伦敦首脑会议-领导人的声明
2009年4月2日
1 .我们，20国集团领导人，于2009年4月2日在伦敦召开会议。
2 .我们面临着现代社会的世界经济最大挑战，自从我们上次会议以来，危机已经加深了，从而影响到每一个国家女人，男人，和儿童的生活，所有国家必须携手进行解决。一场全球性危机，需要全球性的解决方案。
3 .我们开始相信，繁荣是不可分割的;这种增长，如要持续下去，就需要共享;我们的全球恢复计划其核心必须在勤奋工作家庭的需求和就业，不仅在发达国家，也在新兴市场和世界上最贫穷国家也是如此;我们不能只考虑今天人们的利益，同样需考虑后代的利益。我们相信全球的可持续化发展和日益繁荣的基础是一个基于市场原则，具有有效调控和强大全球机构的开放世界经济。
4 .因此，我们今天承诺作出一切所必要努力：
恢复信心，复苏就业市场;
修复金融系统以恢复贷款;
加强金融监管以重建信任;
为国际金融机构积累资金和改革我们的国际金融机构，以克服这一危机，并防止未来危机;
促进全球贸易和投资，并拒绝保护主义，以巩固繁荣;
增进全面的、绿色的以及可持续性的经济复苏。
共同行动履行这些承诺，我们将使世界经济走出衰退并防止这样的危机再次发生。
5 . 我们今天达成的这些协议，以三倍于国际货币基金组织可用资源的七千五百亿美元，用来支持新的特别提款权提高到二千五亿美元，以支持在多边开发银行至少有1000亿美元的额外贷款，以确保二千五百亿美元来支持贸易融资，并同意通过国际货币基金组织出售黄金为最贫穷的国家提供优惠贷款，从而构成了额外的1.1万亿美元的支助方案，以恢复信贷，经济增长和世界经济的就业机会 。连同我们各个国家都采取的措施，这构成了一个前所未有规模的全球性计划。
恢复增长和就业机会
6 .我们正在以前所未有的和协调一致的财政扩张，这将保存或创造数百万有可能被毁损的工作岗位，这将在明年年底前，达到5万亿美元，提高百分之四的产出，加快过渡到绿色经济阶段。我们致力于提供必要的持续财政支持规模以努力恢复增长。
7 .我们的中央银行也同样采取了特殊的运作。利率在大多数国家被主动大幅下调，我们的中央银行已承诺在任何需要下保持扩张性政策并充分利用各种货币政策工具，包括非常规的工具手段以保证价格的稳定。
8 .我们的恢复经济增长的措施，直到我们恢复国内贷款和国际资本流动才会生效。
我们已经为我们的银行体系提供了重要的和全面支持 ，如提供流动资金，重组金融机构和迅速解决受损资产。我们决心采取一切必要行动，通过金融系统恢复信贷的正常流动以确保重要机构系统的健全性，并按照20国集团的商定框架执行我们的政策以恢复贷款和修复金融部门。
9 .总的来说，这些运作将构成现代社会金融部门最大的财政和货币刺激以及最全面的支持方案。共同行动以增强影响，迄今为止宣布的特殊政策措施必须立即执行。今天，我们进一步商定通过我们的国际金融机构和贸易融资为世界经济投入超过1万亿美元的额外资源。
10 .上个月，国际货币基金组织估计，到2010年底世界的实际增长将恢复和上升超过百分之二。我们坚定地承诺我们今天已达成一致的措施，我们对共同努力恢复增长和就业充满了信心，在此同时需保持财政长期可持续性，这将加速恢复的增长趋势。 我们承诺今天采取必要的行动以确保这一结果的实现，我们呼吁国际货币基金定期组织评估所采取的必须的全球措施。
11 .我们有决心确保长期财政可持续性和物价稳定，通过现在必须采取的措施，以支持金融部门和恢复全球的需求来建立可信的撤出战略 。我们相信通过执行我们商定的政策，我们将控制经济的长期成本 ，从而减少在较长时期内财政巩固的必要规模。
12 .我们将继续合作的和负责任的进行我们所有关系到影响其他国家经济的政策，控制货币竞争贬值和促进国际货币体系的稳定和良好运作。我们将在现在和将来，以坦诚，准确的方式支持独立货币基金组织监督我们的经济和金融部门，和我们对其他国家的政策以及全球面临经济危机的影响 。
加强金融监管和调控
