The G20 Communique

For our readers’ information, we provide a summary of the G20 communique.

We, the Leaders of the Group of Twenty, met in London on 2 April 2009.

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 women, men, and children in every country, and which all countries must join together to resolve. A global crisis requires a global solution.

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 must have at its heart the needs and jobs of hard-working families, not just in developed countries but in emerging markets and the poorest countries of the world too; and must reflect the interests, not just of today’s population, but of future generations too. We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions.

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 this crisis and prevent future ones;
* promote global trade and investment and reject protectionism, to underpin prosperity; and
* build an inclusive, green, and sustainable recovery.

It sounds good but we don’t see how the proposals will achieve this. Read the rest of the Communique here