G20 Compliance Data Set

The following list of commitments from G20 summits has been compiled by the G20 Research Group drawing from the documents issued at every summit from 2008 to 2015. It lists the commitments according to the criteria below, grouped by issue area. These criteria can also be applied to documents issued at ministerial meetings.

This list of G20 commitments has been assembled as a result of the following steps.

Summary Table of Commitments by Issue Area, 2008-2015

2008 Washington Summit

Commitments from Declaration of the Summit on Financial Markets and the World Economy

2008-1: We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems. (macroeconomic policy)

2008-2: Against this background of deteriorating economic conditions worldwide, we agreed that a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries. (macroeconomic policy)

2008-3: [As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:] Continue our vigorous efforts and take whatever further actions are necessary to stabilize the financial system. (macroeconomic policy)

2008-4: [As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:] Use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conducive to fiscal sustainability. (macroeconomic policy)

2008-5: [As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:] Help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and program support. (macroeconomic policy)

2008-6: [As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:] Ensure that the IMF, World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis. (IFI Reform)

2008-7: In addition to the actions taken above, we will implement reforms that will strengthen financial markets and regulatory regimes so as to avoid future crises. (financial regulation)

2008-8: Regulation is first and foremost the responsibility of national regulators who constitute the first line of defense against market instability. However, our financial markets are global in scope, therefore, intensified international cooperation among regulators and strengthening of international standards, where necessary, and their consistent implementation is necessary to protect against adverse cross-border, regional and global developments affecting international financial stability. (financial regulation)

2008-9: Regulators must ensure that their actions support market discipline, avoid potentially adverse impacts on other countries, including regulatory arbitrage, and support competition, dynamism and innovation in the marketplace. (financial regulation)

2008-10: We commit to implementing policies consistent with the following common principles for reform. Strengthening Transparency and Accountability: We will strengthen financial market transparency, including by enhancing required disclosure on complex financial products and ensuring complete and accurate disclosure by firms of their financial conditions. Incentives should be aligned to avoid excessive risk-taking. (financial regulation)

2008-11: [We commit to implementing policies consistent with the following common principles for reform.] Enhancing Sound Regulation: We pledge to strengthen our regulatory regimes, prudential oversight, and risk management, and ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate to their circumstances. (financial regulation)

2008-12: We will exercise strong oversight over credit rating agencies, consistent with the agreed and strengthened international code of conduct. (financial regulation)

2008-13: We will also make regulatory regimes more effective over the economic cycle, while ensuring that regulation is efficient, does not stifle innovation, and encourages expanded trade in financial products and services. (financial regulation)

2008-14: We commit to transparent assessments of our national regulatory systems. (accountability)

2008-15: [We commit to implementing policies consistent with the following common principles for reform.] Promoting Integrity in Financial Markets: We commit to protect the integrity of the world's financial markets by bolstering investor and consumer protection, avoiding conflicts of interest, preventing illegal market manipulation, fraudulent activities and abuse, and protecting against illicit finance risks arising from non-cooperative jurisdictions. (financial regulation)

2008-16: We will also promote information sharing, including with respect to jurisdictions that have yet to commit to international standards with respect to bank secrecy and transparency. (financial regulation)

2008-17: [We commit to implementing policies consistent with the following common principles for reform.] Reinforcing International Cooperation: We call upon our national and regional regulators to formulate their regulations and other measures in a consistent manner. (financial regulation)

2008-18: Regulators should enhance their coordination and cooperation across all segments of financial markets, including with respect to cross-border capital flows. (financial regulation)

2008-19: Regulators and other relevant authorities as a matter of priority should strengthen cooperation on crisis prevention, management, and resolution. (financial regulation)

2008-20: [We commit to implementing policies consistent with the following common principles for reform.] Reforming International Financial Institutions: We are committed to advancing the reform of the Bretton Woods Institutions so that they can more adequately reflect changing economic weights in the world economy in order to increase their legitimacy and effectiveness. In this respect, emerging and developing economies, including the poorest countries, should have greater voice and representation. (IFI Reform)

2008-21: The Financial Stability Forum (FSF) must expand urgently to a broader membership of emerging economies, and other major standard setting bodies should promptly review their membership. (IFI reform)

2008-22: The IMF, in collaboration with the expanded FSF and other bodies, should work to better identify vulnerabilities, anticipate potential stresses, and act swiftly to play a key role in crisis response. (IFI Reform)

2008-23: We are committed to taking rapid action to implement these principles. (accountability)

