriculture)

2013-150: [We reaffirm our determination to implement all] existing initiatives including that stated in the Action Plan on Food Price Volatility and Agriculture which the G20 endorsed in 2011. (food and agriculture)

2013-151: We commit to improve working practices for more effective outcomes by: concentrating on fewer key areas where action and reform remain most critical to ensure inclusive and sustainable growth in developing countries; (development)

2013-152: [We commit to improve working practices for more effective outcomes by] enhancing policy coordination across different G20 work streams in order to ensure greater impact on developing countries; (development)

2013-153: [We commit to improve working practices for more effective outcomes by] implementing a forward accountability process to improve monitoring and coordination, and ensure greater transparency of our work; (accountability)

2013-154: [We commit to improve working practices for more effective outcomes by] continuing to expand engagement and partnerships with stakeholders, including non-G20 countries (especially LICs), international organizations, the private sector and civil society; (G8/G20 governance)

2013-155: [We commit to improve working practices for more effective outcomes by] ensuring flexible approaches to respond to new priorities and circumstances. (development)

2013-156: We remain committed to accelerating progress towards achieving the MDGs, particularly through the implementation of our development agenda and our focus on promoting strong, sustainable, inclusive and resilient growth. (development)

2013-157: We commit to participate actively in this process (development)

2013-158: [We commit to] engage in the discussion on the direction of the new framework (development)

2013-159: [We commit to engage in the discussion on the framework's] key principles and ideas (development)

2013-160: [We commit to] effectively contribute to the timely conclusion of the process. (development)

2013-161: The final outcome will be determined through an intergovernmental process in which we will all participate, but much preparatory work is still underway. (development)

2013-162: We commit to ensure that G20 activities beyond 2015 are coherent with the new development framework. (development)

Sustainable Energy Policy and Resilience of Global Commodity Markets

2013-163: To promote market transparency and efficiency, we commit to strengthen Joint Organizations Data Initiative (JODI) - Oil by ensuring greater visibility (energy)

2013-164: [To promote market transparency and efficiency, we commit to strengthen Joint Organizations Data Initiative (JODI) - Oil by ensuring] more complete [data] (energy)

2013-165: [To promote market transparency and efficiency, we commit to strengthen Joint Organizations Data Initiative (JODI) - Oil by ensuring more] comprehensive data (energy)

2013-166: [To promote market transparency and efficiency, we commit to strengthen Joint Organizations Data Initiative (JODI) - Oil by ensuring] enhanced access (energy)

2013-167: [To promote market transparency and efficiency, we commit to strengthen Joint Organizations Data Initiative (JODI) - Oil by ensuring] improved availability (energy)

2013-168: [To promote market transparency and efficiency, we commit to strengthen Joint Organizations Data Initiative (JODI) – Oil] by maintaining support for capacity building. (energy)

2013-169: We will continue in cooperation with international organisations sharing national experiences and case studies [regarding sustainable development] (energy)

2013-170: We will continue in cooperation with international organisations sharing national experiences and case studies [regarding clean energy] (energy)

2013-171: We will continue in cooperation with international organisations sharing national experiences and case studies [regarding energy efficiency] (energy)

2013-172: We will continue in cooperation with international organisations sharing national experiences and case studies [regarding development of related technologies] (energy)

2013-173: We will continue in cooperation with international organisations sharing national experiences and case studies [regarding deployment of related technologies] (energy)

2013-174: We will continue in cooperation with international organisations sharing national experiences and case studies broader application of related technologies (energy)

2013-175: [We] will take forward work, on a voluntary basis, on corresponding policy options (energy)

2013-176: [We will take forward work, on a voluntary basis, on] technologies. (energy)

2013-177: We reaffirm our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption over the medium term while being conscious of necessity to provide targeted support for the poorest. (energy)

Pursuing the Fight against Climate Change

2013-178: We reiterate our commitment to fight climate change and welcome the outcome of the 18th conference of the Parties to the UN climate change conferences. (climate change)

2013-179: We are committed to a full implementation of the outcomes of Cancun (climate change)

2013-180: [We are committed to a full implementation of the outcomes of] Durban (climate change)

2013-181: [We are committed to a full implementation of the outcomes of] Doha (trade)

2013-182: [We] will work with Poland as the incoming presidency towards achieving a successful outcome at COP 19. (climate change)

2013-183: We are committed to support the full implementation of the agreed outcomes under the United Nations Framework Convention on Climate Change (UNFCCC) (climate change)

2013-184: [We are committed to support the UNFCCC's] ongoing negotiations. (climate change)

2013-185: We also support complementary initiatives, through multilateral approaches that include using the expertise and the institutions of the Montreal Protocol to phase down the production and consumption of hydrofluorocarbons (HFCs), based on the examination of economically viable and technically feasible alternatives. (climate change)

2013-186: We will continue to include HFCs within the scope of UNFCCC [for accounting and reporting of emissions] (climate change)

2013-187: [We will continue to include HFCs within the scope of the] Kyoto Protocol for accounting and reporting of emissions. (climate change)

2013-188: we support the operationalization of the Green Climate Fund (GCF). (climate change)

Intensifying Fight Against Corruption

2013-189: As a group of the world's largest economies, the G20 has the potential to create unstoppable momentum towards a global culture of intolerance towards corruption. We will redouble our efforts to achieve this goal, in particular by enhancing transparency and closing implementation and enforcement gaps. (crime and corruption)

2013-190: We will continue to encourage all G20 member-countries to ratify the UNCAC (crime and corruption)

2013-191: [We will continue to encourage all G20 member-countries to] implement the UNCAC (crime and corruption)

2013-192: [We will] encourage engagement with the OECD Working Group on Bribery with a view to explore possible adherence to the OECD Anti-bribery Convention as appropriate. (crime and corruption)

2013-193: We commit to lead by example by enhancing the transparency and inclusivity of our UNCAC reviews by making use on a voluntary basis of the options in the Terms of Reference to the UNCAC Review Mechanism. (crime and corruption)

2013-194: We will continue to develop [frameworks to facilitate cooperation among G20 member-countries in the fight against corruption]. (crime and corruption)

2013-195: [We will continue to] strengthen frameworks to facilitate cooperation among G20 member-countries in the fight against corruption. (crime and corruption)

2013-196: We renew our commitment to ensure the independence of the judiciary (crime and corruption)

2013-197: [We renew our commitment] to share best practices (crime and corruption)

2013-198: [We renew our commitment to] enforce legislation to protect whistleblowers (crime and corruption)

2013-199: [We renew our commitment to] ensure the effectiveness of anti-corruption authorities free from any undue influence, (crime and corruption)

2013-200: [We renew our commitment to] promote the integrity of public officials. (crime and corruption)

2013-201: We will pay special attention to combating corruption in high-risk sectors. (crime and corruption)

2013-202: We also commit to promote integrity in buy-and-sell relations between the public and private sectors, including public procurement and privatization of state-owned property. (accountability)

2013-203: We commit to maintain [the enhanced dialogue between the G20 Anti-Corruption Working Group and the B20] (crime and corruption)

2013-204: [We commit to maintain the enhanced dialogue between the G20 Anti-Corruption Working Group] and C20 (crime and corruption)

2013-205: [We commit to] build on the enhanced dialogue between the G20 Anti-Corruption Working Group and the B20 (crime and corruption)

2013-206: [We commit to build on the enhanced dialogue between the G20 Anti-Corruption Working Group] and C20 (crime and corruption)

2013-207: In 2014, we will advance our existing commitments (accountability)

2013-208: [In 2014, we will] consider further G20 actions on the global fight against corruption. (crime and corruption)

