G20 2011 Cannes Commitments

Compiled by G20 Research Group
Commitments contained in the G20 Cannes Summit Documents
issued at the Cannes Summit on November 3-4, 2011
Total number of commitments = 282

Final Communiqué of the Leaders

We reaffirm our commitment to work together and we have taken decisions to reinvigorate economic growth (macroeconomic)

[We reaffirm our commitment to work together and we have taken decisions to] create jobs (macroeconomic)

[We reaffirm our commitment to work together and we have taken decisions to] ensure financial stability (macroeconomic)

[We reaffirm our commitment to work together and we have taken decisions to] promote social inclusion (socioeconomic)

[We reaffirm our commitment to work together and we have taken decisions to] make globalization serve the needs of the people (socioeconomic)

A global strategy for growth and jobs

[We have agreed on an Action plan for Growth and Jobs to address short term vulnerabilities and strengthen medium-term foundations for growth.]

To address the immediate challenges faced by the global economy, we commit to coordinate our actions

[To address the immediate challenges faced by the global economy, we commit to coordinate our] policies

Advanced economies commit to adopt policies to build confidence and support growth

[Advanced economies commit to] implement clear, credible and specific measures to achieve fiscal consolidation

Taking into account national circumstances, countries where public finances remain strong commit to let automatic stabilizers work

[Taking into account national circumstances, countries where public finances remain strong commit to] take discretionary measures to support domestic demand should economic conditions materially worsen

Countries with large current account surpluses commit to reforms to increase domestic demand, coupled with greater exchange rate flexibility

Towards a more stable and resilient international monetary system

To adjust to currencies' changing role and characteristics over time, the composition of the SDR basket will be reviewed in 2015, or earlier, as currencies meet the existing criteria to enter the basket

We are also committed to further progress towards a more integrated, even-handed and effective IMF surveillance and to better identify and address spill-over effects

We affirm our commitment to move more rapidly toward more market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals, avoid persistent exchange rate misalignments and refrain from competitive devaluation of currencies

We are determined to act on our commitments to exchange rate reform articulated in our Action plan for Growth and Jobs to address short term vulnerabilities

[We are determined to act on our commitments to exchange rate reform articulated in our Action plan for Growth and Jobs to] restoring financial stability

[We are determined to act on our commitments to exchange rate reform articulated in our Action plan for Growth and Jobs to] strengthen the medium-term foundations for growth

We agreed to continue our efforts to further strengthen global financial safety nets

We support the IMF in putting forward the new Precautionary and Liquidity Line (PLL) to provide on a case by case basis increased and more flexible short-term liquidity to countries with strong policies and fundamentals facing exogenous shocks

We also support the IMF in putting forward a single facility to fulfil the emergency assistance needs of its members.

We will ensure the IMF continues to have resources to play its systemic role to the benefit of its whole membership, building on the substantial resources we have already mobilized since London in 2009. We stand ready to ensure additional resources could be mobilised in a timely manner

[We] ask our finance ministers by their next meeting to work on deploying a range of various options including bilateral contributions to the IMF, SDRs, and voluntary contributions to an IMF special structure such as an administered account

We will expeditiously implement in full the 2010 quota and governance reform of the IMF

Reforming the financial sector and enhancing market integrity

In Washington in 2008, we committed to ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate. We will implement our commitments and pursue the reform of the financial system.

We will develop further our regulation on market integrity and efficiency, including addressing the risks posed by high frequency trading

[We will develop further our regulation on market integrity and efficiency, including addressing the risks posed by] dark liquidity

[We will strictly monitor the implementation of our commitments regarding] OTC markets

[We will strictly monitor the implementation of our commitments regarding] compensation practices

We have agreed to reform the FSB to improve its capacity to coordinate and monitor our financial regulation agenda. This reform includes giving it legal personality and greater financial autonomy

Addressing commodity price volatility and promoting agriculture

We decide to act in the framework of the Action Plan on Food Price Volatility and Agriculture agreed by our Ministers of Agriculture in June 2011

To improve food security, we commit to develop appropriate risk-management instruments

[To improve food security, we commit to develop appropriate] humanitarian emergency tools

We decide that food purchased for non-commercial humanitarian purposes by the World Food Program will not be subject to export restrictions or extraordinary taxes.