2008-24: We instruct our Finance Ministers, as coordinated by their 2009 G-20 leadership (Brazil, UK, Republic of Korea), to initiate processes and a timeline to do so. An initial list of specific measures is set forth in the attached Action Plan, including high priority actions to be completed prior to March 31, 2009. (accountability)

2008-25: In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas: Mitigating against pro-cyclicality in regulatory policy; (macroeconomic policy)

2008-26: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Reviewing and aligning global accounting standards, particularly for complex securities in times of stress; (financial regulation)

2008-27: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Strengthening the resilience and transparency of credit derivatives markets and reducing their systemic risks, including by improving the infrastructure of over-the-counter markets; (financial regulation)

2008-28: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Reviewing compensation practices as they relate to incentives for risk taking and innovation; (financial regulation)

2008-29: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Reviewing the mandates, governance, and resource requirements of the IFIs; (IFI Reform)

2008-30: [In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:] Defining the scope of systemically important institutions and determining their appropriate regulation or oversight. (financial regulation)

2008-31: In view of the role of the G-20 in financial systems reform, we will meet again by April 30, 2009, to review the implementation of the principles and decisions agreed today. (accountability)

2008-32: We recognize that these reforms will only be successful if grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems. These principles are essential to economic growth and prosperity and have lifted millions out of poverty, and have significantly raised the global standard of living. Recognizing the necessity to improve financial sector regulation, we must avoid over-regulation that would hamper economic growth and exacerbate the contraction of capital flows, including to developing countries. (financial regulation)

2008-33: We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from raising new barriers to investment or to trade in goods and services (trade)

2008-34: [We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from] imposing new export restrictions (trade)

2008-35: [We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from] implementing World Trade Organization (WTO) inconsistent measures to stimulate exports. (trade)

2008-36: Further, we shall strive to reach agreement this year on modalities that leads to a successful conclusion to the WTO's Doha Development Agenda with an ambitious and balanced outcome. We instruct our Trade Ministers to achieve this objective and stand ready to assist directly, as necessary. (trade)

2008-37: We also agree that our countries have the largest stake in the global trading system and therefore each must make the positive contributions necessary to achieve such an outcome. (trade)

2008-38: We reaffirm the importance of the Millennium Development Goals, the development assistance commitments we have made, and urge both developed and emerging economies to undertake commitments consistent with their capacities and roles in the global economy. In this regard, we reaffirm the development principles agreed at the 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, which emphasized country ownership and mobilizing all sources of financing for development. (development)

2008-39: We remain committed to addressing other critical challenges such as energy security and climate change, food security, the rule of law, and the fight against terrorism, poverty and disease. (development)

Action Plan to Implement Principles for Reform

2008-40: The key global accounting standards bodies should work to enhance guidance for valuation of securities, also taking into account the valuation of complex, illiquid products, especially during times of stress. (financial regulation)

2008-41: Accounting standard setters should significantly advance their work to address weaknesses in accounting and disclosure standards for off-balance sheet vehicles. (financial regulation)

2008-42: Regulators and accounting standard setters should enhance the required disclosure of complex financial instruments by firms to market participants. (financial regulation)

2008-43: With a view toward promoting financial stability, the governance of the international accounting standard setting body should be further enhanced, including by undertaking a review of its membership, in particular in order to ensure transparency, accountability, and an appropriate relationship between this independent body and the relevant authorities. (IFI reform)

2008-44: Private sector bodies that have already developed best practices for private pools of capital and/or hedge funds should bring forward proposals for a set of unified best practices. Finance Ministers should assess the adequacy of these proposals, drawing upon the analysis of regulators, the expanded FSF, and other relevant bodies. (financial regulation)

2008-45: The key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard. (financial regulation)

2008-46: Regulators, supervisors, and accounting standard setters, as appropriate, should work with each other

and the private sector on an ongoing basis to ensure consistent application and enforcement of high-quality accounting standards. (financial regulation)

2008-47: Financial institutions should provide enhanced risk disclosures in their reporting and disclose all losses on an ongoing basis, consistent with international best practice, as appropriate. (financial regulation)

2008-48: Regulators should work to ensure that a financial institution' financial statements include a complete, accurate, and timely picture of the firm's activities (including off-balance sheet activities) and are reported on a consistent and regular basis. (financial regulation)

2008-49: The IMF, expanded FSF, and other regulators and bodies should develop recommendations to mitigate pro-cyclicality, including the review of how valuation and leverage, bank capital, executive compensation, and provisioning practices may exacerbate cyclical trends. (IFI reform)

2008-50: To the extent countries or regions have not already done so, each country or region pledges to review and report on the structure and principles of its regulatory system to ensure it is compatible with a modern and increasingly globalized financial system. (financial regulation)