G20 5th Anniversary Vision Statement

2013-209: Through the G20, we reaffirm our commitment to act together to raise growth (macroeconomic policy)

2013-210: [Through the G20, we reaffirm our commitment to act together to] create jobs (labour and employment)

2013-211: [Through the G20, we reaffirm our commitment to act together to] boost confidence; (macroeconomic policy)

2013-212: [Through the G20, we reaffirm our commitment to act together to] maintain fiscal sustainability; (macroeconomic policy)

2013-213: [Through the G20, we reaffirm our commitment to act together to] continue to reduce internal [imbalances] (macroeconomic policy)

2013-214: [Through the G20, we reaffirm our commitment to act together to continue to reduce] external imbalances; (macroeconomic policy)

2013-215: [Through the G20, we reaffirm our commitment to act together to] keep markets open for trade (trade)

2013-216: [Through the G20, we reaffirm our commitment to act together to keep markets open for] investment (macroeconomic policy)

2013-217: [Through the G20, we reaffirm our commitment to act together to] promote a rules-based international economy; (macroeconomic policy)

2013-218: [Through the G20, we reaffirm our commitment to act together to] ensure a stable and well-functioning global financial system; (financial regulation)

2013-219: [Through the G20, we reaffirm our commitment to act together to ensure a] transparent global financial system (financial regulation)

2013-220: [Through the G20, we reaffirm our commitment to act together to] support strong [global institutions]; (G8/G20 governance)

2013-221: [Through the G20, we reaffirm our commitment to act together to support] more representative global institutions (IFI reform)

2013-222: [Through the G20, we reaffirm our commitment to act together to] promote open and transparent governments (accountability)

2013-223: [Through the G20, we reaffirm our commitment to act together to] build an inclusive [global economy for all]. (macroeconomic policy)

2013-224: [Through the G20, we reaffirm our commitment to act together to build a] sustainable global economy for all. (macroeconomic policy)

2013-225: As a forum of major advanced and emerging economies, we will reinforce our efforts for policy coordination and collaboration to strengthen growth (macroeconomic policy)

2013-226: [As a forum of major advanced and emerging economies, we will reinforce our efforts for policy coordination and collaboration to] manage any spill-over effects from our domestic decisions. (macroeconomic policy)

2013-227: We will build on progress achieved and combine our efforts and pursue of our commitment to ensure recovery and lay the foundations for strong, sustainable and balanced growth. (macroeconomic policy)

2013-228: We will remain engaged with the international community as a whole (G8/G20 governance)

2013-229: [We will] make sure that the interests of countries at all stages of development are taken into account. (G8/G20 governance)

2013-230: we will strengthen our engagement with the Business20, (G8/G20 governance)

2013-231: [we will strengthen our engagement with the] Labour20, (G8/G20 governance)

2013-232: [we will strengthen our engagement with the ] Civil20, (G8/G20 governance)

2013-233: [we will strengthen our engagement with the ] Youth20 (G8/G20 governance)

2013-234: [we will strengthen our engagement with the ] Think20 (G8/G20 governance)

2013-235: [we will] listen carefully to all institutions (G8/G20 governance)

2013-236: [we will strengthen our engagement with the] countries that are not in the Group (G8/G20 governance

2013-237: We will continue to draw on the quality analysis and policy advice of international organisations, including the IMF, WB, OECD, FSB, UN, ILO and WTO. (G8/G20 governance)

2013-238: [The coordinated response of the G20 helped to avert a global depression and clearly demonstrated the Group's value as a coordinating body for economic crisis management.] Going forward, the G20 will build on this success and will continue to play a critical role in the global economy, by developing a common understanding of the new challenges we face and coordinating our actions to overcome them. (macroeconomic policy)

St. Petersburg Development Outlook

2013-239: we will build on the foundations of the Seoul Development Consensus for Shared Growth to frame the approach to our future work. (development)

Reinforcing the G20's Commitment to Shared Growth

2013-240: We will continue working in close partnership with International Organizations (IOs) and non-G20 stakeholders to support national efforts of the developing countries, LICs in particular. (development)

2013-241: Building on the Los Cabos Leaders' Declaration we will continue to support developing countries in sustaining and strengthening their development through appropriate measures, including those that encourage inclusive green growth in the context of sustainable development (development)

2013-242: [Building on the Los Cabos Leaders' Declaration we will continue to] focus our priorities and efforts on removing the bottlenecks for growth in developing countries, particularly LICs. (development)

2013-243: Our future agenda and actions will be guided by the following outcome-focused, long-term objectives to promote growth through: quality jobs and investment; (development)

2013-244: [Our future agenda and actions will be guided by the following outcome-focused, long-term objectives to promote growth through:] trust and transparency (development)

2013-245: [Our future agenda and actions will be guided by the following outcome-focused, long-term objectives to promote growth through:] sustainability and resilience (development)

2013-246: [Our future agenda and actions will be guided by the following outcome-focused, long-term objectives to promote growth through:] social inclusiveness (development)

2013-247: We will work to support regional priorities and initiatives in core priority areas where we believe the G20 can add value and promote national ownership. (development)

2013-248: The DWG will select new actions by ensuring their close alignment with the six G20 Development Principles in the Seoul Development Consensus. (development)

2013-249: the DWG will integrate accountability into its future work too. This will include a comprehensive accountability report every three years and identify when monitoring of specific actions will cease. (accountability)

2013-250: We also confirm our commitment to work in close partnership with LICs, including through South-South and triangular cooperation. (development)

2013-251: the DWG will continue to deepen collaboration with the relevant IOs and to promote joint work. (development)

2013-252: The DWG will remain focused on strategic actions to create enabling environments for development. (development)

2013-253: The DWG will therefore seek to promote greater coherence with broader development efforts. (development)

Annex

Food Security

2013-254: We will review by March 2014 critical opportunities for economic growth and job creation in connection with food security and nutrition focusing on LICs. This review will build on all relevant G20 work to date and incorporate inputs from the Social Protection Interagency Cooperation Board. (development)

2013-255: We will enhance dissemination of best practices on food security and nutrition, building on existing initiatives such as network centers of excellence and knowledge sharing platforms on food security and nutrition (food and agriculture)

2013-256: [We will enhance]the preparatory process for the 2014 International Conference on Nutrition (food and agriculture)

2013-257: [We will] continue to monitor and implement on-going actions: commitment 24 on food reserves and access to humanitarian food supplies (food and agriculture)

2013-258: [We will continue to monitor and implement on-going actions:] commitment 26 regarding the Principles for Responsible Agricultural Investments (food and agriculture)

2013-259: [We will continue to monitor and implement on-going actions:] commitment 28 on agricultural risk management; (food and agriculture)

2013-260: [We will continue to monitor and implement on-going actions:] commitment 29 on scaling-up nutrition (food and agriculture)

2013-261: In addition we remain committed to fully implementing the Agricultural Market Information System (food and agriculture)

2013-262: we will continue to share knowledge through the Meetings of Agricultural Chief Scientist, in particular on agricultural research and technology. (food and agriculture)

Financial Inclusion and Remittances

2013-263: In coordination with the GPFI, we will explore in 2014 options to strengthen financial inclusion work in developing countries and targeted actions to: harness emerging mechanisms such as electronic payments and mobile technology that can significantly improve access; (development)

2013-264: [In coordination with the GPFI, we will explore in 2014 options to strengthen financial inclusion work in developing countries and targeted actions to] increase uptake by increasing incentives, financial literacy, education and consumer protection for the poor, in particular vulnerable groups such as women, youth and migrants. (development)

