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G20’s global growth and jobs plan - 07/11/2011

Logo of G20 summit – Eiffel tower symbol and text "G20 France 2011" © G20

The world’s major economies pledge to coordinate efforts to restore growth, increase employment and regulate financial markets.

The G20 countries agreed on a package of measures to restore global growth at their meeting in Cannes, France, on 3 and 4 November.

Many measures, including commitments to balance budgets and improve domestic economies, were proposed by the EU. In line with such efforts, the G20 welcomed the eurozone's plan to resolve the debt crisis affecting some members.

G20 countries will also increase efforts to reduce long-term unemployment and the effects of globalisation on workers.

More trade

Increasing international trade is key to restoring growth and creating jobs. G20 leaders urged more cooperation on reducing trade barriers and avoiding protectionism. They want a stronger role for the World Trade Organisation in settling disputes between countries.

They also called on some countries to stop setting their currency exchange rates at unfairly low levels to increase exports.

Crisis prevention

Financial market reform and investor protection were also high on the agenda. Priorities include better regulation of derivatives trading and reducing the risk of bank failures.

Large institutions with significant roles in the global financial system will be subject to increased supervision. G20 countries propose regulating banking-style activities carried out by investment companies, insurers and others.

As part of the effort to reduce systemic risk to the global economy, G20 countries are prepared to give additional resources to the International Monetary Fund (IMF). New funding programmes would be used to better support countries in economic difficulty.

Poverty reduction

G20 leaders called on governments to follow through on their commitments on development aid, food security and climate change. They agreed that, over time, new sources of funding need to be found to help developing countries.

One such source could be a global financial transaction tax, proposed by the Commission and supported by France, host of the G20 meeting.

Other measures would provide more funds for agricultural research and stabilise food prices, especially for low income countries.

More on the EU positions at the G20

More on the G20

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