2008-51: To this end, all G-20 members commit to undertake a Financial Sector Assessment Program (FSAP) report and support the transparent assessments of countries' national regulatory systems. (financial regulation)

2008-52: The appropriate bodies should review the differentiated nature of regulation in the banking, securities, and insurance sectors and provide a report outlining the issue and making recommendations on needed improvements. (financial regulation)

2008-53: A review of the scope of financial regulation, with a special emphasis on institutions, instruments, and markets that are currently unregulated, along with ensuring that all systemically-important institutions are appropriately regulated, should also be undertaken. (financial regulation)

2008-54: National and regional authorities should review resolution regimes and bankruptcy laws in light of recent experience to ensure that they permit an orderly wind-down of large complex cross-border financial institutions. (financial regulation)

2008-55: Definitions of capital should be harmonized in order to achieve consistent measures of capital and capital adequacy. (financial regulation)

2008-56: Regulators should take steps to ensure that credit rating agencies meet the highest standards of the international organization of securities regulators and that they avoid conflicts of interest, provide greater disclosure to investors and to issuers, and differentiate ratings for complex products. This will help ensure that credit rating agencies have the right incentives and appropriate oversight to enable them to perform their important role in providing unbiased information and assessments to markets. (financial regulation)

2008-57: The international organization of securities regulators should review credit rating agencies' adoption of the standards and mechanisms for monitoring compliance. (financial regulation)

2008-58: Authorities should ensure that financial institutions maintain adequate capital in amounts necessary to sustain confidence. International standard setters should set out strengthened capital requirements for banks' structured credit and securitization activities. (financial regulation)

2008-59: Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should: speed efforts to reduce the systemic risks of CDS and over-the-counter (OTC) derivatives transactions; (financial regulation)

2008-60: [Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should:] insist that market participants support exchange traded or electronic trading platforms for CDS contracts; (financial regulation)

2008-61: [Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should:] expand OTC derivatives market transparency; (financial regulation)

2008-62: [Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should:] and ensure that the infrastructure for OTC derivatives can support growing volumes. (financial regulation)

2008-63: Credit Ratings Agencies that provide public ratings should be registered. (financial regulation)

2008-64: Supervisors and central banks should develop robust and internationally consistent approaches for liquidity supervision of, and central bank liquidity operations for, cross-border banks. (financial regulation)

2008-65: Regulators should develop enhanced guidance to strengthen banks' risk management practices, in line with international best practices, and should encourage financial firms to reexamine their internal controls and implement strengthened policies for sound risk management. (financial regulation)

2008-66: Regulators should develop and implement procedures to ensure that financial firms implement policies to better manage liquidity risk, including by creating strong liquidity cushions. (financial regulation)

2008-67: Supervisors should ensure that financial firms develop processes that provide for timely and comprehensive measurement of risk concentrations and large counterparty risk positions across products and geographies. (financial regulation)

2008-68: Firms should reassess their risk management models to guard against stress and report to supervisors on their efforts. (financial regulation)

2008-69: The Basel Committee should study the need for and help develop firms' new stress testing models, as appropriate. (financial regulation)

2008-70: Financial institutions should have clear internal incentives to promote stability, and action needs to be taken, through voluntary effort or regulatory action, to avoid compensation schemes which reward excessive short-term returns or risk taking. (financial regulation)

2008-71: Banks should exercise effective risk management and due diligence over structured products and securitization. (financial regulation)

2008-72: International standard setting bodies, working with a broad range of economies and other appropriate bodies, should ensure that regulatory policy makers are aware and able to respond rapidly to evolution and innovation in financial markets and products. (financial regulation)

2008-73: Authorities should monitor substantial changes in asset prices and their implications for the macroeconomy and the financial system. (financial regulation)

2008-74: Our national and regional authorities should work together to enhance regulatory cooperation between jurisdictions on a regional and international level. (financial regulation)

2008-75: National and regional authorities should work to promote information sharing about domestic and cross-border threats to market stability and ensure that national (or regional, where applicable) legal provisions are adequate to address these threats. (Financial regulation)

2008-76: National and regional authorities should also review business conduct rules to protect markets and investors, especially against market manipulation and fraud and strengthen their cross-border cooperation to protect the international financial system from illicit actors. (financial regulation)

2008-77: In case of misconduct, there should be an appropriate sanctions regime. (crime and corruption)

2008-78: National and regional authorities should implement national and international measures that protect the global financial system from uncooperative and non-transparent jurisdictions that pose risks of illicit financial activity. (crime and corruption)