2013-265: We will consider in 2014 innovative results-based mechanisms to further reduce the cost of transferring remittances to developing countries. (development)

2013-266: We will continue to implement: the G20 Financial Inclusion Action Plan (commitment 36), incorporating commitment 37; (development)

2013-267: [We will continue to implement:] the SME Finance Compact launched in 2012 (commitment 41). (development)

2013-268: [We will continue to implement:] the G20 Peer Learning Program (commitment 42). (development)

2013-269: In line with the target G20 leaders set in 2011 (commitment 58), we will continue working to reduce the global average cost of transferring remittances. (development)

Infrastructure

2013-270: We will examine potential implications for LICs from work of the G20 Study Group on Financing for Investment (SG) and strengthen our coordination with the SG. (development)

2013-271: We will assess the effectiveness of PPFs in regions in addition to Africa in promoting long-term investment financing for infrastructure, increase understanding of the obstacles to implementation, disseminate this knowledge through a common platform, and consider the creation of a global network of regional PPFs (development)

2013-272: We will continue to implement commitments not yet complete under the MYAP action on an MDB Infrastructure Action Plan (2, 4, 6, 8, 10) (development)

Human Resource Development

2013-273: We will work with relevant IOs to assist interested developing countries in assessing skills development needs and in building national capacity on quality training for all stakeholders as a part of the implementation of the G20 Training Strategy. (development)

2013-274: We will explore ways to develop South-South and Triangular cooperation programs involving G20 members, aimed at providing training and knowledge-sharing to developing country nationals. (development)

2013-275: We will follow up carefully the Seoul Multi Year Action Plan commitments, including developing, disseminating and promoting the use of the internationally comparable skills indicators database [commitment 30]; (development)

2013-276: [We will follow up carefully the Seoul Multi Year Action Plan commitments, including] implementing, assessing and possibly rolling out the pilot countries action plans on skills for employment and productivity [commitment 31] (development)

2013-277: [We will follow up carefully the Seoul Multi Year Action Plan commitments, including] promoting the use and ensure the maintenance of the Global Knowledge-Sharing Platform [commitment 32]. (development)

Domestic Resource Mobilization (DRM)

2013-278: We will work with the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify and address the obstacles to automatic exchange of information (AEOI) for developing countries, and reinforce our support to developing country revenue authorities both through bilateral programmes and multilateral programmes such as Tax Inspectors Without Borders. (development)

2013-279: We will review relevant work on BEPS during 2014 in order to identify issues relevant to LICs and consider actions to address them. (development)

2013-280: We encourage more developing countries to join the Global Forum. We request the Global Forum to remain engaged with developing countries to prepare for their peer reviews and provide them with tailored technical assistance (commitment 64 in MYAP). (development)

2013-281: We will continue to promote the Multilateral Convention on Mutual Administrative Assistance among developing countries. [The Convention provides for all possible forms of administrative cooperation between states in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion] (commitment in Los Cabos Leaders' Declaration). (development)

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2014 Brisbane Summit

Total = 205

2014-1: We commit to work in partnership to lift growth (macroeconomic policy)

2014-2: [We commit to work in partnership to] boost economic resilience (macroeconomic policy)

2014-3: [We commit to work in partnership to] strengthen global institutions (IFI reform)

2014-4: We will ensure our macroeconomic policies are appropriate to support growth (macroeconomic policy)

2014-5: [We will ensure our macroeconomic policies are appropriate to] strengthen demand (macroeconomic policy)

2014-6: [We will ensure our macroeconomic policies are appropriate to] promote global rebalancing (macroeconomic policy)

2014-7: We will continue to implement fiscal strategies flexibly, taking into account near-term economic conditions, while putting debt as a share of GDP on a sustainable path (macroeconomic policy)

2014-8: We will be mindful of the global impacts of our policies and cooperate to manage spillovers (macroeconomic policy)

2014-9: We stand ready to use all policy levers to underpin confidence and the recovery (macroeconomic policy)

2014-10: We will monitor [our commitments, and actual progress towards our growth ambition, informed by analysis from international organisations.] (accountability)

2014-11: [We will] hold each other to account for implementing our commitments, and actual progress towards our growth ambition, informed by analysis from international organisations (accountability)

2014-12: We will ensure our growth strategies continue to deliver (accountability)

2014-13: [We] will review progress at our next meeting (accountability)

Acting together to lift growth and create jobs

2014-14: To help match investors with projects, we will address data gaps and improve information on project pipelines (infrastructure)

2014-15: We are working to facilitate long-term financing from institutional investors [particularly for small and medium-sized enterprises.] (infrastructure)

2014-16: [We are working to] encourage market sources of finance, including transparent securitisation, particularly for small and medium-sized enterprises. (infrastructure)

2014-17: We will continue to work with multilateral development banks, [to optimise use of their balance sheets to provide additional lending] (development)

2014-18: We will continue to work with multilateral development banks, [to ensure our work on infrastructure benefits low-income countries.] (development)

2014-19: [We will continue to] encourage national development banks, to optimise use of their balance sheets to provide additional lending (development)

2014-20: [We will continue to] encourage national development banks to ensure our work on infrastructure benefits low-income countries. (development)

2014-21: To support implementation of the Initiative, we agree to establish a Global Infrastructure Hub with a four-year mandate. (infrastructure)

2014-22: We support similar initiatives by other development banks and continued cooperation amongst them. (development)

2014-23: We are promoting competition, [including by lowering barriers to new business entrants] (microeconomic policy)

2014-24: We are promoting competition, [including by lowering barriers to investment.] (microeconomic policy)

2014-25: [We are promoting] entrepreneurship [including by lowering barriers to new business entrants] (microeconomic policy)

2014-26: [We are promoting] entrepreneurship, [including by lowering barriers to investment.] (microeconomic policy)

2014-27: [We are promoting] innovation, including by lowering barriers to new business entrants (microeconomic policy)

2014-28: [We are promoting] innovation including by lowering barriers to investment (microeconomic policy)

2014-29: We reaffirm our longstanding standstill and rollback commitments to resist protectionism. (trade)

2014-30: We agree to the goal of reducing the gap in participation rates between men and women in our countries by 25 per cent by 2025, taking into account national circumstances, to bring more than 100 million women into the labour force significantly increase global growth (gender)

2014-31: We agree to the goal of reducing the gap in participation rates between men and women in our countries by 25 per cent by 2025, taking into account national circumstances, to bring more than 100 million women into the labour force [reduce inequality] (gender)

2014-32: [We agree to the goal] to bring more than 100 million women into the labour force, [significantly reduce] inequality. (gender)

2014-33: We are strongly committed to reducing youth unemployment, which is unacceptably high, by acting to ensure young people are in education, training or employment. (labour and employment)

2014-34: We remain focussed on addressing informality, [by strengthening labour markets] (labour and employment)

2014-35: We remain focussed on addressing informality, [by having appropriate social protection systems.] (labour and employment)

2014-36: [We remain focussed on addressing] as well as structural [unemployment] [by strengthening labour markets] (labour and employment)

2014-37: [We remain focussed on addressing] structural [unemployment] [by having appropriate social protection systems.] (labour and employment)

2014-38: [We remain focussed on addressing] long-term unemployment, by strengthening labour markets (labour and employment)

2014-39: [We remain focussed on addressing] long-term unemployment by having appropriate social protection systems. (labour and employment)

2014-40: We ask our labour and employment ministers, supported by an Employment Working Group, to report to us in 2015. (labour and employment)

2014-41: We are committed to poverty eradication [in low-income and developing countries.] (development)

