A communiqué has been published following a meeting of G20 Finance Ministers and Central Bank Governors in London on 4-5 September 2009.
Points in the communiqué include:
- Financial markets are stabilising and the global economy is improving but the G20 remains cautious about the outlook for growth and jobs.
- It is vital for growth that the G20 acts to support lending, including dealing with impaired assets and conducting robust stress tests where necessary.
- The G20 will work to address excessive commodity price volatility by improving the functioning and transparency of physical and financial markets and promoting closer dialogue between producer and consumer countries.
- The G20 agreed the need for a transparent and credible process for withdrawing the extraordinary fiscal, monetary and financial sector support as recovery becomes firmly secured.
- Significant progress has been made in strengthening international financial institutions (IFIs) but more needs to be done.
- The G20 is close to completing the delivery of $850 billion of additional resources agreed in April 2009.
- The G20 welcomed the overhaul of the IMF’s lending facilities.
- The G20 looks forward to prompt implementation of the 2008 IFI governance reforms, and will complete World Bank reforms by the Spring of 2010 and the next IMF quota review by January 2011.
View G20 communiqué UK, 5 September 2009