2008-79: The Financial Action Task Force should continue its important work against money laundering and terrorist financing, and we support the efforts of the World Bank - UN Stolen Asset Recovery (StAR) Initiative. (crime and corruption)

2008-80: Tax authorities, drawing upon the work of relevant bodies such as the Organization for Economic Cooperation and Development (OECD), should continue efforts to promote tax information exchange. (financial regulation)

2008-81: Lack of transparency and a failure to exchange tax information should be vigorously addressed. (financial regulation)

2008-82: Supervisors should collaborate to establish supervisory colleges for all major cross-border financial institutions, as part of efforts to strengthen the surveillance of cross-border firms. (financial regulation)

2008-83: Major global banks should meet regularly with their supervisory college for comprehensive discussions of the firm's activities and assessment of the risks it faces. (financial regulation)

2008-84: Regulators should take all steps necessary to strengthen cross-border crisis management arrangements, including on cooperation and communication with each other and with appropriate authorities, and develop comprehensive contact lists and conduct simulation exercises, as appropriate. (financial regulation)

2008-85: Authorities, drawing especially on the work of regulators, should collect information on areas where convergence in regulatory practices such as accounting standards, auditing, and deposit insurance is making progress, is in need of accelerated progress, or where there may be potential for progress. (financial regulation)

2008-86: Authorities should ensure that temporary measures to restore stability and confidence have minimal distortions and are unwound in a timely, well-sequenced and coordinated manner. (financial regulation)

2008-87: The FSF should expand to a broader membership of emerging economies. (IFI reform)

2008-88: The IMF, with its focus on surveillance, and the expanded FSF, with its focus on standard setting, should strengthen their collaboration, enhancing efforts to better integrate regulatory and supervisory responses into the macro-prudential policy framework and conduct early warning exercises. (IFI reform)

2008-89: The IMF, given its universal membership and core macro-financial expertise, should, in close coordination with the FSF and others, take a leading role in drawing lessons from the current crisis, consistent with its mandate. (IFI reform)

2008-90: We should review the adequacy of the resources of the IMF, the World Bank Group and other multilateral development banks and stand ready to increase them where necessary. The IFIs should also continue to review and adapt their lending instruments to adequately meet their members' needs and revise their lending role in the light of the ongoing financial crisis. (IFI reform)

2008-91: We should explore ways to restore emerging and developing countries' access to credit and resume private capital flows which are critical for sustainable growth and development, including ongoing infrastructure investment. (development)

2008-92: In cases where severe market disruptions have limited access to the necessary financing for counter-cyclical fiscal policies, multilateral development banks must ensure arrangements are in place to support, as needed, those countries with a good track record and sound policies. (IFI reform)

2008-93: We underscored that the Bretton Woods Institutions must be comprehensively reformed so that they can more adequately reflect changing economic weights in the world economy and be more responsive to future challenges. Emerging and developing economies should have greater voice and representation in these institutions. (IFI reform)

2008-94: The IMF should conduct vigorous and even-handed surveillance reviews of all countries, as well as giving greater attention to their financial sectors and better integrating the reviews with the joint IMF/World Bank financial sector assessment programs. On this basis, the role of the IMF in providing macro-financial policy advice would be strengthened. (IFI reform)

2008-95: Advanced economies, the IMF, and other international organizations should provide capacity-building programs for emerging market economies and developing countries on the formulation and the implementation of new major regulations, consistent with international standards. (development)

2009 London Summit Commitments

2009L-1: We have today therefore pledged to do whatever is necessary to: restore confidence, growth, and jobs; (macroeconomic policy)

2009L-2: [We have today therefore pledged to do whatever is necessary to:]repair the financial system to restore lending; (macroeconomic policy)

2009L-3: [We have today therefore pledged to do whatever is necessary to:] strengthen financial regulation to rebuild trust; (macroeconomic policy)

2009L-4: [We have today therefore pledged to do whatever is necessary to:] fund and reform our international financial institutions to overcome this crisis and prevent future ones; (IFI reform)

2009L-5: [We have today therefore pledged to do whatever is necessary to:] promote global trade and investment and reject protectionism, to underpin prosperity; (trade)

2009L-6: [We have today therefore pledged to do whatever is necessary to:] build an inclusive, green, and sustainable recovery. (macroeconomic policy)

2009L-7: [We have agreed] to treble resources available to the IMF to $750 billion (IFI reform)

2009L-8: [We have agreed] to support a new SDR allocation of $250 billion (IFI reform)

2009L-9: [We have agreed] to support at least $100 billion of additional lending by the MDBs, (IFI reform)

