G20 St Andrews Meeting of Finance Ministers and Central Bank Governors: Communique, 7 November 2009

Sectors : Economic governance and public finance management, Financial Institutions, markets, services and microfinance, Employment and Training, Climate change financing
Date made: 
2009
Level: 
Ministerial

Commitments

Commitments in: Governance - Economic governance and public finance management

“4. ...we also commit to develop further our strategies for managing the withdrawal from our extraordinary macroeconomic and financial support measures. We agreed to cooperate and coordinate, taking into account any spillovers caused by our strategies, and consulting and sharing information where possible. To ensure credibility, our plans will be based on prudent assumptions and communicated promptly and transparently...

5. ...To this end, we reaffirmed our commitment to: deliver the representation and governance reforms agreed in Pittsburgh and reiterated the deadlines of the 2010 Spring Meetings for the World Bank and January 2011 for the IMF; complete the 2008 quota and voice reforms; complete the review of World Bank and RDB capital to ensure they have sufficient resources conditional on reforms to ensure effectiveness, by the first half of 2010; make progress on reviewing the mandate of the IMF; and, strengthen their capability to prevent and manage future crises...We call on the relevant institutions to finalise their work on ways to avoid excessive commodity price volatility and reaffirm our commitment to publish national data.”
 

Scope: 
International

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

“1. We, the G20 Finance Ministers and Central Bank Governors, met at a critical point in the recovery from the crisis to deliver the work remitted to us at Pittsburgh.

2. Economic and financial conditions have improved following our coordinated response to the crisis. However, the recovery is uneven and remains dependent on policy support, and high unemployment is a major concern. To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured.”
 

Scope: 
International

“3. To underscore our new approach to economic cooperation, we launched the G20 Framework for Strong, Sustainable and Balanced Growth...We agreed a compact:

• to set out our national and regional policy frameworks, programmes and projections by the end of January 2010;
• to conduct the initial phase of our cooperative mutual assessment process, supported by IMF and World Bank analyses, of the collective consistency of our national and regional policies with our shared objectives, taking into account our institutional arrangements, in April 2010;
• to develop a basket of policy options to deliver those objectives, for Leaders to consider at their next Summit in June 2010; and,
• to refine our mutual assessment and develop more specific policy recommendations for Leaders at their Summit in November 2010.”
 

Scope: 
International

“6. To continue strengthening the global financial system we agreed to work with the FSB to maintain the momentum of our programme of reforms, and ensure their full, timely and consistent implementation and a level playing field, in particular:

...• to ensure that compensation policies and practices support financial stability and align with long-term value creation, we commit to incorporate urgently within our national frameworks the FSB standards, and call on firms to implement these sound compensation practices immediately. The FSB will start assessing implementation without delay and report back with further proposals, as required, by March 2010;...”
 

Scope: 
International

Commitments in: Climate Change - Climate change financing

“...7. We committed to take action to tackle the threat of climate change and work towards an ambitious outcome in Copenhagen, within the objective, provisions and principles of the United Nations Framework Convention on Climate Change (UNFCCC)...

...We discussed a range of options and, recognising that finance will play an important role in the delivery of the outcome at Copenhagen, we commit to take forward further work on climate change finance, to define financing options and institutional arrangements.”

 

Scope: 
International