13 . 金融部门和金融管理监督的主要失败是危机的根源。直到我们重建金融制度信用之前，信心难以恢复。我们将采取行动，为今后的金融体系建立一个更强大的，更全球化的监督和管理框架，这将支持全球经济可持续增长并满足企业和公民的需要 。
14 . 我们都同意保证各自国内的监管制度是良好的。但是，我们也同意在各国之间建立更大的一致性和进行系统的合作 ，以及国际高标准和满足全球金融体系需要的框架。加强管制和监督必须促进规则，诚信和透明度;防范跨越金融体系的风险;抑制而不是扩大金融和经济周期; 减少对资金来源不适当风险的依赖;和阻止过度承担风险。管理者和监督者，必须保护消费者和投资者，支持市场纪律，避免对其他国家的负面影响，减少监管套利的范围，支持竞争和活力，以及跟上市场创新。
15 . 为此，我们正在执行在上次会议上所确定和商定的措施计划。
我们今天还发表了一项声明，加强金融体系。我们对如下几点达成一致意见：
建立一个新的金融稳定委员会（ FSB ），作为金融稳定论坛（ FSF ）的继任者，这个委员会包括所有20国集团的国家、FSF 成员、西班牙和欧盟委员会。
FSB 应与国际货币基金组织合作以警惕宏观经济和金融风险，并提出必要的以解决方案;
重塑监管体系以使各国官方能够鉴别并考虑到巨大的经济风险。
加强对所有重要的金融机构、金融工具和金融市场的监管与监督。这里首先应包括对重要的对冲基金的监督与监管。
签署实施FSF苛刻的有关支付和补偿的新原则，以支持所有公司的可持续补偿计划和公司对社会采取负责任的态度。
采取行动。一旦确认经济将要复苏，就应改善银行系统资金的质量、数量和可持续性。未来，所制定的秩序必须要防止过度的杠杆作用，并在繁荣时期建立资源利用作为缓冲工具。
采取行动抵抗不合作行为，包括避税。我们时刻准备着通过制裁，来保护公共财政和金融系统。拥有银行保密系统的时代已经过去了。我们注意到今天经合组织将发布一份关于全球论坛评估的反对交换税收信息国际标准的国家的名单。
呼吁会计标准制定者与监管人员通力合作，以改善评估和准备措施的标准，取得一套具有针对性的高质量的全球会计标准。
加强对信用等级评估机构的监管与登记体制，确保它们符合国际惯例，特别是要防止不可调和的利益冲突。
16. 我们的财务部长将会按照行动计划所定的时间表来完成这些决定的实施。我们请求FSB和IMF以及其他相关机构一起监督这一过程，为下一届11月在苏格兰举行的财长会议提供报告。
加强世界金融机构的力量
17. 作为最近世界增长引擎的新兴市场和发展中国家目前也面临各种挑战。这些挑战现在增加了全球经济的低迷。为了提高全球的信心和有利于经济的复苏，应该将资金持续投入其中。这就要求持续加强国际金融机构的力量，特别是IMF。因此，我们今天同意从世界金融机构获得8500亿美元资源以支持新兴市场和发展中国家的增长。帮助它们的金融倒循环花费、银行重组，对基础建设、贸易金融和收支平衡的支持以及债务转移与社会支持。最后，
我们同意立即通过将从成员国融资得到的2500亿美元投入到IMF以增加其资源。接下来共同达成一个规模更大、更加灵活的新的贷款安排，再增加最高5000亿美元，如果需要，考虑从市场中借款。
我们支持极大限度地增加从多边发展银行借款数到至少1000亿美元，包括借给低收入国家，并且保证所有在内的多边发展银行都有适当数量的资金。
18. 有效并灵活地使用这些资源来促进增长是必要的。我们欢迎IMF在灵活信用等级划分、借款改革和制约框架上所取得的进步。这些使得IMF能确保它可以有效地注意到国家在收支平衡基础上的融资需要的隐含原因，特别是拒绝外部资金流入银行业和公司的原因。我们支持墨西哥寻求FCL安排的决定。
19. 我们一致支持进行一次总的特别提款权(SDR)分配，此举将向世界经济注入2500亿美元并提高全球流动性，并要求对《第四次修正案》进行紧急修订。