Improving energy markets and pursuing the fight against climate change

We commit to improve the timeliness, completeness and reliability of the JODI-oil database

[We commit to improve the timeliness, completeness and reliability] to work on the JODI-gas database [along the same principles]

We reaffirm our commitment to rationalise and phase-out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption, while providing targeted support for the poorest

We are committed to the success of the upcoming Durban Conference on Climate Change

We discussed the IFIs report on climate finance and asked our Finance Ministers to continue work in this field, taking into account the objectives, provisions and principles of the UNFCCC

Avoiding protectionism and strengthening the multilateral trading system

We reaffirm our standstill commitments until the end of 2013, as agreed in Toronto, commit to roll back any new protectionist measure that may have risen, including new export restrictions and WTO-inconsistent measures to stimulate exports

[we need to pursue in 2012 fresh, credible approaches to furthering negotiations, including the issues of concern for Least Developed Countries and, where they can bear fruit, the remaining elements of the DDA mandate.] We direct our Ministers to work on such approaches at the upcoming Ministerial meeting in Geneva and also to engage into discussions on challenges and opportunities to the multilateral trading system in a globalised economy and to report back by the Mexico Summit

Addressing the challenges of development

We support the concrete initiatives mentioned in the Cannes final Declaration, with a view to foster investments in agriculture [in particular in low income countries and to the benefit of smallholders]

[We support the concrete initiatives mentioned in the Cannes final Declaration, with a view to] mitigate the impact of price volatility, in particular in low income countries and to the benefit of smallholders

Recognizing that the lack of Infrastructure dramatically hampers the growth potential in many developing countries, particularly in Africa, we support recommendations of the High Level Panel

Emerging countries will engage or continue to extend their level of support to other developing countries. (regarding ODA)

Reforming global governance for the 21st century

We will pursue consistent and effective engagement with non-members, including the UN and we welcome their contributions to our work

[We] agree to put our collective political will behind our economic and financial agenda, and the reform and more effective working of relevant international institutions

We have also agreed, as part of our reforms to the G20, that after 2015, annual presidencies of the G20 will be chosen from rotating regional groups, starting with the Asian grouping comprising of China, Indonesia, Japan and Korea

The Cannes Action Plan for Growth and Jobs

[We have agreed on an Action Plan to] strengthen medium-term foundations for growth.

We hereby commit to decisively pursue the introduction of the following actions without delay

Addressing short-term vulnerabilities and restoring financial stability

We commit to take all necessary actions to preserve the stability of banking systems

[We commit to take all necessary actions to preserve the stability of] financial markets

We will ensure that banks are adequately capitalized and have sufficient access to funding to deal with current risks

G-20 members agree to implement an appropriate mix of measures to secure the recovery

Monetary policies will maintain price stability over the medium term and continue to support economic recovery. As warranted by national circumstances, including medium term consolidation plans, monetary policy will respond to changes in economic and financial market conditions subject to their likely impact on the medium-term outlook for price developments

Advanced countries, taking into account different national circumstances, will adopt policies to build confidence and support growth, [including as set out in the country specific commitments below]

[Advanced countries, taking into account different national circumstances, will adopt policies to] implement clear, credible and specific measures to achieve fiscal consolidation, including as set out in the country specific commitments below

Governments in the euro area commit to take all necessary measures and actions needed to ensure the stability of the euro area and have adopted a comprehensive package

Euro area countries agreed to significantly strengthen economic and fiscal surveillance and governance of the euro area

A particular effort in terms of fiscal consolidation and structural reforms will be made by those euro area Member States that are experiencing tensions in sovereign debt markets

Last, a comprehensive set of measures to raise confidence in the banking sector has been agreed, including by facilitating access to term-funding where appropriate temporarily increasing the capital position of large banks to 9% of Core Tier 1 capital after accounting for sovereign exposures by the end of June 2012, while maintaining the credit flow to the real economy and ensuring that these plans will not lead to excessive deleveraging

Italy commits to reaching a rapidly declining debt-to-GDP ratio starting in 2012 [This objective, based on the full implementation of the 60 billion euro fiscal package approved during the summer, will be underpinned by the strengthening of the fiscal rules, stemming from both the European legislation and the introduction in the constitution of the balanced budget rule]

