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Plans for G20 Meeting Apr2009

Plans for G20 Meeting Apr2009

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Published by Guy Razer
Pg 3 Brown quote
The IMF could have a “more active” role as the overseer of the world economy
Pg 4
The G20 also committed to a “substantial” increase in resources to the International Monetary Fund and to fighting all forms of protectionism while continuing to put in place stimulatory measures to kick start economic growth.
pg 5 Brown quote
“I see a big argument about how the IMF and the World Bank are to be financed for the future, one that will require us to talk about the
reserves in different countries,
As of January 30, leaders of the G20 were on track to complete an “ambitious and farreaching” agreement at their April 2 meeting in London
pg 9 Russia on SDR supra currency!!
Russia submitted a proposal to the G20 which would see the International Monetary Fund (IMF) examining the possibilities for creating a supra-national reserve currency, and force national banks and international financial institutions to diversity their foreign currency
reserves. “We believe it is necessary to consider the IMF’s role in this process and also define the possibility and the need to adopt measures allowing for Special Drawing Rights (SDRs) to become an internationally recognized super-reserve currency,” the proposal said. At the same time the discussion of a new global currency could be started but considering the dollar’s status as the current primary
currency the leaders may focus more on “enhancing control over the existing system.
pg 23 Brown talking allocation of the currency that they say they havent yet created!
Brown and Rudd want to allocate additional special drawing
rights (SDRs) to the IMF’s newest members to give them access to foreign exchange. Brown also wants to give the IMF a strengthened mandate to provide early warning of weaknesses and advice on remedial policies, similar to those provided by a central
bank.
Pg 3 Brown quote
The IMF could have a “more active” role as the overseer of the world economy
Pg 4
The G20 also committed to a “substantial” increase in resources to the International Monetary Fund and to fighting all forms of protectionism while continuing to put in place stimulatory measures to kick start economic growth.
pg 5 Brown quote
“I see a big argument about how the IMF and the World Bank are to be financed for the future, one that will require us to talk about the
reserves in different countries,
As of January 30, leaders of the G20 were on track to complete an “ambitious and farreaching” agreement at their April 2 meeting in London
pg 9 Russia on SDR supra currency!!
Russia submitted a proposal to the G20 which would see the International Monetary Fund (IMF) examining the possibilities for creating a supra-national reserve currency, and force national banks and international financial institutions to diversity their foreign currency
reserves. “We believe it is necessary to consider the IMF’s role in this process and also define the possibility and the need to adopt measures allowing for Special Drawing Rights (SDRs) to become an internationally recognized super-reserve currency,” the proposal said. At the same time the discussion of a new global currency could be started but considering the dollar’s status as the current primary
currency the leaders may focus more on “enhancing control over the existing system.
pg 23 Brown talking allocation of the currency that they say they havent yet created!
Brown and Rudd want to allocate additional special drawing
rights (SDRs) to the IMF’s newest members to give them access to foreign exchange. Brown also wants to give the IMF a strengthened mandate to provide early warning of weaknesses and advice on remedial policies, similar to those provided by a central
bank.

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G20 Research Group
Plans for the London G20 Summit 2009
Jenilee GuebertSenior Researcher, G20 Research GroupMarch 27, 2009
Plans for the London G20 Summit 2009 1
 
Preface 2
 
1. Introduction 2
 
2. Agenda and Priorities 3
 
Stimulus and/or Regulation 9
 
G20 Charter of Principles 10
 
International Cooperation 11
 
Tax Havens 13
 
Bank Supervision 15
 
Hedge Funds 18
 
Currencies 19
 
Export Credit 20
 
Unemployment 20
 
Reform of the International Financial Institutions21
 
Trade 25
 
Climate Change 28
 
Oil Prices and Energy 29
 
Developing Countries 30
 
Working Groups 31
 
3. Participants 33
 
Sideline Meetings 36
 
4. Implementation and Preparations 40
 
Implementation 40
 
Economic Performance 44
 
Preparatory Meetings 44
 
Preparations 44
 
Site 60
 
5. Future Meetings 60
 
6. G20-G8 Relationship 61
 
7. Civil Society 63
 
Activities 65
 
8. Appendices 67
 
G20 Leaders’ Experience for the April Summit 67
 
Members of G20, Gleneagles Dialogue and Major Economies Meeting 68
 
G20 Leaders’ Biographies 68
 
Statistical Profiles 73
 
Argentina 73
 
Australia 74
 
Brazil 75
 
Canada 76
 
China 78
 
France 79
 
Germany 80
 
India 81
 
Indonesia 83
 
Italy 84
 
Japan 85
 
Mexico 86
 
Russia 88
 
Saudi Arabia 89
 
South Africa 90
 
South Korea 91
 
Turkey 92
 
United Kingdom 94
 
United States 95
 
European Union 96
 
 
G20 Research Group, March 27, 2009 2
Preface
This report on the “London Economic Summit: Plans for the Second Meeting” iscompiled by the G20 Research Group largely from public sources as an aid to researchersand other stakeholders interested in the meetings of G20 leaders and their invited guests.It will be updated periodically as plans for the summit evolve. Note that this documentrefers to the first G20 leaders’ meeting (or summit), which took place on November 14-15, 2008, in Washington DC (as opposed to the G20 finance ministers forum, which wasfounded in 1999, and other groupings such as the G20 developing countries formed inresponse to the agricultural negotiations at the World Trade Organization).
 