20 为了帮助金融机构控制危机、防止将来再发生危机，我们必须长期加强对金融机构的实用性、有效性和合理性的管理。因此，除了我们今天同意的要极大程度地提高资源储备，我们还决定改革国际金融机构，使之现代化，确保它们能帮助其成员和股东采取有效行动以面对他们面临的新挑战。我们将改革金融机构的权限、范围和管辖范围以反映全球经济的变化和全球化的新挑战。新兴的以及发展中国家，包括那些最穷的国家，必须有更广泛的发言权和表现方式。这些都要伴以行动，通过更有策略的监督和决策来提高机构的可信度和责任心。出于这一目的：
我们要坚决执行2008年4月达成的IMF配额和话语权改革的方案，并要求IMF在2011年1月之前完成下一次配额审查。
另外还有一点，那就是对于那些更多参与资金管理者来说，要更多地去考虑给国际货币基金组织提供有效的策略方向，增强其责任感。
我们将大力实施2008年10月通过的世界银行改革方案。我们希望能够在接下来的会议上获得进一步的建议，加快进度，争取在2010年春季的会议上就话语权和代表权改革达成一致。
我们赞同国际金融机构的首脑和高级领导层一定要履行一个公开、透明的选举过程；建立起国际货币基金组织和世界银行的审查制度，我们广泛地咨询过同20国的财政部长一起工作的主席，以寻求在下一次会议上所提出的包括会议进程和对进一步改革的提案，来提高国际金融机构责任感和反应机制。
21.另外，为了应对全球化的新挑战而进行的国际金融改革方面，我们同意在主要价值理念和原则上，在全球所获得一个新的共识，它将会推动可持续性的经济发展活动。我们支持在下次会议进一步讨论。我们会对其它论坛相关事宜而开始的工作做笔录，希望进一步讨论对可持续性经济活动的这一宪章。
抵制贸易保护主义，提高全球贸易和投资
22 世界贸易增长的繁华景气已经支撑了近半个世纪。但如今它所呈现的是25年来首次的衰退。滋生的保护主义者恶化了需求的下降和贸易信贷的萎缩，重振世界经济和投资对全球发展是关键的，我们不能重复以往所采取贸易保护主义的历史错误。
我们重申在在华盛顿达成的承诺：不得针对投资或商品及服务贸易设置新的障碍，不对出口施加新的限制，不得推行违背世贸组织(WTO)规则的措施来刺激出口。此外，我们将立即行动纠正已采取的这一类措施。我们决定将上述承诺的期限延长至2010年结束。
我们将尽量减少国内政策措施对贸易和投资的负面影响，对财政政策和金融部门要加大力度给予扶持。我们不会退回到金融保护主义，特别是限制全球资本流动的措施，尤其是向发展中国家流动资本;
我们将及时向世贸组织告知任何形式的此类措施，我们呼吁世界贸易组织，以及其它国际机构，在各自职权范围内，每季监测和公开报告我们对这些措施的实施情况;
同时，我们将采取任何可以推动和促进贸易和投资发展的步伐的措施; 而且，
在未来两年内，我们将通过我们的出口信贷和投资机构以及多边开发银行，确保提供至少2500亿美元的资金以支持贸易融资。我们还要求我们的管理者要充分利用现有的贸易融资的资本灵活性。
23. 我们同意恢复多哈回合谈判，这是最为迫切需要的。它可以促进全球经济每年增长至少 1500亿美元。为达成这一目标，我们承诺将维护议程已取得的进展，其中包括就议程形式所达成的一致。
24. 在今后一段时期，我们将重新关注这一关键问题，我们将通过持续不断的工作和所有相关的国际会议来推动议程取得进展。
确保公平和可持续再生
25. 我们决心不仅要恢复经济增长，而且要为公平和可持续的世界经济奠定基础。我们认识到，当前的危机，已对弱势的乃至最贫穷国家，产生了不成比例的负面影响，同时我们也认识到要减轻危机对社会影响的集体责任，从而尽量减少危机对全球经济潜在力的持久损害。为此：
我们今天已采取的行动和已做出的决定将提供500亿美元来支持低收入国家的社会保障、促进贸易和安全发展，这是我们在危机中显著加大对低收入国家和其他发展中国家以及新兴市场扶持力度的一个组成部分。
我们正在为最贫穷国家的社会保障体系创造可利用的资源，其中包括通过对长期食品安全项目进行投资，以及通过向世界银行的脆弱性架构体系（包括基础设施危机机构和快速社会反应基金）进行的自发的双边捐赠；
