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G20 Cannes Summit Final Declaration: “Building our Common Future: Renewed Collective Action for the Benefit of All"
- 01.
- 02. A global strategy for growth and jobs
- 03-08. Fostering Employment and Social Protection
- 09.
- 10-11. Increasing the benefits from financial integration and ...
- 12-13. Reflecting the changing economic equilibrium and the emergence of new international currencies
- 14-16. Strengthening our capacity to cope with crises
- 17-20. Strengthening IMF surveillance
- 22.
- 23-27. Meeting our commitments notably on banks, OTC derivatives, compensation practices and credit rating agencies, and ...
- 28-29. Addressing the too big to fail issue
- 30-34. Filling in the gaps in the regulation and supervision of the financial sector
- 35-36. Tackling tax havens and non-cooperative jurisdictions
- 37-39. Strengthening the FSB capacity resources and governance
- 40-51. Addressing Food Price Volatility and Increasing Agriculture Production and Productivity
- 52-57. Improving the functioning of Energy Markets
- 58. Protecting Marine Environment
- 59-60. Fostering Clean energy, Green Growth and Sustainable Development
- 61-64. Pursuing the Fight against Climate Change
- 65-68. Avoiding protectionism and reinforcing the Multilateral Trading System
- 69-71. Development: Investing for Global Growth
- 72. -- Food Security
- 73-76. -- Infrastructure and its Financing
- 77. -- Social protection floors in developing countries
- 78. -- Global Partnership for Financial Inclusion
- 79-84. -- Financing, Tax Administrations, Revenue Systems, Transparency, ODA
- 85-89. Intensifying our Fight against Corruption
- 90-95. Governance
90. We welcome the report1 of UK Prime Minister David Cameron on global governance.
91. As our premier Forum for international economic cooperation, the G20 is unique in bringing together the major economies, advanced and emerging alike, to coordinate their policies and generate the political agreement necessary to tackle the challenges of global economic interdependence. It is a Leader-led and informal group and it should remain so. The G20 is part of the overall framework of international governance.
92. We agree that, in order to strengthen its ability to build and sustain the political consensus needed to respond to challenges, the G20 must remain efficient, transparent and accountable. To achieve this, we decide to:
- Maintain our focus on the broad global economic challenges;
- Bolster our ability to deliver our agenda and work program effectively. We decide to formalise the Troika, made of past, present and future Presidencies to steer the work of the G20 in consultation with its members. We ask our Sherpas to develop working practices for the G20 under the Mexican Presidency;
- Pursue consistent and effective engagement with non-members, regional and international organisations, including the United Nations, and other actors, and we welcome their contribution to our work as appropriate. We also encourage engagement with civil society. We request our Sherpas to make us proposals for the next meeting.
93. We reaffirm that the G20’s founding spirit of bringing together the major economies on an equal footing to catalyse action is fundamental and therefore agree to put our collective political will behind our economic and financial agenda, and the reform and more effective working of relevant international institutions.
94. On December 1st. 2011, Mexico will start chairing the G20. We will convene in Los Cabos, Baja California, in June 2012, under the Chairmanship of Mexico. Russia will chair the G20 in 2013, Australia in 2014 and Turkey in 2015. We have also agreed, as part of our reforms to the G20, that after 2015, annual presidencies of the G20 will be chosen from rotating regional groups, starting with the Asian grouping comprising of China, Indonesia, Japan and Korea. Details of the regional groups are attached.
95. We thank France for its G20 Presidency and for hosting the successful Cannes Summit.
The Most Stupid Trade of the Decade and
France, Belgium and Luxembourg agree Dexia deal; Acht vragen over Dexia (29 Oct. 2011).
The title of the G20 Cannes Summit Final Declaration talks about collective action for the benefit of all? Too nice to be true?
Could assymetries in risk awareness by French and Belgian Financial Sector oversight authorities clarify why French authorities warn the french Dexia branch of excessive risks, while the Belgian authorities are blind to such risks?
It is clear that as the G20 experts negotiate, those at the table will learn and become extra aware of certain risks, that have only weak signals for others not at those table.
In cases such as the Dexia case, the knowledge assymetries could then be exploited?
Has France been doing this at the expense of Belgian citizens?
Any lessons to learn for the global community?
Or is G20 a club that the small states cannot afford?