European Council “Language” for G20 Summit

The informal European Council meeting on 17 September 2009 resulted in this document, called “Agreed Language for the Pittsburgh G-20 Summit”.

Some key messages:

  • Exit strategies need to be designed now and implemented in a coordinated manner as soon as recovery takes hold;
  • It is important to strengthen global macroeconomic coordination (…) based on a central role for the IMF;
  • The G-20 should commit to a globally coordinated system of macro-prudential supervision, based on close cooperation of the IMF, the FSB and the supervisory authorities, with effective exchange of information;
  • All G-20 countries must adopt the Basel II capital framework;
  • The G-20 should commit to agreeing to binding rules for financial institutions on variable remunerations backed up by the threat of sanctions at the national level;
  • The international carbon market should be expanded and reformed through establishing and linking trading schemes;
  • The G-20 should recognise the need to fast-start international public support for addressing urgent climate financing needs in developing countries, in particular least developed countries.

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