This editiononly includes material since January 1, 2009. All material from before January 1, 2009,can be found in on the G20 Information Centre website under “Earlier Versions.” Newadditions appear in bold.
1. Introduction
The Group of Twenty (G20) leaders met for the first time in 2008, first on November 14for a working dinner and then on November 15 for a working meeting in Washington’s National Building Museum. The official name of the meeting was the “Summit onFinancial Markets and the World Economy.” Participants from systematically significantdeveloping and emerging countries gathered to discuss the global economic and financialcrisis affecting the world. The G20’s members are Argentina, Australia, Brazil, Canada,China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia,South Africa, South Korea, Turkey, the United Kingdom, the United States and theEuropean Union. Spain and the Netherlands also participated in the first meeting as partof the French delegation, under the auspices of the European Union. The second summitis scheduled to take place on April 2, 2009. The United Kingdom will host the meeting inLondon.The G20 finance ministers’ and central bank governors’ group first met in 1999. Theymet for the tenth time on November 8-9 2008, in Sao Paulo, Brazil. Former Canadian prime minister Paul Martin, a founder of the G20 finance forum, had advocated a“Leaders 20” (L20) forum. With the “special” meeting in Washington in November, thisL20 came to life.Under the Gleneagles Dialogue, since 2005 a group of 20 ministers in the fields of environment and energy have met, most recently in Japan, to discuss issues associatedwith global warming. On the margins of the G8 Hokkaido Summit in Japan in July 2008,the 16 Major Economies Meeting (MEM-16) was held at the summit level, followingofficial-level meetings of this forum started by the United States in 2007. In both cases,membership largely overlaps that of the G20 finance ministers.
1
 
1
The G20 Gleneagles Dialogue is comprised of members from Australia, Brazil, Canada, China, theEuropean Union, France, Germany, India, Indonesia, Italy, Iran, Japan, Mexico, Nigeria, Poland, Russia,South Africa, Spain, the United Kingdom and the United States. The MEM-16 is comprised of members
 
G20 Research Group, March 27, 2009 3
2. Agenda and Priorities
 
British prime minister Gordon Brown said that an overarching set of globalprinciples on issues such as banking regulation and remuneration would provide aframework for individual countries to develop their own local solutions to the crisis.The sense of pessimism which is prevalent in many countries must be challenged,Brown said. If the current problems are addressed correctly it will herald a new eraof prosperity as producer countries start to become consumers.
2
(March 25, 2009,
 Dow Jones International News
)
British prime minister Gordon Brown has called for a reform of international financialinstitutions to provide “global solutions to global problems.” He said, “First of all, wehave to deal with the restructuring of our banking and financial systems. I believe we willshow that the world can come together to agree on common rules for the future.” Brownhinted at expanded roles for the International Monetary Fund (IMF) and the World Bank.The IMF could have a “more active” role as the overseer of the world economy and provide “early warnings” of impending international crises in the financial sector. TheWorld Bank could turn its attention to environmental and development issues. Over the past 20 years, the world has changed drastically with the global flow of goods andfinance, according to Brown. He said, “We’ve seen how a bad bank somewhere canaffect good banks anywhere.” The answer “is to have cross-border supervisoryarrangements that are satisfactory to all countries.” Brown also thinks there will beagreement on “measures that will help rebuild [their] banking and financial systems …[and] agreement on measures to stimulate trade and growth.” Discussions will also cover how to deal with offshore tax havens, financial rewards for executives and how the crisisis affecting the world’s poor.
3
(March 24, 2009,
The Globe and Mail 
)A report from an advisory group of the G20 countries is recommending broad reforms of the global and financial systems, including tighter regulations of hedge funds and ratingagencies as well as higher capital requirements for banks. The report attempts to set morespecific goals for leaders. It recommends, for example, that each country require hedgefunds to register and report regularly on their size, investment style, borrowing levels and performance. It calls for a new college of supervisors at the Financial Stability Forumthat would allow regulators from various countries to compare notes on banks with aglobal reach, helping them identify systemic risks to the world financial system. Thereport also calls for establishing more uniform accounting standards that would compel banks to maintain more capital after the economic crisis passes.
4
(March 20, 2009,
TheWashington Post 
)
from Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia,South Korea, South Africa, the United Kingdom, the United States and the European Union.
2
 
 Dow Jones International News
(March 25, 2009), “UK Brown: G20 shouldn’t Impose SingleInternational Regulator.”
3
 
The Globe and Mail 
(March 25, 2009), “In a crisis, Gordon Brown sees two opportunities.”
4
 
The Washington Post 
(March 20, 2009), “G20 Urged to Tighten Financial Oversight; Report Also Callsfor Higher Bank Capital Requirements.”

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