[Italy commits to reaching] close to a balanced budget by 2013. This objective, based on the full implementation of the 60 billion euro fiscal package approved during the summer, will be underpinned by the strengthening of the fiscal rules, stemming from both the European legislation and the introduction in the constitution of the balanced budget rule

Italy commits to implement, fully and swiftly, the comprehensive plan of growth enhancing structural reforms announced on October 26th

The US commits to the timely implementation of a package of near-term measures to sustain the recovery, through public investments [consistent with a credible plan for medium-term fiscal consolidation]

[The US commits to the timely implementation of a package of near-term measures to sustain the recovery, through] tax reforms [consistent with a credible plan for medium-term fiscal consolidation]

[The US commits to the timely implementation of a package of near-term measures to sustain the recovery, through] targeted jobs measures, consistent with a credible plan for medium-term fiscal consolidation

Japan commits to the expeditious implementation of substantial fiscal measures for reconstruction from the earthquake estimated at least 19 trillion yen (about 4% of GDP), while ensuring the commitment to medium-term fiscal consolidation

Australia, Brazil, Canada, China, Germany, Korea and Indonesia, where public finances remain relatively strong, taking into account national circumstances, agree to let automatic fiscal stabilisers work and, should global economic conditions materially worsen, agree to take discretionary measures to support domestic demand as appropriate, while maintaining their medium-term fiscal objectives

Emerging market economies commit to adopting macroeconomic policies to enhance the resilience of their economies

Those in surplus will adopt macroeconomic policies to move towards more domestic-led growth, thus supporting the global recovery and financial stability.

We affirm our commitment to move more rapidly toward market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying fundamentals and refrain from competitive devaluation of currencies

In all policy areas, we commit to minimize the negative spillovers on other countries of policies implemented for domestic purposes

We reaffirm our shared interest in a strong and stable international financial system, and our support for market-determined exchange rates. We reiterate that excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.

We commit that the IMF must have adequate resources to fulfill its systemic responsibilities

Strengthening the medium-term foundations for growth

We have agreed that the actions to address immediate risks to recovery must be complemented by sustained, broad-based reforms to boost confidence

[We have agreed that the actions to address immediate risks to recovery must be complemented by sustained, broad-based reforms to] raise global output

[We have agreed that the actions to address immediate risks to recovery must be complemented by sustained, broad-based reforms to] create jobs

We have agreed to a six-point plan to strengthen the medium-term foundations for growth: commitments to fiscal consolidation

[We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] commitments to boost private demand in countries with current account surpluses

[We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] where appropriate, to rotate demand from the public to the private sector in countries with current account deficits

[We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] structural reforms to raise growth [across G-20 members]

[We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] enhance job creation across G-20 members

[We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] reforms to strengthen national financial systems

[We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] reforms to strengthen global financial systems

[We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] measures to promote open trade and investment, rejecting protectionism in all its forms

[We have agreed to a six-point plan to strengthen the medium-term foundations for growth:] actions to promote development. Annex provides detailed policy commitments by all members, with the key actions summarised below

Australia, Canada, France, Germany, Italy, Korea, Spain, the UK, and the US reaffirm their Toronto commitment to clear and credible fiscal consolidation plans to halve deficits by 2013 from 2010 levels

[Australia, Canada, France, Germany, Italy, Korea, Spain, the UK, and the US reaffirm their Toronto commitment to] stabilise or reduce government debt-to-GDP ratios by 2016

The United States commits to place its debt-to-GDP ratio on a declining path no later than the middle of the decade through a balanced deficit reduction plan that builds on the Budget Control Act of 2011, which enacted about $1 trillion in discretionary savings over the next ten years and locked in at least an additional $1.2 trillion in deficit reduction beyond that

[The United States commits to place its debt-to-GDP ratio on a declining path no later than the middle of the decade] The plan will include: additional spending reductions, among them reforms to entitlement programs; tax reform that raises revenue, lowers rates, and cuts tax loopholes and expenditures; and stronger budgetary rules to enhance predictability and credibility. In combination with the Budget Control Act, these reforms will yield a total deficit reduction of $4 trillion over 10 years