我们已决定借助新的收入模式。我们承诺，在未来的两到三年时间，国际货币基金组织黄金销售所得的额外资源,将与盈余收入一起用于最贫困的国家,为他们提供600万美元作为额外的的灵活财政资金。我们呼吁IMF在春季会议上就此拿出切实的计划。
我们已经同意对偿债能力架构的灵活性进行审查，并呼吁国际货币基金组织和世界银行在年会中应向国际货币与金融委员会及开发委员会进行汇报。
我们呼吁联合国协同其他国际组织，建立一个有效的机制对金融危机在最贫穷国家和最易受危机侵害的国家所造成的影响实行有效监控。
26 金融危机对个人产生的负面影响。我们承诺通过增加就业机会和工资收入，来对那些受金融危机影响的人群进行帮助和支持，我们将创建一个和谐共建的生活环境。因此，我们非常欢迎来自伦敦工作研讨会和罗马社会高峰会上所做出的重要报告。我们将通过教育和培训方面的投资，来刺激经济的增长，并通过积极有效的就业政策，使生活在社会最底层的人群就业。我们呼吁国际老公组织与其他相关组织一起对所采取的行动和那些未来所需要的行动进行评价。
27我们同意尽可能充分利用以创建有复原能力的、可持续的、绿色健康循环为目标而制定的由财政刺激计划支持的投资。我们将围绕清洁、创新、资源有效性和低碳研究成果和基础设施来做转变。我们鼓励多边开发银行(MDB)竭尽全力对这一目标所将取得的成就进行支持。我们将对创造可持续发展的经济所采取的未来措施达成共识。
28 在本着求同存异的责任基础上，我们再次声明，要治理不可逆转的气候变化，并将于2009年12月在哥本哈根所举办的联合国气候变化会议中达成共识。
履行我们的承诺
29 我们将以紧迫和果断的态度来共同将决议付诸行动中。我们决定在今年年底将再举行一次会议，对我们所承诺事宜的发展进程，进行一次回顾。
London Summit – Leaders’ Statement
2 April 2009
1. We, the Leaders of the Group of Twenty, met in London on 2 April 2009.
2. We face the greatest challenge to the world economy in modern times; a crisis which has deepened since we last met, which affects the lives of women, men, and children in every country, and which all countries must join together to resolve. A global crisis requires a global solution.
3. We start from the belief that prosperity is indivisible; that growth, to be sustained, has to be shared; and that our global plan for recovery must have at its heart the needs and jobs of hard-working families, not just in developed countries but in emerging markets and the poorest countries of the world too; and must reflect the interests, not just of today’s population, but of future generations too. We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions.