2014-42: [We are committed to] development, [in low-income and developing countries.] (development)

2014-43: [We are committed to] ensure our actions contribute to inclusive [growth in low-income and developing countries.] (development)

2014-44: [We are committed to] sustainable growth in low-income and developing countries. (development)

2014-45: We commit to take strong practical measures to reduce the global average cost of transferring remittances to five per cent (development)

2014-46: [We commit] to enhance financial inclusion as a priority (development)

2014-47: We support efforts in the United Nations to agree an ambitious post-2015 development agenda. The G20 will contribute by strengthening economic growth (development)

2014-48: [We support efforts in the United Nations to agree an ambitious post-2015 development agenda. The G20 will contribute by strengthening] resilience. (development)

Building a stronger, more resilient global economy

2014-49: Progress has been made in delivering the shadow banking framework and we endorse an updated roadmap for further work. (financial regulation)

2014-50: We have agreed to measures to dampen risk channels between banks and non-banks. (financial regulation)

2014-51: [We welcome the significant progress on the G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan to modernise international tax rules.] We are committed to finalising this work in 2015, including transparency of taxpayer-specific rulings found to constitute harmful tax practices. (financial regulation)

2014-52: To prevent cross-border tax evasion, we endorse the global Common Reporting Standard for the automatic exchange of tax information (AEOI) on a reciprocal basis. (financial regulation)

2014-53: We will begin to exchange information automatically with each other [by 2017 or end-2018, subject to completing necessary legislative procedures.] (financial regulation)

2014-54: [We will begin to exchange information automatically with] other countries by 2017 or end-2018, subject to completing necessary legislative procedures (financial regulation)

2014-55: We will work with them [developing countries] to build their tax administration capacity (development)

2014-56: [We will work with them [developing countries] to] implement AEOI. (development)

2014-57: We endorse the 2015-16 G20 Anti-Corruption Action Plan that will support growth and resilience (crime and corruption)

2014-58: We commit to improve the transparency of the public [sectors by implementing the G20 High- Level Principles on Beneficial Ownership Transparency.] (crime and corruption)

2014-59: [We commit to improve the transparency of the] private sectors, [by implementing the G20 High- Level Principles on Beneficial Ownership Transparency] (crime and corruption)

2014-60: [We commit to improve the transparency of the] of beneficial ownership by implementing the G20 High- Level Principles on Beneficial Ownership Transparency (crime and corruption)

Strengthening global institutions

2014-61: We are committed to maintaining a strong, quota-based [International Monetary Fund (IMF)] (IFI reform)

2014-62: [We are committed to maintaining a] adequately resourced International Monetary Fund (IMF). (IFI reform)

2014-63: We reaffirm our commitment in St Petersburg (IFI reform)

2014-64: To help business make best use of trade agreements, we will work to ensure our bilateral, regional and plurilateral agreements complement one another (trade)

2014-65: [To help business make best use of trade agreements, we will work to ensure our bilateral, regional and plurilateral agreements] are transparent (trade)

2014-66: [To help business make best use of trade agreements, we will work to ensure our bilateral, regional and plurilateral agreements] contribute to a stronger multilateral trading system under World Trade Organization (WTO) rules. (trade)

2014-67: We commit to implement all elements of the Bali package (trade)

2014-68: [We commit] to swiftly define a WTO work programme on the remaining issues of the Doha Development Agenda to get negotiations back on track. (trade)

2014-69: We agreed to discuss ways to make the system work better when we meet next year. (trade)

2014-70: We will continue to provide aid-for-trade to developing countries in need of assistance. (development)

2014-71: We ask our energy ministers to meet and report to us in 2015 on options to take this work forward. (energy)

2014-72: [W]e will work to improve the functioning of gas markets (energy)

2014-73: We reaffirm our commitment to rationalise and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, recognising the need to support the poor (energy)

2014-74: We support strong and effective action to address climate change (climate change)

2014-75: Consistent with the United Nations Framework Convention on Climate Change (UNFCCC) and its agreed outcomes, our actions will support sustainable development (climate change)

2014-76: [Consistent with the United Nations Framework Convention on Climate Change (UNFCCC) and its agreed outcomes, our actions will support] economic growth (climate change)

2014-77: [Consistent with the United Nations Framework Convention on Climate Change (UNFCCC) and its agreed outcomes, our actions will support] certainty for business and investment (climate change)

2014-78: We will work together to adopt successfully a protocol, another legal instrument or an agreed outcome with legal force under the UNFCCC that is applicable to all parties at the 21st Conference of the Parties (COP21) in Paris in 2015. (climate change)

2014-79: We reaffirm our support for mobilising finance for adaptation [such as the Green Climate Fund.] (climate change)

2014-80: [We reaffirm our support for mobilising finance for] mitigation, such as the Green Climate Fund (climate change)

2014-81: [We are deeply concerned with the humanitarian and economic impact of the Ebola outbreak in Guinea, Liberia and Sierra Leone.] We support the urgent coordinated international response (health)

2014-82: [We are deeply concerned with the humanitarian and economic impact of the Ebola outbreak in Guinea, Liberia and Sierra Leone. We] have committed to do all we can to contain [this crisis] (health)

2014-83: [We are deeply concerned with the humanitarian and economic impact of the Ebola outbreak in Guinea, Liberia and Sierra Leone. We have committed to do all we can to] respond to this crisis (health)

2014-84: We remain resolute in our commitment to lift economic growth (macroeconomic policy)

2014-85: [We remain resolute in our commitment to] support job creation (labour and employment)

2014-86: [We remain resolute in our commitment to] promote development (development)

2014-87: [We remain resolute in our commitment to] build global confidence (macroeconomic policy)

G20 Brisbane Ebola Statement

2014-88: We fully support the UN Mission for Ebola Emergency Response's ongoing work to harness capacity to stop the outbreak (health)

2014-89: [We fully support the UN Mission for Ebola Emergency Response's ongoing work to] treat the infected (health)

2014-90: [We fully support the UN Mission for Ebola Emergency Response's ongoing work to] ensure essential services, (health)

2014-91: [We fully support the UN Mission for Ebola Emergency Response's ongoing work to] preserve stability (health)

2014-92: [We fully support the UN Mission for Ebola Emergency Response's ongoing work to] prevent further outbreaks and urge that it act swiftly to achieve these objectives. (health)

2014-93: G20 members are committed to do what is necessary to ensure the international effort can extinguish the outbreak (health)

2014-94: [G20 members are committed to do what is necessary to ensure the international effort can] address its medium-term economic costs (health)

2014-95: [G20 members are committed to do what is necessary to ensure the international effort can address its] humanitarian costs. (health)

2014-96: We will work through bilateral [channels] (health)

2014-97: [We will work through] regional [channels] (health)

2014-98: [We will work through] multilateral channels, (health)

2014-99: [We will work] in partnership with non-governmental stakeholders. (health)

2014-100: We will share our experiences of successfully fighting Ebola with our partners, including to promote safe conditions and training for health care and relief workers. (health)

2014-101: We will work to expedite the effective and targeted disbursement of funds [balancing between emergency and longer-term needs.] (health)

2014-102: [We will work to expedite the effective and targeted disbursement of] other assistance, balancing between emergency and longer-term needs. (health)

2014-103: G20 members recommit to full implementation of the WHO's International Health Regulations (IHR). (health)

2014-104: To this end, and in the context of our broader efforts to strengthen health systems globally, we commit to support others to implement the IHR (health)

2014-105: [To this end, and in the context of our broader efforts to strengthen health systems globally, we commit to support others to] build capacity to prevent, [to infectious diseases like Ebola.] (health)

