Goals and accomplishments at past G-20 Summits:Washington D.C.
November 12, 2010
* Date: Saturday, Nov. 14-15, 2008
* Participants:
-G-20 members: G-8 + Korea, China, India, Australia, Brazil, Mexico, Indonesia, Argentina, Turkey, Saudi Arabia, South Africa, EU (Spain, Netherlands)
-International Organizations: UN, IMF, World Bank, Financial Stability Forum
The leaders from the G-20 countries, which represents 85 percent of the world’s economic output, met in Washington to mark the first-ever G-20 Summit. The group was to discuss the root causes of the global financial crisis and to review actions taken afterward. Among other agenda items were a commitment to fend off protectionism and reform financial regulations.
It was the first time that the G-8 nations and 12 other countries came together for a common goal. The meeting began with a realization that global collaboration was needed to overcome the crisis and that the G-8 was insufficient to solve the problems.
It was perhaps the biggest gathering of presidents and prime ministers in almost a decade.
The summit’s outcome included strengthening policy cooperation among the G-20 nations in areas such as monetary policy to stimulate the real economy; reforming financial markets by strengthening transparency and accountability; and reforming international financial institutions.
The nations agreed that they would work to increase IMF resources and facilitate early-warning exercises to improve the fund’s ability to respond effectively to financial crises.
They also decided to enhance the status of emerging and developing countries in international organizations, such as the IMF and World Bank and other multilateral financial institutions, to reflect the changing economic weight of emerging countries.
They agreed to pursue more spending on green growth and other areas of sustainable development.
Goals and accomplishments at past G-20 Summits:London
November 12, 2010
* Date: Thursday, April 2, 2009 * Participants:
-G-20 members: G-8 + Korea, China, India, Australia, Brazil, Mexico, Indonesia, Argentina, Turkey, Saudi Arabia, South Africa, EU (Czech Republic)
-Invited: Spain, Netherlands -International Organizations: Asean, Nepad, WTO, UN, IMF, World Bank, Financial Stability Forum
The London summit was held at a time when the global economy was experiencing its worst crisis since World War II. Building on the results of the Washington summit, the leaders aimed to again discuss ways to take collective action toward economic recovery and job creation.
Among the major agenda items were to take efforts to restore economic growth and employment recovery and to inject an economic stimulus of $5 trillion by the end of 2010; to pursue reform and reinforcement of financial supervision and regulations to prevent another “too-big-to-fail” problem; and to avoid protectionism and promote international trade and investment.
At the end of the summit, the leaders sent out a communique that was divided into three main topics: strengthening the financial system, establishing funding through international financial institutions, and reporting on the implementation of action plans.
They decided to pursue coordinated expansionary fiscal policy for economic and employment growth. The role of the IMF was expanded to include surveillance and early warnings. The countries agreed to seek regulatory reform and to dispose of nonperforming assets to eliminate future uncertainties. The Financial Stability Forum (FSF) was re-established as the Financial Stability Board (FSB).
They also decided to adopt practical measures to avoid protectionism and to give out $1.1 trillion for emerging and developing economies to help them recover from the global financial crisis.
Goals and accomplishments at past G-20 Summits:Pittsburgh
November 12, 2010
* Date: Thursday, Sept. 24-25, 2009 * Participants:
-G-20 members: G-8 + Korea, China, India, Australia, Brazil, Mexico, Indonesia, Argentina, Turkey, Saudi Arabia, South Africa, EU (Sweden)
-Invited: Spain, Netherlands
-International Organizations: Asean, Nepad, WTO, UN, IMF, World Bank, Financial Stability Forum
At the Pittsburgh G-20 Summit, leaders reviewed the progress made since the Washington and London.
The Pittsburgh summit produced a victory for emerging economies with an agreement to turn the G-20 Summit into an annual event and a major arena for discussing the global economy, thereby replacing the G-8 format.
Among the agenda items were pursuing exit strategies with international collaboration once economic recovery is certain, consent on the foundation of a collaborative system for strong, sustainable and balanced growth, and reform of international financial regulations.
During the summit, the United States and Europe narrowed differences on issues including limiting salaries for bankers, which Europeans pushed strongly for. The U.S. initially wanted to deal with the issue by backing higher capital requirements rather than limiting salaries.
One of the outcomes of the summit was to meet in Canada in June 2010, Korea in November 2010 and France in 2011.
The members also agreed to meet annually starting in 2011.
One of the major achievements at the summit was reform of international financial institutions. G-20 members committed to shifting at least 3 percent of voting power from developed to developing countries.
G-20 members agreed to reform compensation practices at financial firms and in over-the-counter derivatives markets.
Goals and accomplishments at past G-20 Summits:Toronto
November 12, 2010
* Date: Saturday, June 26-27, 2010 * Participants:
-G-20 members: G-8 + Korea, China, India, Australia, Brazil, Mexico, Indonesia, Argentina, Turkey, Saudi Arabia, South Africa, EU (Belgium)
-Invited: Spain, Netherlands, Nigeria
-International Organizations: African Union, Asean, Nepad, WTO, UN, IMF, World Bank, Financial Stability Board, International Labour Organization, OECD
At the Toronto summit, Korea contributed greatly to elevating the creation of global financial safety nets as a major agenda item for further discussion, especially at the Seoul summit. The IMF decided to increase the duration and credit available under the existing Flexible Credit Line for member countries with strong economic fundamentals and policies. It also created the Precautionary Credit Line for members with sound economic policies but that don’t meet the FCL’s more stringent requirements.
Among the major agenda items were advanced economies pursuing fiscal consolidation to reduce debt, upgrading regulations on bank capital and liquidity, and reforming IMF quotas.
The G-20 members promised to halve their deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. They also decided to safeguard and strengthen the recovery, lay the foundation for strong, sustainable and balanced growth and strengthen financial systems against risks. But they failed to reach a consensus on creating a bank levy, leaving the issue to be decided by each country.
They agreed to address global economic imbalance, which could be the biggest agenda item in Seoul. They also agreed that advanced deficit economies should take action to boost national savings while advanced surplus economies should focus on structural reforms that support increased domestic demand. It was also the first time the issue of exchange rates was mentioned.
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