France commits to reducing its fiscal deficit to 3% in 2013 through: tighter limits on central government and health insurance expenditure; better targeted social transfers; a growth-friendly reduction of tax expenditures; and the inscription of existing fiscal rules into the Constitution to anchor stability

The UK reaffirms its commitment to its planned fiscal consolidation and the detailed four-year departmental expenditure plans set out in the 2010 Spending Review

[The UK] It will also undertake structural reforms, including measures to ensure growth-friendly fiscal adjustment and measures to address long-term spending pressures and imbalances, such as managing future increases in the state pension age more systematically in response to changes in longevity

Japan commits to implementing the "Definite Plan for the Comprehensive Reform of Social Security and Tax" which sets out policies including the gradual increase in the consumption tax to 10% by the middle of this decade and to submitting implementing legislation by the end of FY2011 to realise these policies, in order to meet its Toronto commitment

India commits to strengthening revenue mobilization through tax reforms, including a unified goods and services tax, and overhauling the personal and corporate tax code.

Germany will implement measures to promote private consumption and investment, with the expectation that, expressed as a share of GDP, both components will increase over time.

Germany commits to taking measures aimed at strengthening domestic demand, including by alleviating inefficiencies that may underpin low investment and high private savings

Recognizing that private demand has been relatively weak in recent years, Japan will implement measures to promote private consumption and investment with the expectation that, expressed as a share of GDP, both components will increase over time. This includes accelerating the implementation of the "New Growth Strategy" comprising policies that will boost demand for a range of services

China will rebalance demand towards domestic consumption by implementing measures to strengthen social safety nets [These actions will be reinforced by ongoing measures to promote greater exchange rate flexibility to better reflect underlying economic fundamentals, and gradually reduce the pace of accumulation of foreign reserves]

[China will rebalance demand towards domestic consumption by implementing measures to] increase household income [These actions will be reinforced by ongoing measures to promote greater exchange rate flexibility to better reflect underlying economic fundamentals, and gradually reduce the pace of accumulation of foreign reserves]

[China will rebalance demand towards domestic consumption by implementing measures to] transform the economic growth pattern. These actions will be reinforced by ongoing measures to promote greater exchange rate flexibility to better reflect underlying economic fundamentals, and gradually reduce the pace of accumulation of foreign reserves

Other surplus economies recognise that they too have a significant role to play in promoting global rebalancing and commit to encourage private spending (Indonesia, Korea). Indonesia has announced a national plan for infrastructure that will significantly increase private investment.

Structural reforms will be combined with active, flexible labour market policies and effective labour institutions that provide incentives for increasing formal and quality jobs

Members commit to promote mobility and encourage participation, including tax and benefit reforms to reduce long-term unemployment

[Members commit to] encourage the participation of older workers and women where appropriate.

Members will enhance competition and reduce distortions. Actions include: infrastructure investment (Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa)

[Members will enhance competition and reduce distortions. Actions include] supporting research, education and skills development (Canada)

[Members will enhance competition and reduce distortions. Actions include] eliminating tariffs on machinery and manufacturing inputs (Canada)

[Members will enhance competition and reduce distortions. Actions include] reform of pricing for factors of production (China)

[Members will enhance competition and reduce distortions. Actions include] promote market-based interest rate reform in an orderly manner (China)

[Members will enhance competition and reduce distortions. Actions include] gradually achieve RMB capital account convertibility as stated in its current 5-year plan (China)

[Members will enhance competition and reduce distortions. Actions include] structural reforms in the services sector to boost productivity (France, Germany, Italy, Korea)

[Members will enhance competition and reduce distortions. Actions include] tax reform aimed at a more employment-friendly taxation (Germany, Italy)

[Members will enhance competition and reduce distortions. Actions include] raising standards of disclosure of information by financial institutions (Russia)

include] phasing out wasteful and distortive subsidies in the medium term, while providing targeted support for the poor (India, Indonesia)

[Members will enhance competition and reduce distortions. Actions include] reforms to energy efficiency and greater use of renewable and domestic energy resources (Turkey)

[Members will enhance competition and reduce distortions. Actions include reforms to] agriculture (Argentina)

[Members will enhance competition and reduce distortions. Actions include] enhanced regional integration to promote trade and investment (South Africa)

[Members will enhance competition and reduce distortions. Actions include] improved practices and enhanced oversight of the short-term financing markets and reforms to help promote a rise in household savings as a share of GDP (US)

[Members will enhance competition and reduce distortions. Actions include] transitioning to a clean energy economy through effective carbon price mechanism (Australia)

[Members will enhance competition and reduce distortions. Actions include] efforts to promote green growth (Korea)

The EU is fully committed to accelerate and further deepen the Single Market integration through a comprehensive programme based on twelve key priority actions to boost growth. These include actions in the areas of services, trans-European networks, the digital single market, workers' mobility, financing for small and medium-sized enterprises and taxation.

