G20 Meeting of Finance Ministers and Central Bank Governors: Communique, Gyeongju, Republic of Korea, 23 October 2010

Sectors : Aid volume, Employment and Training, Financial Institutions, markets, services and microfinance, Transparency and accountability, International trade: market access, subsidies and aid for trade, Sustainable development
Organisation : G20
Date made: 
2010
Level: 
Ministerial

Commitments in: Financing for Development - Aid volume

 “7. We look forward to the multi-year action plan of the G-20 Working Group on Development to promote inclusive and sustainable economic growth and resilience in developing countries. We are committed to meeting the Millennium Development Goals by 2015 and will reinforce our efforts to this end, including through the use of the Official Development Assistance. We reaffirm our commitment to an ambitious replenishment of the World Bank’s International Development Association. We welcomed the progress of the Global Agriculture and Food Security Program in rapidly scaling up agriculture assistance in several developing countries and invite further contributions.”

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 with a sense of urgency to fully address the economic challenges facing us today in preparation for the Seoul Summit.

2. The global economic recovery continues to advance, albeit in a fragile and uneven way. Growth has been strong in many emerging market economies, but the pace of activity remains modest in many advanced economies....We are all committed to play our part in achieving strong, sustainable and balanced growth in a collaborative and coordinated way. Specifically, we will:

pursue structural reforms to boost and sustain global demand, foster job creation and increase growth potential;

complete financial repair and regulatory reforms without delay;

in advanced countries, formulate and implement clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plans in line with the Toronto Summit commitments, differentiated according to national circumstances...

...continue with monetary policy which is appropriate to achieve price stability and thereby contributes to the recovery;

move towards more market determined exchange rate systems that reflect underlying economic fundamentals and refrain from competitive devaluation of currencies...”

 
Scope: 
International

 “4. We have made significant strides since the adoption of the Action Plan to Implement Principles for Reform at the Washington Summit in November 2008, with support from the FSB. We are committed to take action at the national and international level to raise standards, 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. To build a stronger global financial system, we have agreed to prioritize the following issues on the agenda for the Seoul Summit:

Welcome and commit to fully implement within the agreed timeframe the new bank capital and liquidity framework drawn up by the Basel Committee and the Governors and Heads of Supervision.

Endorsement of the FSB’s recommendations to increase supervisory intensity and effectiveness.

Endorsement of the policy framework, work processes and timelines proposed by the FSB to mitigate the risks posed by Systemically Important Financial Institutions and address the 'too big- to-fail' problems.

Commitment to implement all aspects of the G20 financial regulation agenda, in an internationally consistent and non-discriminatory manner, including the commitments on OTC derivatives, compensation practices and accounting standards and FSB principles on reducing reliance on credit rating agencies.

Further work on macro-prudential policy frameworks, including tools to help mitigate the impact of excessive capital flows; the reflection of the perspective of emerging market economies in financial regulatory reforms, including through increased outreach; commodity derivative markets; shadow banking; and market integrity.

Pursue our work decisively to tackle Non-Cooperative Jurisdictions.”

 
Scope: 
International

Commitments in: Trade - International trade: market access, subsidies and aid for trade

 “2.....We are all committed to play our part in achieving strong, sustainable and balanced growth in a collaborative and coordinated way. Specifically, we will:

...continue to resist all forms of protectionist measures and seek to make significant progress to further reduce barriers to trade; and

strengthen multilateral cooperation to promote external sustainability and pursue the full range of policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels...” 

 
Scope: 
International

Commitments in: Environment - Sustainable development

 “9. We noted the progress made on rationalizing and phasing out inefficient fossil fuel subsidies and promoting energy market transparency and stability and agreed to monitor and assess progress towards this commitment at the Seoul Summit.”

Scope: 
International