2014-106: [To this end, and in the context of our broader efforts to strengthen health systems globally, we commit to support others to] detect [to infectious diseases like Ebola.] (health)

2014-107: [To this end, and in the context of our broader efforts to strengthen health systems globally, we commit to support others to] report early [to infectious diseases like Ebola.] (health)

2014-108: [To this end, and in the context of our broader efforts to strengthen health systems globally, we commit to support others to] rapidly respond to infectious diseases like Ebola. (health)

2014-109: We also commit to fight anti-microbial resistance. (health)

2014-110: [Interested G20 members] will report progress [by May 2015 at the World Health Assembly.] (health)

2014-111: [Interested G20 members will] announce a time frame by May 2015 at the World Health Assembly. (health)

2014-112: We invite all countries to join us in mobilising resources to strengthen national, [preparedness against the threat posed by infectious diseases to global health and strong, sustainable and balanced growth for all] (health)

2014-113: [We invite all countries to join us in mobilising resources to strengthen] regional [preparedness against the threat posed by infectious diseases to global health and strong, sustainable and balanced growth for all.] (health)

2014-114: [We invite all countries to join us in mobilising resources to strengthen] global preparedness against the threat posed by infectious diseases to global health and strong, sustainable and balanced growth for all. (health)

2014-115: We invite all countries to join us in mobilising resources to strengthen national, [preparedness against the threat posed by infectious diseases to] [strong, sustainable and balanced growth for all] (health)

2014-116: [We invite all countries to join us in mobilising resources to strengthen] regional [preparedness against the threat posed by infectious diseases to] [strong, sustainable and balanced growth for all.] (health)

2014-117: [We invite all countries to join us in mobilising resources to strengthen] global preparedness against the threat posed by infectious diseases to] strong, sustainable and balanced growth for all. (health)

Brisbane Action Plan – Commitments November 2014, A Blueprint for Growth

2014-118: We have agreed to work together to put forward policy measures on investment, [in addition to macroeconomic policies.] (macroeconomic policy)

2014-119: [We have agreed to work together to put forward policy measures on] competition, [in addition to macroeconomic policies.] (macroeconomic policy)

2014-120: [We have agreed to work together to put forward policy measures on] trade [in addition to macroeconomic policies.] (trade)

2014-121: [We have agreed to work together to put forward policy measures on] employment, in addition to macroeconomic policies. (labour and employment)

2014-122: We are determined to step up our cooperation to: provide significant new momentum to the global economy; (macroeconomic policy)

2014-123: [We are determined to step up our cooperation to:] boost demand and jobs; (macroeconomic policy)

2014-124: [We are determined to step up our cooperation to:] achieve sustained and more balanced growth, both internally and externally. (macroeconomic policy)

2014-125: We will continue our efforts to foster positive spillovers and we recognise the need to avoid negative ones. (macroeconomic policy)

Acting Together to Lift Growth and Create Jobs

2014-126: Our actions will boost non-G20 GDP by over 0.5 per cent by 2018. (development)

Improving Macroeconomic Cooperation and Outcomes

2014-127: We will ensure that our macroeconomic policy levers are appropriately calibrated to strengthen growth (macroeconomic policy)

2014-128: [We will ensure that our macroeconomic policy levers are appropriately calibrated to] create jobs (labour and employment)

2014-129: [We will ensure that our macroeconomic policy levers are appropriately calibrated to] achieve global rebalancing. (macroeconomic policy)

2014-130: [We are mindful of the global impact of our macroeconomic policies, understand their potential positive and negative spillovers within and outside the G20 and] will cooperate to manage spillovers. (macroeconomic policy)

2014-131: We will further strengthen and refine our domestic macroeconomic [policy frameworks] (macroeconomic policy)

2014-132: [We will further strengthen and refine our domestic] structural [policy frameworks] (macroeconomic policy)

2014-133: [We will further strengthen and refine our domestic] financial policy frameworks (financial regulation)

2014-134: [We will further strengthen and refine] other [domestic] complementary measures, including macro-prudential measures. (macroeconomic policy)

2014-135: We will continue to implement fiscal strategies flexibly to take into account near-term economic conditions, so as to support economic growth and job creation, while putting debt as a share of GDP on a sustainable path. (macroeconomic policy)

2014-136: We reiterate our commitment to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals (macroeconomic policy)

2014-137: [We reiterate our commitment to] avoid persistent exchange rate misalignments. (macroeconomic policy)

2014-138: We will refrain from competitive devaluation and will not target our exchange rates for competitive purposes. (macroeconomic policy)

2014-139: We will resist all forms of protectionism and keep our markets open. (trade)

2014-140: [We remain mindful of weak and uneven growth, and should the outlook warrant it:] all members stand ready to deploy a range of macroeconomic [measures beyond those in our comprehensive growth strategies to raise demand and supply;] (macroeconomic policy)

2014-141: [We remain mindful of weak and uneven growth, and should the outlook warrant it:] all members stand ready to deploy a range of structural measures beyond those in our comprehensive growth strategies to raise demand and supply; (macroeconomic policy)

2014-142: [We remain mindful of weak and uneven growth, and should the outlook warrant it:] members with investment needs will examine options for new investment in, but not limited to, infrastructure, consistent with fiscal sustainability; (macroeconomic policy)

2014-143: [We remain mindful of weak and uneven growth, and should the outlook warrant it:] emerging economies will continue to implement measures that safeguard their economies from volatility and make them more resilient; (macroeconomic policy)

2014-144: [We remain mindful of weak and uneven growth, and should the outlook warrant it:] all members will ensure that any macroeconomic responses remain well anchored in medium-term frameworks, including credible fiscal measures to ensure that confidence in the sustainability of public finances is not compromised. (macroeconomic policy)

2014-145: We will continue working together to strike the right balance between short and medium-term actions to achieve the goals of our comprehensive growth strategies. (macroeconomic policy)

Increasing and Fostering Investment

2014-146: Through our comprehensive growth strategies, we are committed to improving our domestic investment and financing climate, including intermediation processes, which are essential to attracting private sector investment. (infrastructure)

2014-147: We will also support work to improve the transparency and functioning of financial market instruments, such as securitisation, to promote financing, particularly for small and medium enterprises (SMEs). (infrastructure)

2014-148: We will address data gaps (infrastructure)

2014-149: [We will] improve information on project pipelines. (infrastructure)

2014-150: Our efforts to lift investment will continue into 2015 and beyond as part of the [Global Infrastructure Initiative] GII. (infrastructure)

2014-151: We will implement our existing commitments (infrastructure)

2014-152: [We] will work on ways to mobilise long-term financing for infrastructure. (infrastructure)

2014-153: To support implementation of the GII, we agree to establish a Global Infrastructure Hub with a four-year mandate. (infrastructure)

2014-154: We will continue our work on facilitating long-term investment financing by institutional investors including through the G20/OECD effective approaches. (infrastructure)

2014-155: We will also continue to work with multilateral development banks [to optimise use of their balance sheets to provide additional lending.] (development)

2014-156: [We will] encourage national development banks to optimise use of their z

Boosting Trade

2014-157: We will ensure our employment plans work alongside our comprehensive growth strategies to more effectively integrate macroeconomic and labour market policies. (macroeconomic policy)

2014-158: To achieve this we agree to the goal of reducing the gap in labour force participation rates between men and women in our countries by 25 per cent by 2025, taking into account national circumstances. (gender)

2014-159: We recognise the significance of this commitment and will seek the support of international organisations, led by the ILO and OECD, in measuring our progress. (labour and employment)

