G20 calls for growth, market reform

17 November 2008

The G20 group of nations has agreed an action plan intended to kick-start global growth, reform financial reporting and accounting systems and prevent trade protectionism during times of economic stress.

Meeting in Washington DC, countries including the United States, Germany, France, the UK, Brazil, China and India agreed on five "key objectives", the White House said.

They included reaching a common understanding of the factors behind the current crisis, reviewing countries' actions in responding to that crisis and agreeing a set of common principles for financial market reform.

States also agreed to launch an action plan to implement those principles and reconfirmed their commitment to promoting free trade and preventing protectionist policies.

Furthermore, the nations called for greater transparency in firms' financial reporting, more closely integrated international accounting standards and "strong oversight" of credit rating agencies.

Moving forward, they committed to providing more liquidity to help unfreeze the credit markets and providing more resources to the World Bank and International Monetary Fund.

A second summit will be held in April 2009 to move the proposals forward.

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