4. We have today therefore pledged to do whatever is necessary to:
restore confidence, growth, and jobs;
repair the financial system to restore lending;
strengthen financial regulation to rebuild trust;
fund and reform our international financial institutions to overcome this crisis and prevent future ones;
promote global trade and investment and reject protectionism, to underpin prosperity; and
build an inclusive, green, and sustainable recovery.
By acting together to fulfil these pledges we will bring the world economy out of recession and prevent a crisis like this from recurring in the future.
5. The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy. Together with the measures we have each taken nationally, this constitutes a global plan for recovery on an unprecedented scale.
Restoring growth and jobs
6. 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, raise output by 4 per cent, and accelerate the transition to a green economy. We are committed to deliver the scale of sustained fiscal effort necessary to restore growth.
7. Our central banks have also taken exceptional action. Interest rates have been cut aggressively in most countries, and 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.
8. Our actions to restore growth cannot be effective until we restore domestic lending and international capital flows. We have provided significant and comprehensive support to our banking systems to provide liquidity, recapitalise financial institutions, and address decisively the problem of impaired assets. 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.
9. Taken together, these actions will constitute the largest fiscal and monetary stimulus and the most comprehensive support programme for the financial sector in modern times. Acting together strengthens the impact and the exceptional policy actions announced so far must be implemented without delay. Today, we have further agreed over $1 trillion of additional resources for the world economy through our international financial institutions and trade finance.
10. Last month the IMF estimated that world growth in real terms would resume and rise to over 2 percent by the end of 2010. We are confident that the actions we have agreed today, and our unshakeable commitment to work together to restore growth and jobs, while preserving long-term fiscal sustainability, will accelerate the return to trend growth. We commit today to taking whatever action is necessary to secure that outcome, and we call on the IMF to assess regularly the actions taken and the global actions required.
11. 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. We are convinced that by implementing our agreed policies we will limit the longer-term costs to
our economies, thereby reducing the scale of the fiscal consolidation necessary over the longer term.
12. 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. 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.
Strengthening financial supervision and regulation
13. Major failures in the financial sector and in financial regulation and supervision were fundamental causes of the crisis. Confidence will not be restored until we rebuild trust in our financial system. 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.
14. We each agree to ensure our domestic regulatory systems are strong. 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. Strengthened regulation and supervision must promote propriety, integrity and transparency; guard against risk across the financial system; dampen rather than amplify the financial and economic cycle; reduce reliance on inappropriately risky sources of financing; and discourage excessive risk-taking. Regulators and supervisors must protect consumers and investors, support market discipline, avoid adverse impacts on other countries, reduce the scope for regulatory arbitrage, support competition and dynamism, and keep pace with innovation in the marketplace.
15. To this end we are implementing the Action Plan agreed at our last meeting, as set out in the attached progress report. We have today also issued a Declaration, Strengthening the Financial System. In particular 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;
that the FSB should collaborate with the IMF to provide early warning of macroeconomic and financial risks and the actions needed to address them;
to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks;
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;
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;
to take action, once recovery is assured, to improve the quality, quantity, and international consistency of capital in the banking system. In future, regulation must prevent excessive leverage and require buffers of resources to be built up in good times;
to take action against non-cooperative jurisdictions, including tax havens. We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over. We note that the OECD has today published a list of countries assessed by the Global Forum against the international standard for exchange of tax information;
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; and
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.
16. We instruct our Finance Ministers to complete the implementation of these decisions in line with the timetable set out in the Action Plan. We have asked the FSB and the IMF to monitor progress, working with the Financial Action Taskforce and other relevant bodies, and to provide a report to the next meeting of our Finance Ministers in Scotland in November.
Strengthening our global financial institutions
17. Emerging markets and developing countries, which have been the engine of recent world growth, are also now facing challenges which are adding to the current downturn in the global economy. It is imperative for global confidence and economic recovery that capital continues to flow to them. This will require a substantial strengthening of the international financial institutions, particularly the
IMF. 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. To this end:
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; and
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, including have the appropriate capital.