2014-160: We are renewing our collective commitment to fight youth unemployment which, if not addressed, can create lasting labour market disadvantage for youth. (labour and employment)

2014-161: We ask Labour and Employment Ministers to report back in 2015 on progress in reducing youth unemployment, reducing gaps in labour force participation and further developing and implementing their country employment plans. (labour and employment)

2014-162: The new Employment Working Group will develop terms of reference [regarding these priorities and other key issues which support higher levels of employment and participation.] (labour and employment)

2014-163: [The new Employment Working Group will develop] a work programme regarding these priorities and other key issues which support higher levels of employment and participation. (labour and employment)

Accountability

2014-164: Therefore, we will monitor [the implementation of our comprehensive growth strategies] (accountability)

2014-165: [We will] hold each other to account for the implementation of our comprehensive growth strategies. We will also continue to learn from each other's experiences in pursuing innovative and creative structural reforms. (accountability)

2014-166: We will focus our accountability assessment process on: implementation of our comprehensive growth strategies; (accountability)

2014-167: [We will focus our accountability assessment process on:] actual progress toward our 2 per cent growth ambition; (accountability)

2014-168: [We will focus our accountability assessment process on:] progress towards our shared goal of strong, sustainable and balanced growth. (accountability)

2014-169: In this context, we will continue to examine the issue of spillovers taking into account the IMF's work. (accountability)

2014-170: As agreed in Los Cabos, our assessments will remain country-owned and country-led and be based on a rigorous comply-or-explain approach. (accountability)

2014-171: A robust peer review process will continue to be at the core of our accountability assessments (accountability)

2014-172: we will produce an annual report on our progress. (accountability)

2014-173: We will assess our strategies to ensure that they remain an appropriate response to economic conditions. (accountability)

2014-174: To this end, our Finance Ministers and Central Bank Governors will report back to us on: progress towards implementation of our comprehensive growth strategies; (accountability)

2014-175: [To this end, our Finance Ministers and Central Bank Governors will report back to us on:] progress towards the Sydney Declaration; (accountability)

2014-176: [To this end, our Finance Ministers and Central Bank Governors will report back to us on:] an assessment of whether the G20 is moving closer to strong, sustainable and balanced growth. (accountability)

The G20 Global Infrastructure Initiative Commitments

2014-177: The Initiative will be a means to fulfil our commitment to create a climate that facilitates higher investment, particularly in quality infrastructure (infrastructure)

2014-178: [The Initiative will be a means to fulfil our commitment to create a climate that facilitates higher investment, particularly in] small and medium enterprises. (infrastructure)

2014-179: Under the Initiative, we will improve our domestic investment and financing environments, notably through implementation of key measures set out in members' comprehensive growth strategies (infrastructure)

2014-180: [Under the Initiative, we will improve our domestic investment and financing environments, notably through implementation of key measures set out in] outlined in the Brisbane Action Plan. (infrastructure)

2014-181: We have agreed on a set of voluntary leading practices to promote and prioritise quality investment (infrastructure)

2014-182: [We] will continue to facilitate long-term financing from institutional investors, including through voluntary implementation of the G20/OECD High-Level Principles of Long-Term Investment (infrastructure)

Financing by Institutional Investors.

2014-183: We will continue our efforts through the Initiative to improve the transparency [of securitisation markets to promote financing, including for small and medium enterprises.] (infrastructure)

2014-184: [We will continue our efforts through the Initiative to improve the] functioning of securitisation markets to promote financing, including for small and medium enterprises. (infrastructure)

2014-185: We will also undertake work to assess the development of infrastructure as an asset class. (infrastructure)

2014-186: We will also work with multilateral development banks to optimise use of their balance sheets to provide additional lending. (infrastructure)

2014-187: [We have also agreed to] developing a knowledge-sharing network to aggregate and share information on infrastructure projects and financing between governments, international organisations, development banks, national infrastructure institutions and the private sector (infrastructure)

2014-188: [We have also agreed to] addressing key data gaps that matter to investors; (infrastructure)

2014-189: [We have also agreed to] developing effective approaches to implement the voluntary G20 Leading Practices on Promoting and Prioritising Quality Investment, including model documentation covering project identification, preparation and procurement; (infrastructure)

2014-190: [We have also agreed to] building the capacity of officials to improve institutional arrangements for infrastructure by sharing best practice approaches; (infrastructure)

2014-191: [We have also agreed to] enhancing investment opportunities by developing a consolidated database of infrastructure projects, connected to national and relevant multilateral development bank databases, to help match potential investors with projects. (infrastructure)

G20 Principles on Energy Collaboration

2014-192: Sharing a common understanding that the international energy architecture needs to reflect better the changing realities of the world energy landscape, we, the leaders of the G20 countries, agree to work together to:

2014-193: G20 countries, agree to work together to: Ensure access to affordable and reliable energy for all. (energy)

2014-194: [G20 countries, agree to work together to:] Make international energy institutions more representative and inclusive of emerging and developing economies. (energy)

2014-195: [G20 countries, agree to work together to:] Encourage and facilitate well-functioning, open, competitive, efficient, stable and transparent energy markets that promote energy trade (energy)

2014-196: [G20 countries, agree to work together to: Encourage and facilitate well-functioning, open, competitive, efficient, stable and transparent energy markets that promote energy] investment. (energy)

2014-197: [G20 countries, agree to work together to:] Encourage and facilitate the collection and dissemination of high quality energy data and analysis. (energy)

2014-198: [G20 countries, agree to work together to:] Enhance energy security through dialogue and cooperation on issues such as emergency response measures. (energy)

2014-199: [G20 countries, agree to work together to:] Rationalise and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, over the medium term, while being conscious of the necessity to provide targeted support for the poor. (energy)

2014-200: [G20 countries, agree to work together to:] Support sustainable growth and development, consistent with our climate activities and commitments, including by promoting cost-effective energy efficiency (energy)

2014-201: [G20 countries, agree to work together to: Support sustainable growth and development, consistent with our climate activities and commitments, including by promoting cost-effective] renewables (energy)

2014-202: [G20 countries, agree to work together to: Support sustainable growth and development, consistent with our climate activities and commitments, including by promoting cost-effective] clean energy. (energy)

2014-203: [G20 countries, agree to work together to:] Encourage and facilitate the design, development, demonstration [of innovative energy technologies, including clean energy technologies.] (energy)

2014-204: [G20 countries, agree to work together to: Encourage and facilitate the] widespread deployment of innovative energy technologies, including clean energy technologies. (energy)

2014-205: [G20 countries, agree to work together to:] Enhance coordination between international energy institutions and minimize duplication where appropriate. (energy)

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2015 Antalya Summit

Total = 113

G20 Leaders' Communiqué

Introduction

2015-1: We are firm in our resolve to ensure growth is robust (macroeconomic policy)

2015-2: [We are firm in our resolve to ensure growth is] inclusive (social policy)

2015-3: [We are firm in our resolve to ensure growth] delivers more and better quality jobs (labour and employment)

Strengthening the Recovery and Lifting the Potential

2015-4: We will continue to implement sound macroeconomic policies in a cooperative manner to achieve strong, sustainable and balanced growth. (macroeconomic policy)

2015-5: We reiterate our commitment to implement fiscal policies flexibly to take into account near-term economic conditions, so as to support growth and job creation, while putting debt as a share of GDP on a sustainable path. (macroeconomic policy)

2015-6: We will also consider the composition of our budget expenditures and revenues to support productivity, inclusiveness and growth. (macroeconomic policy)

2015-7: We remain committed to promote global rebalancing. (macroeconomic policy)

