Re: [新聞] G20倫敦峰會公報全文
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英文版全文:
London Summit – Leaders’ Statement
2 April 2009
1. We, the Leaders of the Group of Twenty, met in London on 2 April 2009
。
2. We face the greatest challenge to the world economy in modern times;
a crisis which has deepened since we last met, which affects the lives of wo
men, men, and children in every country, and which all countries must join t
ogether to resolve. A global crisis requires a global solution。
3. We start from the belief that prosperity is indivisible; that growth,
to be sustained, has to be shared; and that our global plan for recovery mu
st have at its heart the needs and jobs of hard-working families, not just i
n developed countries but in emerging markets and the poorest countries of t
he world too; and must reflect the interests, not just of today’s populatio
n, but of future generations too. We believe that the only sure foundation f
or sustainable globalisation and rising prosperity for all is an open world
economy based on market principles, effective regulation, and strong global
institutions。
4. We have today therefore pledged to do whatever is necessary to:
restore confidence, growth, and jobs;
repair the financial system to restore lending;
strengthen financial regulation to rebuild trust;
fund and reform our international financial institutions to overcome thi
s crisis and prevent future ones;
promote global trade and investment and reject protectionism, to underpi
n prosperity; and build an inclusive, green, and sustainable recovery。
By acting together to fulfil these pledges we will bring the world econo
my out of recession and prevent a crisis like this from recurring in the fut
ure。
5. The agreements we have reached today, to treble resources available t
o the IMF to $750 billion, to support a new SDR allocation of $250 billion,
to support at least $100 billion of additional lending by the MDBs, to ensur
e $250 billion of support for trade finance, and to use the additional resou
rces from agreed IMF gold sales for concessional finance for the poorest cou
ntries, constitute an additional $1.1 trillion programme of support to resto
re credit, growth and jobs in the world economy. Together with the measures
we have each taken nationally, this constitutes a global plan for recovery o
n an unprecedented scale。
Restoring growth and jobs
6. We are undertaking an unprecedented and concerted fiscal expansion, w
hich will save or create millions of jobs which would otherwise have been de
stroyed, and that will, by the end of next year, amount to $5 trillion, rais
e output by 4 per cent, and accelerate the transition to a green economy. We
are committed to deliver the scale of sustained fiscal effort necessary to
restore growth。
7. Our central banks have also taken exceptional action. Interest rates
have been cut aggressively in most countries, and our central banks have ple
dged to maintain expansionary policies for as long as needed and to use the
full range of monetary policy instruments, including unconventional instrume
nts, consistent with price stability。
8. Our actions to restore growth cannot be effective until we restore do
mestic lending and international capital flows. We have provided significant
and comprehensive support to our banking systems to provide liquidity, reca
pitalise financial institutions, and address decisively the problem of impai
red assets. We are committed to take all necessary actions to restore the no
rmal flow of credit through the financial system and ensure the soundness of
systemically important institutions, implementing our policies in line with
the agreed G20 framework for restoring lending and repairing the financial
sector。
9. Taken together, these actions will constitute the largest fiscal and
monetary stimulus and the most comprehensive support programme for the finan
cial sector in modern times. Acting together strengthens the impact and the
exceptional policy actions announced so far must be implemented without dela
y. Today, we have further agreed over $1 trillion of additional resources fo
r the world economy through our international financial institutions and tra
de finance。
10. Last month the IMF estimated that world growth in real terms would r
esume and rise to over 2 percent by the end of 2010. We are confident that t
he actions we have agreed today, and our unshakeable commitment to work toge
ther to restore growth and jobs, while preserving long-term fiscal sustainab
ility, will accelerate the return to trend growth. We commit today to taking
