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London Summit – Leaders’ Statement Summary (2 April 2009)

Core Content

The London Summit of the Group of Twenty (G20) took place on 2 April 2009, marking a critical response to the global economic crisis. The leaders emphasized the need for collective action to restore confidence, growth, and jobs, and to prevent future crises. They outlined a comprehensive global plan for recovery that includes fiscal and monetary stimulus, financial regulation reforms, support for international financial institutions (IFIs), resistance to protectionism, and a focus on social and environmental sustainability.

Main Objectives and Pledges

The G20 leaders pledged to take the following actions:

• Restore confidence, growth, and jobs through unprecedented fiscal expansion, expected to save or create millions of jobs by the end of 2010.
• Repair the financial system to restore lending and ensure the soundness of systemically important institutions.
• Strengthen financial regulation to rebuild trust and prevent future crises.
• Fund and reform IFIs to provide $1.1 trillion in additional support, including increasing IMF resources to $750 billion, supporting trade finance, and providing concessional finance for the poorest countries.
• Promote global trade and investment and reject protectionism, including the commitment to refrain from new trade barriers and to support trade finance with at least $250 billion.
• Build an inclusive, green, and sustainable recovery that addresses the needs of all populations, including future generations.

Financial Sector Reforms

The summit emphasized the importance of global financial supervision and regulation:

• The G20 agreed to establish a new Financial Stability Board (FSB) with a strengthened mandate, including all G20 countries, FSF members, Spain, and the European Commission.
• The FSB will collaborate with the IMF to provide early warnings on macroeconomic and financial risks.
• The G20 will reshape regulatory systems to address macro-prudential risks, extend oversight to all systemically important financial institutions (including hedge funds), and promote transparency and accountability.
• They endorsed tough new principles on pay and compensation, aiming to discourage excessive risk-taking and promote corporate social responsibility.
• The G20 called for improved global accounting standards and regulatory oversight of credit rating agencies to prevent conflicts of interest.

Strengthening Global Financial Institutions

To support emerging and developing economies, the G20 committed to:

• Increasing IMF resources by $250 billion immediately, with an expanded New Arrangements to Borrow (NAB) up to $500 billion, and potential market borrowing.
• Supporting MDBs with at least $100 billion in additional lending, including to low-income countries.
• Reforming the IMF and World Bank to improve their legitimacy, effectiveness, and relevance, including quota and voice reforms, more transparent leadership appointments, and enhanced strategic oversight.
• Completing the Fourth Amendment to the IMF's Articles of Agreement and ensuring its urgent ratification.
• Supporting a new SDR allocation of $250 billion to increase global liquidity.
• Reforming the Debt Sustainability Framework and promoting a charter for sustainable economic activity.

Resisting Protectionism and Promoting Trade

The G20 reaffirmed their commitment to open markets and global trade:

• They pledged to refrain from new trade barriers, export restrictions, and inconsistent WTO measures to stimulate exports.
• They will notify the WTO promptly of any such measures and call for quarterly monitoring.
• They will minimise the negative impact of domestic policies on trade and investment, and support trade finance with at least $250 billion over two years.
• They remain committed to advancing the Doha Development Round and achieving an ambitious and balanced conclusion to boost the global economy by at least $150 billion annually.

Ensuring a Fair and Sustainable Recovery

The G20 acknowledged the social impact of the crisis, especially on the poorest and most vulnerable:

• They reaffirmed their commitment to the Millennium Development Goals and ODA pledges, including Aid for Trade, debt relief, and the Gleneagles commitments.
• They committed to allocate $50 billion to support social protection, trade, and development in low-income countries.
• They agreed to use IMF gold sales to provide $6 billion in additional concessional finance for the poorest countries.
• They called on the UN and other global institutions to monitor the impact of the crisis on vulnerable populations.
• They emphasized the need for family-friendly labor markets and active labor market policies, particularly for the most vulnerable groups.
• They will support the transition to a green economy through investment in sustainable technologies and infrastructure, and encourage MDBs to contribute to this goal.

Commitment to Follow-Up

The G20 committed to:

• Meeting again before the end of 2009 to review progress on their commitments.
• Implementing the Action Plan and ensuring that decisions are carried out in line with the agreed G20 framework.
• Monitoring and assessing the effectiveness of their measures through the IMF and other international bodies.
• Working towards a global consensus on sustainable economic activity and climate change mitigation.

This summit marked a pivotal moment in global economic cooperation, with a focus on collective responsibility, long-term sustainability, and inclusive growth.