2009L-10: [We have agreed] to ensure $250 billion of support for trade finance (IFI reform)

2009L-11: [We have agreed] to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries (development)

2009L-12: We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion (labour and employment)

2009L-13: [We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year,] raise output by 4 per cent (macroeconomic policy)

2009L-14: [We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year,] and accelerate the transition to a green economy. (macroeconomic policy)

2009L-15: We are committed to deliver the scale of sustained fiscal effort necessary to restore growth. (macroeconomic policy)

2009L-16: our central banks have pledged to maintain expansionary policies for as long as needed and to use the full range of monetary policy instruments, including unconventional instruments, consistent with price stability. (macroeconomic policy)

2009L-17: We are committed to take all necessary actions to restore the normal flow of credit through the financial system and ensure the soundness of systemically important institutions, implementing our policies in line with the agreed G20 framework for restoring lending and repairing the financial sector. (macroeconomic policy)

2009L-18: We commit today to taking whatever action is necessary to secure that outcome [that world growth in real terms would resume and rise to over 2% by the end of 2010], and we call on the IMF to assess regularly the actions taken and the global actions required. (macroeconomic policy)

2009L-19: We are resolved to ensure long-term fiscal sustainability and price stability and will put in place credible exit strategies from the measures that need to be taken now to support the financial sector and restore global demand. (macroeconomic policy)

2009L-20: We will conduct all our economic policies cooperatively and responsibly with regard to the impact on other countries and will refrain from competitive devaluation of our currencies and promote a stable and well-functioning international monetary system. (macroeconomic policy)

2009L-21: We will support, now and in the future, to candid, even-handed, and independent IMF surveillance of our economies and financial sectors, of the impact of our policies on others, and of risks facing the global economy. (accountability)

2009L-22: We will take action to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, which will support sustainable global growth and serve the needs of business and citizens. (financial regulation)

2009L-23: We each agree to ensure our domestic regulatory systems are strong. (financial regulation)

2009L-24: But we also agree to establish the much greater consistency and systematic cooperation between countries, and the framework of internationally agreed high standards, that a global financial system requires. (financial regulation)

2009L-25: Strengthened regulation and supervision must promote propriety, integrity and transparency; (financial regulation)

2009L-26: [Strengthened regulation and supervision must] guard against risk across the financial system; (financial regulation)

2009L-27: [Strengthened regulation and supervision must] dampen rather than amplify the financial and economic cycle; (financial regulation)

2009L-28: [Strengthened regulation and supervision must] reduce reliance on inappropriately risky sources of financing; (financial regulation)

2009L-29: [Strengthened regulation and supervision must] discourage excessive risk-taking. (financial regulation)

2009L-30: Regulators and supervisors must protect consumers and investors, (financial regulation)

2009L-31: [Regulators and supervisors must] support market discipline, (financial regulation)

2009L-32: [Regulators and supervisors must] avoid adverse impacts on other countries, (financial regulation)

2009L-33: [Regulators and supervisors must] reduce the scope for regulatory arbitrage, (financial regulation)

2009L-34: [Regulators and supervisors must] support competition and dynamism (financial regulation)

2009L-35: [Regulators and supervisors must] keep pace with innovation in the marketplace. (financial regulation)

2009L-36: To this end we are implementing the Action Plan agreed at our last meeting, as set out in the attached progress report. (financial regulation)

2009L-37: We agree: to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission; (IFI reform)

2009L-38: [We agree:] that the FSB should collaborate with the IMF to provide early warning of macroeconomic and financial risks and the actions needed to address them; (IFI reform)

2009L-39: [We agree:] to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks; (financial regulation)

2009L-40: [We agree:] to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds; (financial regulation)

2009L-41: [We agree:] to endorse and implement the FSF's tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms; (financial regulation)

2009L-42: [We agree:] to take action, once recovery is assured, to improve the quality, quantity, and international consistency of capital in the banking system. (financial regulation)

2009L-43: In future, regulation must prevent excessive leverage and require buffers of resources to be built up in good times; (financial regulation)

2009L-44: [We agree:] to take action against non-cooperative jurisdictions, including tax havens. (financial regulation)

2009L-45: [We agree:] to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards; (financial regulation)

2009L-46: [We agree:] to extend regulatory oversight and registration to Credit Rating Agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest. (financial regulation)

2009L-47: We have therefore agreed today to make available an additional $850 billion of resources through the global financial institutions to support growth in emerging market and developing countries by helping to finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support. (IFI reform)