In the framework of the 'Europe 2020' strategy, the EU adopted several targets for 2020: to raise to 75% the employment rate for those aged 20-64, to improve the education levels, and to raise the share of public and private investment levels in R&D to 3% of EU's GDP.

Saudi Arabia is committed to continue playing its systemic role in stabilizing the oil markets in support of the global economy.

We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including: implementing Basel II, II.5 and III along the agreed timelines;

[We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] more intensive supervisory effort;

[We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] clearing and trading obligations for OTC derivatives;

[We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] standards and principles for sounder compensation practices,

[We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] achieving a single set of high quality global accounting standards;

[We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] a comprehensive framework to address the risks posed by systemically-important financial institutions

[We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including:] strengthened regulation and oversight of shadow banking

We endorsed the joint IMF/WB/FSB report on financial stability issues in emerging markets and developing economies.

We reaffirm our commitment to resist protectionism in all forms and rectify WTO inconsistent measures

[We reaffirm our commitment to] advance the multilateral trade agenda, as agreed in Toronto

While reducing barriers to trade and investment will help reduce the development gap and support progress towards the Millennium Development Goals, further efforts to support capacity building [would also have positive spillovers for global growth, rebalancing and development]

[While reducing barriers to trade and investment will help reduce the development gap and support progress towards the Millennium Development Goals,] channelling of surplus savings for growth-enhancing investments in developing countries, including infrastructure development, would also have positive spillovers for global growth, rebalancing and development.

We will also hold ourselves accountable for meeting our commitments to address near-term vulnerabilities and move ahead on reforms (see Annex).

We will enhance our reporting and monitoring in 2012 and future years, developing a framework to assess progress against our commitments for the reform of our fiscal, financial, structural, and monetary and exchange rate, trade and development policies.

As agreed in Seoul, we will continue to use the indicative guidelines as a mechanism to assess progress in rebalancing, and the consistency of fiscal, monetary, financial sector, structural, exchange rate and other policies.

We will continue to coordinate policy in the future as economic conditions evolve. Our Framework for Strong, Sustainable and Balanced Growth is not a point in time exercise, but a dynamic process to adjust to developments.

We ask our Finance Ministers to work closely together in the coming months to address vulnerabilities and sustain recovery.

Cannes Summit final declaration: Building Our Common Future: Renewed Collective Action For The Benefit Of All

A global strategy for growth and jobs

We have agreed on an Action plan for Growth and Jobs. Each of us will play their part

Fostering employment and social protection

We are committed to renew our efforts to combat unemployment and promote decent jobs, especially for youth and others who have been most affected by the economic crisis.

We commit to promote and ensure full respect of the fundamental principles and rights at work

Social and employment issues, alongside economic, monetary and financial issues, will remain an integral part of the G20 agenda

Our Labour and Employment Ministers met in Paris on September 26-27, 2011 to tackle these issues. We endorse their conclusions, annexed to this Declaration. We ask our Ministers to meet again next year to review progress made on this agenda.

Building a more stable and resilient international monetary system

Reflecting the changing economic equilibrium and the emergence of new international currencies

Strengthening our capacity to cope with crises

We agreed to further strengthen global financial safety nets in which national governments [will each play a role according to and within their respective mandate]

[We agreed to further strengthen global financial safety nets in which] central banks [will each play a role according to and within their respective mandate]

[We agreed to further strengthen global financial safety nets in which] regional financial arrangements [will each play a role according to and within their respective mandate]

[We agreed to further strengthen global financial safety nets in which] international financial institutions will each play a role according to and within their respective mandate

We support the IMF in putting forward the new Precautionary and Liquidity Line (PLL)

We also support the IMF in putting forward a single emergency facility to provide non-concessional financing for emergency needs such as natural disasters, emergency situations in fragile and post-conflict states, and also other disruptive events.