2015-8: We will carefully calibrate and clearly communicate our actions, especially against the backdrop of major monetary and other policy decisions, to mitigate uncertainty (macroeconomic policy)

2015-9: [We will carefully calibrate and clearly communicate our actions] minimize negative spillovers (macroeconomic policy)

2015-10: [We will carefully calibrate and clearly communicate our actions] promote transparency. (macroeconomic policy)

2015-11: we will promote financial stability through appropriate frameworks, including by ensuring an adequate global financial safety net, while reaping the benefits of financial globalization. (macroeconomic policy)

2015-12: We reaffirm our previous exchange rate commitments and will resist all forms of protectionism. (macroeconomic policy)

2015-13: We remain committed to achieving our ambition to lift collective G20 GDP by an additional 2 percent by 2018 as announced in Brisbane last year. (macroeconomic policy)

2015-14: We will strive more and take prompt action to expedite implementation of our remaining commitments. (macroeconomic policy)

2015-15: we will continue to closely monitor the implementation of our commitments through the robust framework we developed this year. (accountability)

2015-16: We will also continue reviewing and adjusting our growth strategies to ensure that they remain relevant to evolving economic conditions, (macroeconomic policy)

2015-17: [We will also continue reviewing and adjusting our growth strategies to ensure that they remain relevant to] policy priorities (macroeconomic policy)

2015-18: [We will also continue reviewing and adjusting our growth strategies to ensure that they remain relevant to] structural challenges, (macroeconomic policy)

2015-19: [We will also continue reviewing and adjusting our growth strategies to ensure that they remain relevant] in particular slow productivity growth, (macroeconomic policy)

2015-20: [We will also continue reviewing and adjusting our growth strategies to ensure that they remain] consistent with our collective growth ambition (macroeconomic policy)

2015-21: We are committed to ensure that growth is inclusive, job-rich and benefits all segments of our societies. (labour and employment)

2015-22: [We] commit to implementing its priorities to make labour markets more inclusive as outlined by the G20 Policy Priorities on Labour Income Share and Inequalities. (labour and employment)

2015-23: We are determined to support the better integration of our young people into the labour market including through the promotion of entrepreneurship. (labour and employment)

2015-24: Building on our previous commitments and taking into account our national circumstances, we agree to the G20 goal of reducing the share of young people who are most at risk of being permanently left behind in the labour market by 15% by 2025 in G20 countries. (labour and employment)

2015-25: We will continue monitoring the implementation of our Employment Plans as well as our goals to reduce gender participation gap (labour and employment)

2015-26: [We will continue] to foster safer and healthier workplaces also within sustainable global supply chains. (labour and employment)

2015-27: We will address current opportunities and challenges brought into the labour markets through such issues as international labour mobility (labour and employment)

2015-28: [We will address current opportunities and challenges brought into the labour markets through] the ageing of populations (labour and employment)

2015-29: We recognize and will further explore the potential of a flourishing silver economy. (social policy)

2015-30: We therefore reaffirm our strong commitment to better coordinate our efforts to reinforce trade and investment, including through our Adjusted Growth Strategies (macroeconomic policy)

2015-31: We support policies that allow firms of all sizes, particularly SMEs, in countries at all levels of economic development to participate in and take full advantage of GVCs (macroeconomic policy)

2015-32: We further reaffirm our longstanding commitment to standstill and rollback on protectionist measures (trade)

2015-33: [We] will remain vigilant by monitoring our progress. (accountability)

2015-34: We remain committed to a strong and efficient multilateral trading system (trade)

2015-35: we reiterate our determination to work together to improve its functioning. (trade)

2015-36: We are committed to working together for a successful Nairobi Ministerial Meeting that has a balanced set of outcomes, including on the Doha Development Agenda, and provides clear guidance to post-Nairobi work. (trade)

2015-37: We will continue our efforts to ensure that our bilateral [trade agreements] [are transparent and inclusive] (trade)

2015-38: We will continue our efforts to ensure that our bilateral [trade agreements] complement one another (trade)

2015-39: We will continue our efforts to ensure that our bilateral [trade agreements] are consistent with and contribute to a stronger multilateral trade system under WTO rules. (trade)

2015-40: [We will continue our efforts to ensure that our] regional [trade agreements] [are transparent and inclusive] (trade)

2015-41: [We will continue our efforts to ensure that our] regional [trade agreements] complement one another (trade)

2015-42: [We will continue our efforts to ensure that our] regional [trade agreements] are consistent with and contribute to a stronger multilateral trade system under WTO rules. (trade)

2015-43: [We will continue our efforts to ensure that our] plurilateral trade agreements complement one another, (trade)

2015-44: [We will continue our efforts to ensure that our] plurilateral trade agreements are transparent and inclusive (trade)

2015-45: [We will continue our efforts to ensure that our] plurilateral trade agreements are consistent with and contribute to a stronger multilateral trade system under WTO rules. (trade)

2015-46: We emphasize the important role of trade in global development efforts and will continue to support mechanisms such as aid for trade in developing countries in need of capacity building assistance. (trade)

Enhancing resilience

2015-47: We will continue to monitor and, if necessary, address emerging risks and vulnerabilities in the financial system, many of which may arise outside the banking sector. (financial regulation)

2015-48: we will further strengthen oversight and regulation of shadow banking to ensure resilience of market-based finance, in a manner appropriate to the systemic risks posed. (financial regulation)

2015-49: We will expedite our efforts to make further progress in implementing the over-the-counter (OTC) derivatives' reforms, including by encouraging jurisdictions to defer to each other, when it is justified in line with the St. Petersburg Declaration. (financial regulation)

2015-50: we are committed to full and consistent implementation of the global financial regulatory framework in line with the agreed timelines, (financial regulation)

2015-51: [We] will continue to monitor and address uneven implementation across jurisdictions. (financial regulation)

2015-52: We will continue to review the robustness of the global regulatory framework (financial regulation)

2015-53: [We will continue] to monitor and assess the implementation and effects of reforms and their continued consistency with our overall objectives, including by addressing any material unintended consequences, particularly for emerging markets and developing economies (EMDEs). (financial regulation)

2015-54: we reaffirm our previous commitments to information exchange on-request as well as to automatic exchange of information by 2017 or end-2018. (financial regulation)

2015-55: We support the efforts for strengthening developing economies' engagement in the international tax agenda. (development)

2015-56: we remain committed to building a global culture of intolerance towards corruption through effectively implementing the 2015-2016 G20 Anti-Corruption Action Plan. (crime and corruption)

2015-57: We will further work to strengthen international cooperation, including where appropriate and consistent with domestic legal systems, on civil and administrative procedures, as an important tool to effectively combat bribery (crime and corruption)

2015-58: [We will further work to strengthen international cooperation, including where appropriate and consistent with domestic legal systems, on civil and administrative procedures, as an important tool] to support asset recovery (crime and corruption)

2015-59: [We will further work to strengthen international cooperation, including where appropriate and consistent with domestic legal systems, on civil and administrative procedures, as an important tool to support] the denial of safe haven to corrupt officials and those who corrupt them. (crime and corruption)

2015-60: We reaffirm our commitment to maintaining a strong, quota-based and adequately resourced IMF. (IFI reform)

2015-61: We reaffirm our agreement that the heads and senior leadership of all international financial institutions should be appointed through an open, transparent and merit-based process (IFI reform)

Buttressing Sustainability

2015-62: we remain committed to ensuring our actions contribute to inclusive and sustainable growth, including in low income developing countries. (development)

