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Goals and accomplishments at past G-20 Summits:Toronto

Nov 12,2010
* Date: Saturday, June 26-27, 2010

* Participants:

-G-20 members: G-8 + Korea, China, India, Australia, Brazil, Mexico, Indonesia, Argentina, Turkey, Saudi Arabia, South Africa, EU (Belgium)

-Invited: Spain, Netherlands, Nigeria

-International Organizations: African Union, Asean, Nepad, WTO, UN, IMF, World Bank, Financial Stability Board, International Labour Organization, OECD



At the Toronto summit, Korea contributed greatly to elevating the creation of global financial safety nets as a major agenda item for further discussion, especially at the Seoul summit. The IMF decided to increase the duration and credit available under the existing Flexible Credit Line for member countries with strong economic fundamentals and policies. It also created the Precautionary Credit Line for members with sound economic policies but that don’t meet the FCL’s more stringent requirements.

Among the major agenda items were advanced economies pursuing fiscal consolidation to reduce debt, upgrading regulations on bank capital and liquidity, and reforming IMF quotas.

The G-20 members promised to halve their deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. They also decided to safeguard and strengthen the recovery, lay the foundation for strong, sustainable and balanced growth and strengthen financial systems against risks. But they failed to reach a consensus on creating a bank levy, leaving the issue to be decided by each country.

They agreed to address global economic imbalance, which could be the biggest agenda item in Seoul. They also agreed that advanced deficit economies should take action to boost national savings while advanced surplus economies should focus on structural reforms that support increased domestic demand. It was also the first time the issue of exchange rates was mentioned.




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