2009L-48: we have agreed to increase the resources available to the IMF through immediate financing from members of $250 billion, subsequently incorporated into an expanded and more flexible New Arrangements to Borrow, increased by up to $500 billion, and to consider market borrowing if necessary; (IFI reform)

2009L-49: we support a substantial increase in lending of at least $100 billion by the Multilateral Development Banks (MDBs), including to low income countries, and ensure that all MDBs have the appropriate capital. (IFI reform)

2009L-50: We have agreed to support a general SDR allocation which will inject $250 billion into the world economy and increase global liquidity, (IFI reform)

2009L-51: [We have agree to support] urgent ratification of the Fourth Amendment. (IFI reform)

2009L-52: we are determined to reform and modernise the international financial institutions to ensure they can assist members and shareholders effectively in the new challenges they face. (IFI reform)

2009L-53: We will reform their mandates, scope and governance to reflect changes in the world economy and the new challenges of globalisation, and that emerging and developing economies, including the poorest, must have greater voice and representation. (IFI reform)

2009L-54: This [reforming the international financial institutions' mandates, scope and governance to reflect changes in the world economy and the new challenges of globalisation] must be accompanied by action to increase the credibility and accountability of the institutions through better strategic oversight and decision making. (IFI reform)

2009L-55: we commit to implementing the package of IMF quota and voice reforms agreed in April 2008 (IFI reform)

2009L-56: we agree that, alongside this, consideration should be given to greater involvement of the Fund's Governors in providing strategic direction to the IMF and increasing its accountability; (IFI reform)

2009L-57: we commit to implementing the World Bank reforms agreed in October 2008. (IFI reform)

2009L-58: we agree that the heads and senior leadership of the international financial institutions should be appointed through an open, transparent, and merit-based selection process; (IFI reform)

2009L-59: building on the current reviews of the IMF and World Bank we asked the Chairman, working with the G20 Finance Ministers, to consult widely in an inclusive process and report back to the next meeting with proposals for further reforms to improve the responsiveness and adaptability of the IFIs. (IFI reform)

2009L-60: we agreed on the desirability of a new global consensus on the key values and principles that will promote sustainable economic activity. We support discussion on such a charter for sustainable economic activity with a view to further discussion at our next meeting. (IFI reform)

2009L-61: We will not repeat the historic mistakes of protectionism of previous eras. (trade)

2009L-62: we reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, (trade)

2009L-63: [we reaffirm the commitment made in Washington: to refrain from] imposing new export restrictions, (trade)

2009L-64: [we reaffirm the commitment made in Washington: to refrain from] implementing World Trade Organisation (WTO) inconsistent measures to stimulate exports. (trade)

2009L-67: we will minimise any negative impact on trade and investment of our domestic policy actions including fiscal policy and action in support of the financial sector. (trade)

2009L-68: We will not retreat into financial protectionism, particularly measures that constrain worldwide capital flows, especially to developing countries; (macroeconomic policy)

2009L-69: we will notify promptly the WTO of any such measures and we call on the WTO, together with other international bodies, within their respective mandates, to monitor and report publicly on our adherence to these undertakings on a quarterly basis; (trade)

2009L-70: we will take, at the same time, whatever steps we can to promote and facilitate trade and investment; (trade)

2009L-71: we will ensure availability of at least $250 billion over the next two years to support trade finance through our export credit and investment agencies and through the MDBs. (trade)

2009L-72: We remain committed to reaching an ambitious and balanced conclusion to the Doha Development Round, which is urgently needed. (trade)

2009L-73: To achieve this we are committed to building on the progress already made, including with regard to modalities. (trade)

2009L-74: We will give renewed focus and political attention to this critical issue in the coming period and will use our continuing work and all international meetings that are relevant to drive progress. (trade)

2009L-75: we reaffirm our historic commitment to meeting the Millennium Development Goals (development)

2009L-76: [we reaffirm our historic commitment] to achieving our respective ODA pledges, including commitments on Aid for Trade, debt relief, and the Gleneagles commitments, especially to sub-Saharan Africa; (development)

2009L-77: the actions and decisions we have taken today will provide $50 billion to support social protection, boost trade and safeguard development in low income countries, as part of the significant increase in crisis support for these and other developing countries and emerging markets; (development)

2009L-78: we are making available resources for social protection for the poorest countries, including through investing in long-term food security and through voluntary bilateral contributions to the World Bank's Vulnerability Framework, including the Infrastructure Crisis Facility, and the Rapid Social Response Fund; (social policy)

2009L-79: we have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next 2 to 3 years. (development)

2009L-80: we have agreed to review the flexibility of the Debt Sustainability Framework and call on the IMF and World Bank to report to the IMFC and Development Committee at the Annual Meetings; (development)

