G20 Pittsburgh Summit Leaders' Statement, 24 September 2009

Sectors : Economic governance and public finance management, Education capacity, Employment and Training, General health and health funding, International partnerships and support for Pan-African institutions, International trade: market access, subsidies and aid for trade, Financial Institutions, markets, services and microfinance, Sustainable development, Mitigation and low carbon growth, Transparency and accountability
Organisation : G20
Date made: 
2009
Level: 
Ministerial
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Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“ANNEX: Core Values for Sustainable Economic Activity

…2. We, the Leaders of the countries gathered for the Pittsburgh Summit, recognize that concerted action is needed to help our economies get back to stable ground and prosper tomorrow. We commit to taking responsible actions to ensure that every stakeholder – consumers, workers, investors, entrepreneurs – can participate in a balanced, equitable, and inclusive global economy.

3. We share the overarching goal to promote a broader prosperity for our people through balanced growth within and across nations; through coherent economic, social, and environmental strategies; and through robust financial systems and effective international collaboration.

5. We also agree that certain key principles are fundamental, and in this spirit we commit to respect the following core values:

- We have a responsibility to ensure sound macroeconomic policies that serve long-term economic objectives and help avoid unsustainable global imbalances.
- We have a responsibility to reject protectionism in all its forms, support open markets, foster fair and transparent competition, and promote entrepreneurship and innovation across countries.
- We have a responsibility to ensure, through appropriate rules and incentives, that financial and other markets function based on propriety, integrity and transparency and to encourage businesses to support the efficient allocation of resources for sustainable economic performance.
- We have a responsibility to provide for financial markets that serve the needs of households, businesses and productive investment by strengthening oversight, transparency, and accountability.
- We have a responsibility to secure our future through sustainable consumption, production and use of resources that conserve our environment and address the challenge of climate change.

We have a responsibility to invest in people by providing education, job training, decent work conditions, health care and social safety net support, and to fight poverty, discrimination, and all forms of social exclusion.

 We have a responsibility to recognize that all economies, rich and poor, are partners in building a sustainable and balanced global economy in which the benefits of economic growth are broadly and equitably shared. We also have a responsibility to achieve the internationally agreed development goals.

 We have a responsibility to ensure an international economic and financial architecture that reflects changes in the world economy and the new challenges of globalization.”
 

Scope: 
International