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THE G20 SUMMIT

G20 world leaders have revealed their communiqué to tackle the global economic crisis. UK Prime Minister Gordon Brown announced the $1.1 trillion deal as he closed the G20 summit.

Here is a summary of the key points:

FINANCIAL REGULATION

·        A new Financial Stability Board, with a strengthened mandate, will replace the Financial Stability Forum

·        Financial regulation and oversight will be extended to all financial institutions, instruments and markets

·        This includes bringing hedge funds within the global regulatory net for the first time

·        Members are committed to implementing tough new rules on pay and bonuses at a global level

·        International accounting standards will be set

·        Credit rating agencies will be regulated in order to remove their conflicts of interest

·        A common approach to cleaning up banks' toxic assets has been agreed

TAX HAVENS

·        There will be sanctions against tax havens that do not transfer information on request

·        The Organisation for Economic Co-operation and Development has published a list of countries assessed by the Global Forum against the international standard for exchange of tax information

INTERNATIONAL MONETARY FUND

·        Resources available to the International Monetary Fund will be trebled to $750bn

·        This includes a new overdraft facility, or special drawing rights allocation, of $250bn

·        Additional resources of $6bn from agreed IMF gold sales will be made available for lending to the poorest countries

·        The G20 also supports increased lending to the world's poorest countries of at least $100bn by the multilateral development banks

GLOBAL TRADE

·        There will be a commitment of $250bn of support for trade finance made over the next two years

·        This will be made available through export credit and investment agencies, as well as through multilateral development banks

·        National regulators will be asked to make use of available flexibility in capital requirements for trade finance

PROTECTIONISM

·        The G20 has pledged to resist protectionism

·        There will be a commitment to naming and shaming countries that breach free trade rules

·        The G20 will notify the World Trade Organization (WTO) of any measures that constrain worldwide capital flows

·        The G20 has called on the WTO to monitor and report publicly on these undertakings on a quarterly basis

FISCAL STIMULUS

·        Although there is no new fiscal stimulus, Gordon Brown said G20 countries are already implementing "the biggest macroeconomic stimulus the world has ever seen" - an injection of $5tn by the end of next year.

 

http://news.bbc.co.uk/1/hi/business/7979682.stm

 
 

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