2009L-81: We commit to support those affected by the crisis by creating employment opportunities and through income support measures. (labour and employment)

2009L-82: We will build a fair and family-friendly labour market for both women and men. (labour and employment)

2009L-83: We will support employment by stimulating growth, investing in education and training, and through active labour market policies, focusing on the most vulnerable. (labour and employment)

2009L-84: We agreed to make the best possible use of investment funded by fiscal stimulus programmes towards the goal of building a resilient, sustainable, and green recovery. (macroeconomic policy)

2009L-85: We will make the transition towards clean, innovative, resource efficient, low carbon technologies and infrastructure. (climate change)

2009L-86: We will identify and work together on further measures to build sustainable economies. (climate change)

2009L-87: We reaffirm our commitment to address the threat of irreversible climate change, based on the principle of common but differentiated responsibilities, and to reach agreement at the UN Climate Change conference in Copenhagen in December 2009. (climate change)

2009L-88: We agreed to meet again before the end of this year to review progress on our commitments. (accountability)

2009L-89: We, the Leaders of the G20, have taken, and will continue to take, action to strengthen regulation [in line with the commitments we made in Washington to reform the regulation of the financial sector.] (financial regulation)

2009L-90: [We, the Leaders of the G20, have taken, and will continue to take, action to strengthen] supervision in line with the commitments we made in Washington to reform the regulation of the financial sector. (financial regulation)

2009L-91: We have agreed that the Financial Stability Forum should be expanded, given a broadened mandate to promote financial stability, and re-established with a stronger institutional basis and enhanced capacity as the Financial Stability Board (FSB). (financial regulation)

2009L-92: [To strengthen international cooperation we have agreed:] to establish the remaining supervisory colleges for significant cross-border firms by June 2009, building on the 28 already in place; (financial regulation)

2009L-93: [To strengthen international cooperation we have agreed:] to implement the FSF principles for cross-border crisis management immediately, (financial regulation)

2009L-94: [To strengthen international cooperation we have agreed:] that home authorities of each major international financial institution should ensure that the group of authorities with a common interest in that financial institution meet at least annually; (financial regulation)

2009L-95: [To strengthen international cooperation we have agreed:] to support continued efforts by the IMF, FSB, World Bank, and BCBS to develop an international framework for cross-border bank resolution arrangements; (financial regulation)

2009L-96: [To strengthen international cooperation we have agreed:] the importance of further work and international cooperation on the subject of exit strategies; (financial regulation)

2009L-97: We have agreed to strengthen international frameworks for prudential regulation: until recovery is assured the international standard for the minimum level of capital should remained unchanged; (financial regulation)

2009L-98: [We have agreed to strengthen international frameworks for prudential regulation:] where appropriate, capital buffers above the required minima should be allowed to decline to facilitate lending in deteriorating economic conditions; (financial regulation)

2009L-99: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will amend our regulatory systems to ensure authorities are able to identify and take account of macro-prudential risks across the financial system including in the case of regulated banks, shadow banks, and private pools of capital to limit the build up of systemic risk. (financial regulation)

2009L-100: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will ensure that our national regulators possess the powers for gathering relevant information on all material financial institutions, markets, and instruments in order to assess the potential for their failure or severe stress to contribute to systemic risk. This will be done in close coordination at international level in order to achieve as much consistency as possible across jurisdictions; (financial regulation)

2009L-101: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] hedge funds or their managers will be registered and will be required to disclose appropriate information on an ongoing basis to supervisors or regulators, including on their leverage, necessary for assessment of the systemic risks that they pose individually or collectively. Where appropriate, registration should be subject to a minimum size. They will be subject to oversight to ensure that they have adequate risk management. (financial regulation)

2009L-102: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] We will, cooperating through the FSB, develop measures that implement these principles by the end of 2009. We call on the FSB to report to the next meeting of our Finance Ministers and Central Bank Governors; (financial regulation)

2009L-103: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will promote the standardisation and resilience of credit derivatives markets, in particular through the establishment of central clearing counterparties subject to effective regulation and supervision. (financial regulation)

2009L-104: [We have agreed that all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight. In particular:] we will each review and adapt the boundaries of the regulatory framework regularly to keep pace with developments in the financial system and promote good practices and consistent approaches at the international level. (financial regulation)

2009L-105: We have agreed that our national supervisors should ensure significant progress in the implementation of these principles by the 2009 remuneration round. (financial regulation)

2009L-106: We stand ready to take agreed action against those jurisdictions which do not meet international standards in relation to tax transparency. (financial regulation)

