October 05, 2009
Abstract: The 2009 G-20 Leader’s Statement, published at the end of the Summit, discusses in detail three “global public goods” (cross-border financial regulation, climate change and free trade) and integrates them into a cohesive Framework.
Further, the Statement has laid down six economic policy recommendations for nations to follow, namely (a) Fiscal moderation to counter cyclical downturns; (b) Greater regulation of macro-prudential components; (c) Lowering current account deficits; (d) Price stability as a component of monetary policy; (e) Structural reforms to accelerate growth; and (f) Poverty and inequality alleviation. The degree of acceptability of these recommended reforms varies across countries. The vision is to have an accelerated adjustment process in the post-crisis period, while accommodating conflicting positions by nations, and addressing inclusiveness. The Framework provides a roadmap to balance autonomy and collective responsibility, as well as joint goals and individual capabilities.
Keywords: Pittsburgh Summit; G-20; Leader’s Statement; global public goods; trade imbalances; inclusiveness; autonomy; collective responsibility