G20 Summit, Saint Petersburg, Russia, 05-06/09/2013
The G20 Summit was held on 5 and 6 September 2013 in Saint Petersburg, Russia.
The European Union was represented by José Manuel Barroso, President of the EC, and Herman van Rompuy, President of the European Council. The EU Member States' leaders participating were David Cameron, British Prime Minister, Angela Merkel, German Federal Chancellor, François Hollande, President of the French Republic, Enrico Letta, Italian Prime Minister, and Mariano Rajoy Brey, Spanish Prime Minister (Spain being a permanent invitee of the G20).
With global recovery remaining fragile, all leaders agreed that the G20's urgent priority is to promote growth and jobs, particularly for the young unemployed. There was a true sense of unity and common purpose, which also extends to the need of ensuring sustainable and sound public finances. There is a clear recognition that growth based on debt is not sustainable. The G20 leaders adopted the Saint Petersburg Action Plan for Growth and Jobs with concrete contributions by all.
The G20 summit cemented the global paradigm shift towards fairer taxation by endorsing the establishment of the automatic exchange of tax information.
The G20 made good progress in implementing its commitment to leave no market and no product unregulated and make the financial system more resilient, including through the consistent implementation of the Basel III capital rules. The G20 also showed its determination to move ahead with financial regulation, including by addressing the risks of shadow banking through strengthened oversight and regulation.
The G20 finally confirmed the importance of open, free and fair trade as an important source of growth and development.