whatever action is necessary to secure that outcome, and we call on the IMF
to assess regularly the actions taken and the global actions required。
11. We are resolved to ensure long-term fiscal sustainability and price
stability and will put in place credible exit strategies from the measures t
hat need to be taken now to support the financial sector and restore global
demand. We are convinced that by implementing our agreed policies we will li
mit the longer-term costs to our economies, thereby reducing the scale of th
e fiscal consolidation necessary over the longer term。
12. We will conduct all our economic policies cooperatively and responsi
bly with regard to the impact on other countries and will refrain from compe
titive devaluation of our currencies and promote a stable and well-functioni
ng international monetary system. We will support, now and in the future, to
candid, even-handed, and independent IMF surveillance of our economies and
financial sectors, of the impact of our policies on others, and of risks fac
ing the global economy。
Strengthening financial supervision and regulation
13. Major failures in the financial sector and in financial regulation a
nd supervision were fundamental causes of the crisis. Confidence will not be
restored until we rebuild trust in our financial system. We will take actio
n to build a stronger, more globally consistent, supervisory and regulatory
framework for the future financial sector, which will support sustainable gl
obal growth and serve the needs of business and citizens。
14. We each agree to ensure our domestic regulatory systems are strong.
But we also agree to establish the much greater consistency and systematic c
ooperation between countries, and the framework of internationally agreed hi
gh standards, that a global financial system requires. Strengthened regulati
on and supervision must promote propriety, integrity and transparency; guard
against risk across the financial system; dampen rather than amplify the fi
nancial and economic cycle; reduce reliance on inappropriately risky sources
of financing; and discourage excessive risk-taking. Regulators and supervis
ors must protect consumers and investors, support market discipline, avoid a
dverse impacts on other countries, reduce the scope for regulatory arbitrage
, support competition and dynamism, and keep pace with innovation in the mar
ketplace。
15. To this end we are implementing the Action Plan agreed at our last m
eeting, as set out in the attached progress report. We have today also issue
d a Declaration, Strengthening the Financial System. In particular we agree:
to establish a new Financial Stability Board (FSB) with a strengthened m
andate, as a successor to the Financial Stability Forum (FSF), including al
l G20 countries, FSF members, Spain, and the European Commission;
that the FSB should collaborate with the IMF to provide early warning of
macroeconomic and financial risks and the actions needed to address them;
to reshape our regulatory systems so that our authorities are able to id
entify and take account of macro-prudential risks;
to extend regulation and oversight to all systemically important financi
al institutions, instruments and markets. This will include, for the first t
ime, systemically important hedge funds;
to endorse and implement the FSF’s tough new principles on pay and comp
ensation and to support sustainable compensation schemes and the corporate s
ocial responsibility of all firms;
to take action, once recovery is assured, to improve the quality, quanti
ty, and international consistency of capital in the banking system. In futur
e, regulation must prevent excessive leverage and require buffers of resourc
es to be built up in good times;
to take action against non-cooperative jurisdictions, including tax have
ns. We stand ready to deploy sanctions to protect our public finances and fi
nancial systems. The era of banking secrecy is over. We note that the OECD h
as today published a list of countries assessed by the Global Forum against
the international standard for exchange of tax information;
to call on the accounting standard setters to work urgently with supervi
sors and regulators to improve standards on valuation and provisioning and a
chieve a single set of high-quality global accounting standards; and
to extend regulatory oversight and registration to Credit Rating Agencie
s to ensure they meet the international code of good practice, particularly
to prevent unacceptable conflicts of interest。
16. We instruct our Finance Ministers to complete the implementation of
these decisions in line with the timetable set out in the Action Plan. We ha
