Previous Leaders' Summits of G20 (3)

Third G20 Leaders' Summit, September 24-25, 2009, Pittsburgh, USA

Leaders reviewed the progress made since the London Summit in April, where national commitments to restore growth resulted in the largest and most coordinated fiscal and monetary stimulus ever undertaken. However, the process of recovery and repair remained incomplete: in many countries, unemployment remained unacceptably high, and the conditions for a recovery of private demand were not yet fully in place.

Leaders therefore agreed to:

- Launch a framework that sets out the policies and the way G20 countries act together to generate strong, sustainable and balanced global growth

- Make sure our regulatory system for banks and other financial firms reins in the excesses that led to the crisis. Where reckless behavior and a lack of responsibility led to crisis, we will not allow a return to banking as usual

- Reform the global architecture to meet the needs of the 21st century

- Take new steps to increase access to food, fuel and finance among the world's poorest while clamping down on illicit outflows

- Phase out and rationalize over the medium term inefficient fossil fuel subsidies while providing targeted support for the poorest

- maintain our trade openness and move toward greener, more sustainable growth

Second G20 Leaders' Summit, April 2, 2009, London, United Kingdom

In the context of the greatest challenge to the world economy in modern times, Leaders pledged to do whatever was necessary to:

- Restore confidence, growth, and jobs

- Repair the financial system to restore lending

- Strengthen financial regulation to rebuild trust

- Fund and reform international financial institutions to overcome the crisis and prevent future ones

- Promote global trade and investment and reject protectionism, to underpin prosperity

- Build an inclusive, green, and sustainable recovery

Leaders therefore agreed to:

- Treble resources available to the IMF to $750 billion

- Support a new SDR allocation of $250 billion

- Support at least $100 billion of additional lending by the MDBs

- Ensure $250 billion of support for trade finance

- Use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries

This constituted an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy.

First G20 Leaders' Summit: November 14-15, 2008, Washington D.C., USA

Against a background of deteriorating economic conditions worldwide, Leaders agreed that a broader policy response was needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries.

They therefore agreed to:

- Take whatever further actions were necessary to stabilize the financial system

- Recognize the importance of monetary policy support, as deemed appropriate to domestic conditions

- Use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conducive to fiscal sustainability

- Help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and program support

- Welcome the IMF's new short-term liquidity facility, and urge the ongoing review of its instruments and facilities to ensure flexibility

- Encourage the World Bank and other multilateral development banks (MDBs) to use their full capacity in support of their development agenda

- Ensure that the IMF, World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis.

(http://www.g20.org)