2015-63: We are strongly committed to implementing its outcomes to ensure that no-one is left behind in our efforts to eradicate poverty and build an inclusive and sustainable future for all. We will develop an action plan in 2016 to further align our work with the 2030 Agenda. (development)

2015-64: We endorse the G20 Action Plan on Food Security and Sustainable Food Systems, which underlines our commitment to improve global food security and nutrition and ensure the way we produce, consume and sell food is economically, socially and environmentally sustainable. (food and agriculture)

2015-65: We will pay particular attention to the needs of smallholder and family farmers, rural women and youth. (food and agriculture)

2015-66: We also commit to reducing food loss and waste globally. (food and agriculture)

2015-67: Our G20 National Remittance Plans developed this year include concrete actions towards our commitment to reduce the global average cost of transferring remittances to five percent with a view to align with the SDGs and Addis Ababa Action Agenda. (development)

2015-68: In this first phase, we will cooperate and collaborate with African countries [on policy and regulatory environments] [taking into consideration national needs and contexts.] (development)

2015-69: In this first phase, we will cooperate and collaborate with African countries on [technology development and deployment] [taking into consideration national needs and contexts.] (development)

2015-70: In this first phase, we will cooperate and collaborate with African countries on [investment and finance] [taking into consideration national needs and contexts.] (development)

2015-71: In this first phase, we will cooperate and collaborate with African countries on [capacity building] [taking into consideration national needs and contexts.] (development)

2015-72: In this first phase, we will cooperate and collaborate with African countries on [regional integration and cooperation, taking into consideration national needs and contexts.] (development)

2015-73: [In this first phase, we will cooperate and collaborate with] relevant regional [organizations] [on policy and regulatory environments] [taking into consideration national needs and contexts.] (development)

2015-74: [In this first phase, we will cooperate and collaborate with] relevant regional [organizations] on [technology development and deployment] [taking into consideration national needs and contexts.] (development)

2015-75: In this first phase, we will cooperate and collaborate with relevant regional [organizations] on [investment and finance] [taking into consideration national needs and contexts.] (development)

2015-76: In this first phase, we will cooperate and collaborate with relevant regional [organizations] on [capacity building] [taking into consideration national needs and contexts.] (development)

2015-77: In this first phase, we will cooperate and collaborate with relevant regional [organizations] on [regional integration and cooperation, taking into consideration national needs and contexts.] (development)

2015-78: [In this first phase, we will cooperate and collaborate with] international organizations on policy and regulatory environments (development)

2015-79: [In this first phase, we will cooperate and collaborate with] international organizations on [technology development and deployment] [taking into consideration national needs and contexts.] (development)

2015-80: [In this first phase, we will cooperate and collaborate with] international organizations on [investment and finance] [taking into consideration national needs and contexts.] (development)

2015-81: [In this first phase, we will cooperate and collaborate with] international organizations on capacity building [taking into consideration national needs and contexts.] (development)

2015-82: [In this first phase, we will cooperate and collaborate with] international organizations on regional integration and cooperation, taking into consideration national needs and contexts (development)

2015-83: We will continue to promote transparent, competitive and well-functioning energy markets, including gas markets. (energy)

2015-84: We reaffirm our commitment to rationalise and phase-out inefficient fossil fuel subsidies that encourage wasteful consumption, over the medium term, recognising the need to support the poor. (energy)

2015-85: We will endeavour to make enhanced progress in moving forward this commitment. (energy)

2015-86: We affirm our determination to adopt a protocol, another legal instrument or an agreed outcome with legal force under the UNFCCC that is applicable to all Parties. Our actions will support growth and sustainable development. (climate change)

2015-87: We underscore our commitment to reaching an ambitious agreement in Paris that reflects the principle of common but differentiated responsibilities and respective capabilities, in light of different national circumstances. (climate change)

2015-88: We commit to work together for a successful outcome of the COP21 (climate change)

2015-89: We commit to continue further strengthening our support for all efforts to provide protection [for the unprecedented numbers of refugees and internally displaced persons in various parts of the world] (development)

2015-90: [We commit to continue further strengthening our support for all efforts to provide] assistance [for the unprecedented numbers of refugees and internally displaced persons in various parts of the world] (development)

2015-91: [We commit to continue further strengthening our support for all efforts] to find durable solutions for the unprecedented numbers of refugees and internally displaced persons in various parts of the world (development)

2015-92: We will work with other states to strengthen our long term preparedness and capacity to manage migration and refugee flows (development)

2015-93: We commit ourselves to bridge the digital divide. (Information and communication)

2015-94: We are committed to help ensure an environment in which all actors are able to enjoy the benefits of secure use of ICTs. (Information and communication)

Conclusion

2015-95: We remain resolute to continue our collective action to lift actual and potential growth of our economies (macroeconomic policy)

2015-96: [We remain resolute to continue our collective action to] support job creation (labour and employment)

2015-97: [We remain resolute to continue our collective action to] strengthen resilience (macroeconomic policy)

2015-98: [We remain resolute to continue our collective action to] promote development (development)

2015-99: [We remain resolute to continue our collective action to] enhance inclusiveness of our policies. (social policy)

2015-100: We agree that attention should be given to global health risks, such as antimicrobial resistance, infectious disease threats and weak health systems. These can significantly impact growth and stability. Building on the Brisbane Statement, we underscore the importance of a coordinated international response and reiterate our resolve to tackle these issues to fight the adverse impacts on the global economy (health)

2015-101: [we] will discuss the terms of reference to deal with this issue in the G20 next year. (health)

G20 Statement on the Fight Against Terrorism

2015-102: We reaffirm our solidarity and resolve in the fight against terrorism in all its forms and wherever it occurs. (terrorism)

2015-103: We remain united in combatting terrorism (terrorism)

2015-104: we reiterate our resolve to work together to prevent [terrorist acts through increased international solidarity and cooperation, in full recognition of the UN's central role, and in accordance with UN Charter and obligations under international law, including international human rights law, international refugee law and international humanitarian law, as well as through the full implementation of the relevant international conventions, UN Security Council Resolutions and the UN Global Counter Terrorism Strategy.] (terrorism)

2015-105: [we reiterate our resolve to work together to] suppress terrorist acts through increased international solidarity and cooperation, in full recognition of the UN's central role, and in accordance with UN Charter and obligations under international law, including international human rights law, international refugee law and international humanitarian law, as well as through the full implementation of the relevant international conventions, UN Security Council Resolutions and the UN Global Counter Terrorism Strategy. (terrorism)

2015-106: We also remain committed to tackling the financing channels of terrorism, particularly by enhanced cooperation on exchange of information (terrorism)

2015-107: [We also remain committed to tackling the financing channels of terrorism, particularly by] freezing of terrorist assets, (terrorism)

2015-108: [We also remain committed to tackling the financing channels of terrorism, particularly by] criminalization of terrorist financing (terrorism)

2015-109: [We also remain committed to tackling the financing channels of terrorism, particularly by] robust targeted financial sanctions regimes related to terrorism and terrorist financing, including through swift implementation of Financial Action Task Force (FATF) standards in all jurisdictions. (terrorism)

2015-110: We will continue to implement relevant FATF recommendations and instruments. (terrorism)

2015-111: We are resolved to address this threat by enhancing our cooperation [to prevent and tackle this phenomenon, including operational information-sharing, border management to detect travel, preventive measures and appropriate criminal justice response.] (terrorism)

2015-112: [We are resolved to address this threat by] developing relevant measures to prevent and tackle this phenomenon, including operational information-sharing, border management to detect travel, preventive measures and appropriate criminal justice response. (terrorism)

2015-113: We will work together to strengthen global aviation security. (terrorism)

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