ve asked the FSB and the IMF to monitor progress, working with the Financial
Action Taskforce and other relevant bodies, and to provide a report to the
next meeting of our Finance Ministers in Scotland in November。
Strengthening our global financial institutions
17. Emerging markets and developing countries, which have been the engin
e of recent world growth, are also now facing challenges which are adding to
the current downturn in the global economy. It is imperative for global con
fidence and economic recovery that capital continues to flow to them. This w
ill require a substantial strengthening of the international financial insti
tutions, particularly the
IMF. We have therefore agreed today to make available an additional $850
billion of resources through the global financial institutions to support g
rowth in emerging market and developing countries by helping to finance coun
ter-cyclical spending, bank recapitalisation, infrastructure, trade finance,
balance of payments support, debt rollover, and social support. To this end
:
we have agreed to increase the resources available to the IMF through im
mediate financing from members of $250 billion, subsequently incorporated in
to an expanded and more flexible New Arrangements to Borrow, increased by up
to $500 billion, and to consider market borrowing if necessary; and
we support a substantial increase in lending of at least $100 billion by
the Multilateral Development Banks (MDBs), including to low income countri
es, and ensure that all MDBs, including have the appropriate capital。
18. It is essential that these resources can be used effectively and fle
xibly to support growth. We welcome in this respect the progress made by the
IMF with its new Flexible Credit Line (FCL) and its reformed lending and co
nditionality framework which will enable the IMF to ensure that its faciliti
es address effectively the underlying causes of countries’ balance of payme
nts financing needs, particularly the withdrawal of external capital flows t
o the banking and corporate sectors. We support Mexico’s decision to seek a
n FCL arrangement。
19. We have agreed to support a general SDR allocation which will inject
$250 billion into the world economy and increase global liquidity, and urge
nt ratification of the Fourth Amendment。
20. In order for our financial institutions to help manage the crisis an
d prevent future crises we must strengthen their longer term relevance, effe
ctiveness and legitimacy. So alongside the significant increase in resources
agreed today we are determined to reform and modernise the international fi
nancial institutions to ensure they can assist members and shareholders effe
ctively in the new challenges they face. We will reform their mandates, scop
e and governance to reflect changes in the world economy and the new challen
ges of globalisation, and that emerging and developing economies, including
the poorest, must have greater voice and representation. This must be accomp
anied by action to increase the credibility and accountability of the instit
utions through better strategic oversight and decision making. To this end:
we commit to implementing the package of IMF quota and voice reforms agr
eed in April 2008 and call on the IMF to complete the next review of quotas
by January 2011;
we agree that, alongside this, consideration should be given to greater
involvement of the Fund’s Governors in providing strategic direction to the
IMF and increasing its accountability;
we commit to implementing the World Bank reforms agreed in October 2008.
We look forward to further recommendations, at the next meetings, on voice
and representation reforms on an accelerated timescale, to be agreed by the
2010 Spring Meetings;
we agree that the heads and senior leadership of the international finan
cial institutions should be appointed through an open, transparent, and meri
t-based selection process; and
building on the current reviews of the IMF and World Bank we asked the C
hairman, working with the G20 Finance Ministers, to consult widely in an inc
lusive process and report back to the next meeting with proposals for furthe
r reforms to improve the responsiveness and adaptability of the IFIs。
21. In addition to reforming our international financial institutions fo
r the new challenges of globalisation we agreed on the desirability of a new
global consensus on the key values and principles that will promote sustain
able economic activity. We support discussion on such a charter for sustaina
ble economic activity with a view to further discussion at our next meeting.