Strengthening IMF surveillance

We agreed on the need to increase the ownership and traction of IMF surveillance, which are key components of its effectiveness.

We agreed to ensure greater involvement of Ministers and Governors, by providing greater strategic guidance through the IMFC.

We commit to continue working to ensure systemic stability in the global economy

[We commit to continue working to ensure] an appropriate transition towards an IMS which better reflects the increased weight of emerging market economies

Implementing and deepening financial sector reforms

We are determined to fulfill the commitment we made in Washington in November 2008 to ensure that all financial markets, products and participants are regulated or subject to oversight as appropriate to their circumstances in an internationally consistent and non-discriminatory way

Meeting our commitments notably on banks, OTC derivatives, compensation practices and credit rating agencies, and intensifying our monitoring to track deficiencies

We reaffirm our commitment to discourage compensation practices that lead to excessive risk taking by implementing the agreed FSB principles and standards on compensation

We reaffirm our commitment to reduce authorities' and financial institutions' reliance on external credit ratings

We agree to intensify our monitoring of financial regulatory reforms, report on our progress and track our deficiencies.

Addressing the too big to fail issue

We will implement the FSB standards and recommendations within the agreed timelines

[We will implement the FSB standards and recommendations] and commit to undertake the necessary legislative changes

[We commit to] step up cooperation amongst authorities and strengthen supervisory mandates and powers

Filling in the gaps in the regulation and supervision of the financial sector

We agree to strengthen the regulation and oversight of the shadow banking system and endorse the FSB initial eleven recommendations with a work-plan to further develop them in the course of 2012, building on a balanced approach between indirect regulation of shadow banking through banks and direct regulation of shadow banking activities, including money markets funds, securitization, securities lending and repo activities, and other shadow banking entities.

We ask Finance Ministers and Central Bank Governors to review the progress made in this area at their April meeting

We commit to implement initial recommendations by IOSCO on market integrity and efficiency, including measures to address the risks posed by high frequency trading [and call for further work by mid-2012]

[We commit to implement initial recommendations by IOSCO on market integrity and efficiency, including measures to address] dark liquidity, and call for further work by mid-2012.

We support the creation of a global legal entity identifier (LEI) which uniquely identifies parties to financial transactions.

[We] endorse the FSB report on consumer finance protection and the high level principles on financial consumer protection prepared by the OECD together with the FSB. We will pursue the full application of these principles in our jurisdictions

We reaffirm our objective to achieve a single set of high quality global accounting standards

[We reaffirm our objective to] meet the objectives set at the London summit in April 2009, notably as regards the improvement of standards for the valuation of financial instruments

Tackling tax havens and non-cooperative jurisdictions

We are committed to protect our public finances from the risks posed by tax havens and non cooperative jurisdictions. The damage caused is particularly important for the least developed countries

[We are committed to protect] the global financial system from the risks posed by tax havens and non cooperative jurisdictions. The damage caused is particularly important for the least developed countries

We stand ready, if needed, to use our existing countermeasures to deal with jurisdictions which fail to meet these standards.

Strengthening the FSB capacity resources and governance

To keep pace with this growing role, we agreed to strengthen FSB's capacity, resources and governance, building on its Chair's proposals

[We agreed to strengthen FSB's capacity, resources and governance, building on its Chair's proposals. These include:] the establishment of the FSB on an enduring organizational footing

[We agreed to strengthen FSB's capacity, resources and governance, building on its Chair's proposals. These include:] the reconstitution of the steering committee

We agree that the upcoming changes to the FSB steering committee should include the executive branch of governments of the G20 Chair and the larger financial systems as well as the geographic regions and financial centers not currently represented, in a balanced manner consistent with the FSB Charter

[We agreed to strengthen FSB's capacity, resources and governance, building on its Chair's proposals. These include:] The strengthening of its coordination role vis-à-vis other standard setting bodies (SSB) on policy development and implementation monitoring, avoiding any functional overlaps and recognizing the independence of the SSBs.

