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“G20” countries agreed upon common policies to revive global economic growth and to ensure much needed reforms in financial systems worldwide.

The solution is stipulated in a communiqué signed by all leaders presented at the summit. “We discussed the causes of and policy responses to the global financial crisis, and shared perspectives on scenarios going forward, with a particular focus on ensuring financial stability, supporting global growth and maintaining recent achievements in poverty reduction and social inclusion”, - says the document. Its full version may be accessed here.

The meeting’s participant confirmed their commitment to maintain market-type economy and agreed upon five basic principles of reforms to keep financial markets stable and to prevent any further disturbances. Those deal with ensuring transparency of companies, enhancing financial regulation, maintaining market integrity, improving cooperation between countries and reforming international financial institutions.

G20 leaders agreed to provide enough resources to the International Monetary Fund, the World Bank and other international entities so they could go on with their efforts to overcome the crisis.

Russia’s president Dmitry Medvedev proposed to rebuild all existing financial institutions because the ones we have now are obviously non-adequate. According to him, a new structure should be transparent, effective and legitimate. In general, Mr. Medvedev was satisfied by the meeting; however, he did noted that the results were far less important that the Bretton Woods agreement of 1944. He also proposed an international committee of “financial guru” (financial experts) to assist with reforms of global markets. 

Immediate actions will be taken before March 31, 2009. Next meeting is scheduled for April 30, 2009. The meeting’s participants agreed to discuss progress made in respect to the agreed set of actions.

Source: “Gazeta”