18. It is essential that these resources can be used effectively and flexibly to support growth. We welcome in this respect the progress made by the IMF with its new Flexible Credit Line (FCL) and its reformed lending and conditionality framework which will enable the IMF to ensure that its facilities address effectively the underlying causes of countries’ balance of payments financing needs, particularly the withdrawal of external capital flows to the banking and corporate sectors. We support Mexico’s decision to seek an FCL arrangement.
19. We have agreed to support a general SDR allocation which will inject $250 billion into the world economy and increase global liquidity, and urgent ratification of the Fourth Amendment.
20. In order for our financial institutions to help manage the crisis and prevent future crises we must strengthen their longer term relevance, effectiveness and legitimacy. So alongside the significant increase in resources agreed today 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. 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. This must be accompanied by action to increase the credibility and accountability of the institutions through better strategic oversight and decision making. To this end:
we commit to implementing the package of IMF quota and voice reforms agreed in April 2008 and call on the IMF to complete the next review of quotas by January 2011;
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;
we commit to implementing the World Bank reforms agreed in October 2008. We look forward to further recommendations, at the next meetings, on voice and representation reforms on an accelerated timescale, to be agreed by the 2010 Spring Meetings;
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; and
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.
21. In addition to reforming our international financial institutions for the new challenges of globalisation 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. We take note of the work started in other fora in this regard and look forward to further discussion of this charter for sustainable economic activity.
Resisting protectionism and promoting global trade and investment
22. World trade growth has underpinned rising prosperity for half a century. But it is now falling for the first time in 25 years. Falling demand is exacerbated by growing protectionist pressures and a withdrawal of trade credit. Reinvigorating world trade and investment is essential for restoring global growth. We will not repeat the historic mistakes of protectionism of previous eras. To this end:
we reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organisation (WTO)
inconsistent measures to stimulate exports. In addition we will rectify promptly any such measures. We extend this pledge to the end of 2010;
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. We will not retreat into financial protectionism, particularly measures that constrain worldwide capital flows, especially to developing countries;
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;
we will take, at the same time, whatever steps we can to promote and facilitate trade and investment; and
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. We also ask our regulators to make use of available flexibility in capital requirements for trade finance.
23. We remain committed to reaching an ambitious and balanced conclusion to the Doha Development Round, which is urgently needed. This could boost the global economy by at least $150 billion per annum. To achieve this we are committed to building on the progress already made, including with regard to modalities.
24. 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.
Ensuring a fair and sustainable recovery for all
25. We are determined not only to restore growth but to lay the foundation for a fair and sustainable world economy. We recognise that the current crisis has a disproportionate impact on the vulnerable in the poorest countries and recognise our collective responsibility to mitigate the social impact of the crisis to minimise long-lasting damage to global potential. To this end:
we reaffirm our historic commitment to meeting the Millennium Development Goals and to achieving our respective ODA pledges, including commitments on Aid for Trade, debt relief, and the Gleneagles commitments, especially to sub-Saharan Africa;
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;
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;
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. We call on the IMF to come forward with concrete proposals at the Spring Meetings;
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; and
we call on the UN, working with other global institutions, to establish an effective mechanism to monitor the impact of the crisis on the poorest and most vulnerable.
26. We recognise the human dimension to the crisis. We commit to support those affected by the crisis by creating employment opportunities and through income support measures. We will build a fair and family-friendly labour market for both women and men. We therefore welcome the reports of the London Jobs Conference and the Rome Social Summit and the key principles they proposed. We will support employment by stimulating growth, investing in education and training, and through active labour market policies, focusing on the most vulnerable. We call upon the ILO, working with other relevant organisations, to assess the actions taken and those required for the future.
27. 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. We will make the transition towards clean, innovative, resource efficient, low carbon technologies and infrastructure. We encourage the MDBs to contribute fully to the achievement of this objective. We will identify and work together on further measures to build sustainable economies.
28. 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.
Delivering our commitments
29. We have committed ourselves to work together with urgency and determination to translate these words into action. We agreed to meet again before the end of this year to review progress on our commitments.