We call for first steps to be implemented by the end of this year and will review the implementation of the reform at our next Summit

Addressing food price volatility and increasing agriculture production and productivity

Increasing agricultural production and productivity is essential to promote food security and foster sustainable economic growth [We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with] producers

A more stable, predictable, distortion free, open and transparent trading system allows more investment in agriculture and has a critical role to play in this regard [We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with] producers

Mitigating excessive food and agricultural commodity price volatility is also an important endeavour. These are necessary conditions for stable access to sufficient, safe and nutritious food for everyone. We agreed to mobilize the G20 capacities to address these key challenges, in close cooperation with all relevant international organisations and in consultation with producers

We have decided to act on the five objectives of this Action Plan: improving agricultural production and productivity

[We have decided to act on the five objectives of this Action Plan:] increasing market information and transparency

[We have decided to act on the five objectives of this Action Plan:] reducing the effects of price volatility for the most vulnerable

[We have decided to act on the five objectives of this Action Plan:] strengthening international policy coordination

[We have decided to act on the five objectives of this Action Plan:] improving the functioning of agricultural commodity derivatives' markets

We agree to further invest in agriculture, in particular in the poorest countries, and bearing in mind the importance of smallholders, through responsible public and private investment

In this regard, we decide to: Invest in research and development of agricultural productivity.

We support the "International Research Initiative for Wheat Improvement" (Wheat Initiative), launched in Paris on September 15, 2011

We commit to improve market information and transparency in order to make international markets for agricultural commodities more effective.

We commit to mitigate the adverse effects of excessive price volatility for the most vulnerable through the development of appropriate risk-management instruments. These actions are detailed in the development section of this final Declaration.

According to the Action Plan, we agree to remove food export restrictions or extraordinary taxes for food purchased for non-commercial humanitarian purposes by the World Food Program and agree not to impose them in the future.

We will keep progress on the implementation of the Action Plan on Food Price Volatility and Agriculture

Improving the functioning of energy markets

We are committed to promote sustainable development and green growth and to continue our efforts to face the challenge of climate change.

We have made progress and reaffirm our commitment to improve the timeliness, completeness and reliability of the JODI-Oil database as soon as possible

We also commit to support the IEF — JODI work in order to improve the reliability of JODI-Oil and look forward to receiving their recommendations. We will regularly review and assess progress made on this front

We note the new JODI-Gas database and commit to work on contributing to it on the basis of the same principles as the JODI-Oil database.

We reaffirm our commitment to rationalise and phase-out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption, while providing targeted support for the poorest.

We ask our Finance Ministers and other relevant officials to press ahead with reforms and report back next year.

Protecting marine environment

We decide to take further action to protect the marine environment, in particular to prevent accidents related to offshore oil and gas exploration and development [and to deal with their consequences]

[We decide to take further action to protect the marine environment, in particular to prevent accidents related to] marine transportation, and to deal with their consequences

We also commit to foster dialogue with international organisations and relevant stakeholders

Fostering clean energy, green growth and sustainable development

We will promote low-carbon development strategies in order to optimize the potential for green growth and ensure sustainable development in our countries and beyond.

We commit to encouraging effective policies that overcome barriers to efficiency, or otherwise spur innovation and deployment of clean and efficient energy technologies.

[In order to optimize the potential for green growth and ensure sustainable development in our countries and beyond] We support the development of clean energy and energy efficiency technologies.

[In order to optimize the potential for green growth and ensure sustainable development in our countries and beyond.] We support the deployment of clean energy and energy efficiency (C3E) technologies.

We are committed to the success of the United Nations Conference on Sustainable Development in Rio de Janeiro in 2012.

Pursuing the fight against climate change

We are committed to the success of the upcoming Durban Conference on Climate Change on 28 November — 9 December 2011.

We stand ready to work towards operationalization of the Green Climate Fund as part of a balanced outcome in Durban, building upon the report of the Transitional Committee

Avoiding protectionism and reinforcing the multilateral trading system

We reaffirm our standstill commitments until the end of 2013, as agreed in Toronto

[We] commit to roll back any new protectionist measure that may have risen, including new export restrictions and WTO-inconsistent measures to stimulate exports

We direct our Ministers to work on such approaches at the upcoming Ministerial meeting in Geneva and also to engage into discussions on challenges and opportunities to the multilateral trading system in a globalised economy and to report back by the Mexico Summit.