We take note of the work started in other fora in this regard and look forw
ard to further discussion of this charter for sustainable economic activity。
Resisting protectionism and promoting global trade and investment
22. World trade growth has underpinned rising prosperity for half a cent
ury. But it is now falling for the first time in 25 years. Falling demand is
exacerbated by growing protectionist pressures and a withdrawal of trade cr
edit. Reinvigorating world trade and investment is essential for restoring g
lobal growth. We will not repeat the historic mistakes of protectionism of p
revious eras. To this end:
we reaffirm the commitment made in Washington: to refrain from raising n
ew barriers to investment or to trade in goods and services, imposing new ex
port restrictions, or implementing World Trade Organisation (WTO)
inconsistent measures to stimulate exports. In addition we will rectify
promptly any such measures. We extend this pledge to the end of 2010;
we will minimise any negative impact on trade and investment of our dome
stic policy actions including fiscal policy and action in support of the fin
ancial sector. We will not retreat into financial protectionism, particularl
y measures that constrain worldwide capital flows, especially to developing
countries;
we will notify promptly the WTO of any such measures and we call on the
WTO, together with other international bodies, within their respective manda
tes, to monitor and report publicly on our adherence to these undertakings o
n a quarterly basis;
we will take, at the same time, whatever steps we can to promote and fac
ilitate trade and investment; and
we will ensure availability of at least $250 billion over the next two y
ears to support trade finance through our export credit and investment agenc
ies and through the MDBs. We also ask our regulators to make use of availabl
e flexibility in capital requirements for trade finance。
23. We remain committed to reaching an ambitious and balanced conclusion
to the Doha Development Round, which is urgently needed. This could boost t
he global economy by at least $150 billion per annum. To achieve this we are
committed to building on the progress already made, including with regard t
o modalities。
24. We will give renewed focus and political attention to this critical
issue in the coming period and will use our continuing work and all internat
ional meetings that are relevant to drive progress。
Ensuring a fair and sustainable recovery for all
25. We are determined not only to restore growth but to lay the foundati
on for a fair and sustainable world economy. We recognise that the current c
risis has a disproportionate impact on the vulnerable in the poorest countri
es and recognise our collective responsibility to mitigate the social impact
of the crisis to minimise long-lasting damage to global potential. To this
end:
we reaffirm our historic commitment to meeting the Millennium Developmen
t Goals and to achieving our respective ODA pledges, including commitments o
n Aid for Trade, debt relief, and the Gleneagles commitments, especially to
sub-Saharan Africa;
the actions and decisions we have taken today will provide $50 billion t
o support social protection, boost trade and safeguard development in low in
come countries, as part of the significant increase in crisis support for th
ese and other developing countries and emerging markets;
we are making available resources for social protection for the poorest
countries, including through investing in long-term food security and throug
h voluntary bilateral contributions to the World Bank’s Vulnerability Frame
work, including the Infrastructure Crisis Facility, and the Rapid Social Res
ponse Fund;
we have committed, consistent with the new income model, that additional
resources from agreed sales of IMF gold will be used, together with surplus
income, to provide $6 billion additional concessional and flexible finance
for the poorest countries over the next 2 to 3 years. We call on the IMF to
come forward with concrete proposals at the Spring Meetings;
we have agreed to review the flexibility of the Debt Sustainability Fram
ework and call on the IMF and World Bank to report to the IMFC and Developme
nt Committee at the Annual Meetings; and
we call on the UN, working with other global institutions, to establish
an effective mechanism to monitor the impact of the crisis on the poorest an
d most vulnerable。
26. We recognise the human dimension to the crisis. We commit to support
those affected by the crisis by creating employment opportunities and throu
gh income support measures. We will build a fair and family-friendly labour
market for both women and men. We therefore welcome the reports of the Londo
n Jobs Conference and the Rome Social Summit and the key principles they pro
posed. We will support employment by stimulating growth, investing in educat
ion and training, and through active labour market policies, focusing on the
most vulnerable. We call upon the ILO, working with other relevant organisa
tions, to assess the actions taken and those required for the future。
27. We agreed to make the best possible use of investment funded by fisc
al stimulus programmes towards the goal of building a resilient, sustainable
, and green recovery. We will make the transition towards clean, innovative,
resource efficient, low carbon technologies and infrastructure. We encourag
e the MDBs to contribute fully to the achievement of this objective. We will
identify and work together on further measures to build sustainable economi
es。
28. We reaffirm our commitment to address the threat of irreversible cli
mate change, based on the principle of common but differentiated responsibil
ities, and to reach agreement at the UN Climate Change conference in Copenha
gen in December 2009。 Delivering our commitments
29. We have committed ourselves to work together with urgency and determ
ination to translate these words into action. We agreed to meet again before
the end of this year to review progress on our commitments。
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