2009L-107: We are committed to developing proposals, by end 2009, to make it easier for developing countries to secure the benefits of a new cooperative tax environment. (financial regulation)

2009L-108: We are also committed to strengthened adherence to international prudential regulatory and supervisory standards. (financial regulation)

2009L-109: [We have agreed on more effective oversight of the activities of Credit Rating Agencies, as they are essential market participants. In particular, we have agreed that:] national authorities will enforce compliance and require changes to a rating agency's practices and procedures for managing conflicts of interest and assuring the transparency and quality of the rating process. (financial regulation)

2009L-110: We instruct our Finance Ministers to complete the implementation of these decisions and the attached action plan. (macroeconomic policy)

2009L-111: We have asked the FSB and the IMF to monitor progress, working with the FATF and the Global Forum, and to provide a report to the next meeting of our Finance Ministers and Central Bank Governors. (accountability)

Declaration on Delivering Resources through the International Financial Institutions

2009L-112: We, the leaders of the Group of Twenty, are committed to ensuring that capital continues to flow to emerging market and developing countries to protect their economies and support world growth. (development)

2009L-113: To this end, we have agreed to increase very substantially the resources available through the international financial institutions and to ensure that the institutions have the facilities needed to address the crisis in a coordinated and comprehensive manner. (financial regulation)

2009L-114: We have agreed to make available an additional $850 billion of resources through the IMF and the multilateral development banks to support growth in emerging market and developing countries by helping to finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support. (development)

2009L-115: For the IMF, we have agreed to support: as an immediate measure, bilateral financing from members of $250 billion; (IFI reform)

2009L-116: [For the IMF, we have agreed to support:] in the near term, incorporate the immediate financing from members into an expanded and more flexible New Arrangements to Borrow, which will include other G20 countries, and be increased by up to $500 billion. We aim to make substantial progress by the Spring meetings; (IFI reform)

2009L-117: [For the IMF, we have agreed to support:] consideration of market borrowing by the IMF to be used if necessary in conjunction with other sources of financing, to raise resources to the level needed to meet demands; (IFI reform)

2009L-118: [For the IMF, we have agreed to support:] a doubling of the IMF's concessional lending capacity for low income countries (IFI reform)

2009L-119: [For the IMF, we have agreed to support:] a doubling of access limits, within the Debt Sustainability Framework (DSF). (IFI reform)

2009L-120: We have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next two to three years. (IFI reform)

2009L-121: In addition to these steps, we have also agreed to support a general allocation of SDRs equivalent to $250 billion to increase global liquidity, $100 billion of which will go directly to emerging market and developing countries. We agreed to ratify urgently the fourth amendment to the IMF's articles. (IFI reform)

2009L-122: We agreed to accelerate the next quota review to be completed by January 2011 to ensure the IMF's finances are on a sustainable footing commensurate with the needs of the international monetary system. (IFI reform)

2009L-123: [For the Multilateral Development Banks (MDBs), we have agreed to support:] a substantial increase in lending of $100 billion including to low income countries, to a total of around $300 billion over the next three years; (development)

2009L-124: [For the Multilateral Development Banks (MDBs), we have agreed to support:] full and exceptional use of MDB balance sheets, to create further capacity for lending to meet crisis needs; (development)

2009L-125: [For the Multilateral Development Banks (MDBs), we have agreed to support:] a 200 per cent general capital increase at the Asian Development Bank (development)

2009L-126: [For the Multilateral Development Banks (MDBs), we have agreed to support:] reviews of the need for capital increases at the Inter-American Development Bank, the African Development Bank and the European Bank for Reconstruction and Development; (development)

2009L-127: [For the Multilateral Development Banks (MDBs), we have agreed to support:] actions by the MDBs to leverage private capital more effectively, including through the use of guarantees, bond insurance and bridging finance; (development)

2009L-128: [For the Multilateral Development Banks (MDBs), we have agreed to support: the new IFC Global Trade Liquidity Pool which should provide up to $50 billion of trade liquidity support over the next three years, with significant co-financing from the private sector (as part of the global effort to ensure the availability of at least $250 billion of trade finance over the next two years).] In order to reach this objective, we agreed to provide $3-4 billion in voluntary bilateral contributions to the IFC Pool. (development)

2009L-129: We have also agreed to ensure that the international financial institutions have the facilities they need to address the current crisis and meet the needs of emerging markets and developing countries. To this end: we will support, through voluntary bilateral contributions, the World Bank Vulnerability Framework, including the Infrastructure Crisis Facility and the Rapid Social Response Fund; (development)