We support a strengthening of the WTO, which should play a more active role in improving transparency on trade relations and policies and enhancing the functioning of the dispute settlement mechanism

Development: Investing for global growth

We commit to maximise growth potential in developing countries, in particular in Low-Income Countries (LICs).

[We commit to maximise] economic resilience in developing countries, in particular in Low-Income Countries (LICs).

We support the report of the Development Working Group, annexed to this Declaration, implementing the G20's Seoul Development Consensus for Shared Growth

We take actions to overcome the most critical bottlenecks and constraints hampering growth in developing countries.

In this regard, we decided to focus on two priorities, food security and infrastructure, and to address the issue of financing for development.

[In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Support, for those involved, the implementation of the L'Aquila Food Security Initiative and other initiatives, including the Global Agriculture and Food Security Program

[In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Launch a platform for tropical agriculture to enhance capacity-building and knowledge sharing to improve agricultural production and productivity

[In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Foster smallholder sensitive investments in agriculture and explore opportunities for market inclusion and empowerment of small producers in value chains

[In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Support risk-management instruments, such as commodity hedging instruments, weather index insurances and contingent financing tools, to protect the most vulnerable against excessive price volatility, including the expansion of the Agricultural Price Risk-Management Product developed by the World Bank Group (IFC).

In accordance with our Multi-Year "Action Plan on Food Price Volatility and Agriculture", we:] Confirm our commitment to scaling-up nutrition through a combination of direct nutrition interventions and the incorporation of nutrition in all relevant policies.

We support efforts to improve capacities and facilitate the mobilization of resources for infrastructure projects initiated by public and private sectors.

Recognizing that economic shocks affect disproportionately the most vulnerable, we commit to ensure a more inclusive growth.

[Recognizing that economic shocks affect disproportionately the most vulnerable, we commit to ensure a more] resilient growth.

We therefore decide to support the implementation and expansion of nationally-designed social protection floors in developing countries, especially low income countries.

We will work to reduce the average cost of transferring remittances from 10% to 5% by 2014, contributing to release an additional 15 billion USD per year for recipient families.

We endorse the five recommendations put forward in its report, annexed to this Declaration, and commit to pursue our efforts under the Mexican Presidency.

We commit to raise the quality and efficiency of aid by concentrating on the highest impact interventions

[We commit to raise the quality and efficiency of aid by] increase the focus on concrete results and overall impact on development

Intensifying our fight against corruption

We commit to accelerate the ratification and implementation of UNCAC and to have a more active engagement within the OECD Working Group on Bribery on a voluntary basis.

We commit to lead by example in ensuring the transparency and inclusivity of UNCAC reviews by considering the voluntary options in accordance with the Terms of Reference of the Mechanism, notably with regards to the participation of civil society and transparency;

We support the work of the Financial Action Task Force (FATF) to continue to identify and engage those jurisdictions with strategic Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) deficiencies

[We support the work of the Financial Action Task Force (FATF) to] update and implement the FATF standards calling for transparency of cross-border wires, beneficial ownership, customer due diligence and enhanced due diligence

We agree on a work program which includes a framework for asset recovery, building on the World Bank's Stolen Asset Recovery (StAR) Initiative, whistle-blowers' protection, denial of entry to corrupt officials and public sector transparency, including fair and transparent public procurement, with concrete results by the end of 2012.

We hold ourselves accountable for our commitments and will review progress at our next Summit.

Governance

We agree that, in order to strengthen its ability to build and sustain the political consensus needed to respond to challenges, the G20 must remain efficient, transparent and accountable.

[To achieve this, we decide to:] Maintain our focus on the broad global economic challenges;

[To achieve this, we decide to:] Bolster our ability to deliver our agenda and work program effectively.

We decide to formalise the Troika, made of past, present and future Presidencies to steer the work of the G20 in consultation with its members.

We ask our Sherpas to develop working practices for the G20 under the Mexican Presidency;

[To achieve this, we decide to:] Pursue consistent and effective engagement with non-members, regional and international organisations, including the United Nations, and other actors, and we welcome their contribution to our work as appropriate. We also encourage engagement with civil society. We request our Sherpas to make us proposals for the next meeting.

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This page was last updated August 15, 2024 .

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