The top ten outcomes from the G20 London Summit – a Global Plan for Recovery and Reform
I. A global plan: an agreed global plan for recovery endorsed by countries representing 85 percent of the world’s GDP.
II. Restoring growth and jobs: deliver a $5 trillion fiscal expansion, to raise output by 4 percent by the end of next year, commit to take whatever action is necessary to secure a faster return to trend growth. International Monetary Fund (IMF) to assess regularly the actions taken and actions required.
III. Additional resources: $1 trillion through the IMF, other international financial institutions (IFIs) and in trade finance to help kickstart the global economy, meet balance of payment needs and provide social support for countries in crisis.
IV. Help for the poorest: agreements worth $50 billion in support for the poorest countries including through Special Drawing Rights, IMF gold sales and trade finance. a firm recommitment to achieve our aid promises and support for a World Bank vulnerability fund.
V. Stopping the next crisis: created a new financial stability board to spot risks, agreed regulation of credit agencies and hedge funds, new commitments on capital and new rules on pay and bonuses.
VI. Crackdown on tax havens: agree to take action against tax havens including tough sanctions to use in future against those that don’t come into line. The Organisation for Economic Cooperation and Development (OECD) will publish list.
VII. Governance: agreement to reform mandates and governance of IFIs to make them more accountable, more representative and more effective including heads of IFIs appointed on merit.
VIII. Kick start trade: no new trade barriers before end of 2010 and rectify any measures taken with public WTO monitoring. Additional 250 billion dollars to support trade finance and close the global trade finance gap, including 50 billion through new World Bank programme. Renewed focus to WTO deal and use g8 to drive progress.
IX. Greening the future: commitment to use fiscal stimulus for low carbon investment, to identify and work together on policies for green growth and to reach a new climate change agreement at Copenhagen.
X. Commitment to more: G20 commit to meet again later this year with strict monitoring by IMF, WTO cipro online mexico and FSB of the commitments we have made.