• Submitted by: manso
• International
• 11 / 13 / 2010

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11/11/2010. Without eliminating concerns about the urgent need to step up the fragile recovery of the global economy, the G-20 summit concluded on Friday with a declaration announcing measures for next year.

The document's approval includes a certain level of calm after preparations and an inaugural session, where differences were reaffirmed between various members regarding ways to solve problems associated with commercial and monetary policies, including reform of the international financial system.

The G-20 committed to strengthening cooperation for achieving policies to reduce commercial inequalities or maintain them at sustainable levels.

They also agreed to draw up guidelines with indicators to use as tools for identifying cases with imbalance in their current accounts requiring preventive or corrective action.

In that sense the first steps will be analyzed at a meeting of finance ministers and central bank director in the first half of 2011.

That work should be concluded at the November 2010 summit in France, which now holds the G-20 rotating presidency.

The G-20 wants to move towards currency exchange systems that are more controlled by the market and increase flexibility, along with the commitment to abstain themselves from applying competitive devaluations.

Compliance with that commitment would contribute to avoiding a future economic global crisis, said host president Lee Myung-bak, who asked for cooperation in that respect at a press conference.

Regarding reforms of the financial system, the meeting confirmed the transfer of six percent of the International Monetary Fund's stocks to emerging economies, which is considered an important step for a "lawful, credible and effective" institution, according to the final declaration.

The summit also backed a Development Action Plan for 2014, recognizing the need to help the poorest states most damaged by the crisis, negatively affecting their ability to meet the UN Millennium Development Goals.

The summit was attended by leaders from the seven most industrialized countries, Russia, the European Union as a bloc, other nations with different levels of development, such as Brazil, Mexico, India, and South Africa, and authorities from the IMF, World Bank and World Trade Organization.

Source. PL Translation Staff