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Accueil > Thèmes et Chantiers > Crises et mondialisation > Archives... > Archives encore > 2 avril : G20 de Londres => Semaine mondiale de mobilisations > Sam 14 mars : Leur réunion préparatoire d’HORSHAM

Préparation du G20
G20 Finance Ministers’ and Central Bank Governors’ Communiqué - 14 March
Par G20 le 15 mars 2009

Télécharger :
-  Annex to Communiqué - G20 Finance Ministers and Central Bank Governors - 14 March
    Fichier PDF,25.4 ko
-  Progress Report on the Immediate Actions of the Washington Action Plan prepared by the UK Chair of the G20
    Fichier PDF,24.3 ko
-  G20 Finance Ministers’ and Central Bank Governors’ Communiqué - 14 March
    Fichier PDF,30.5 ko

Voir aussi : G20 Finance Ministers and Central Bank Governors Meeting Communiqué (14/03/2009)

We, the G20 Finance Ministers and Central Bank Governors, met today to prepare for the Leaders’
London Summit. We agreed further action to restore global growth and support lending, and reforms to
strengthen the global financial system.
Restoring Global Growth

1. We have taken decisive, coordinated and comprehensive action to boost demand and jobs, and
are prepared to take whatever action is necessary until growth is restored. We commit to fight all
forms of protectionism and maintain open trade and investment.

2. Our key priority now is to restore lending by tackling, where needed, problems in the financial
system head on, through continued liquidity support, bank recapitalisation and dealing with
impaired assets, through a common framework (attached). We reaffirm our commitment to take
all necessary actions to ensure the soundness of systemically important institutions.

3. Fiscal expansion is providing vital support for growth and jobs. Acting together strengthens the
impact and the exceptional policy actions announced so far must be implemented without delay.
We are committed to deliver the scale of sustained effort necessary to restore growth, and call on
the International Monetary Fund (IMF) to assess the actions taken and the actions required. We
will ensure the restoration of growth and long-run fiscal sustainability.

4. Interest rates have been cut aggressively in most countries, and G20 central banks will maintain
expansionary policies as long as needed, using the full range of monetary policy instruments,
including unconventional policy instruments, consistent with price stability.

5. We are committed to helping emerging and developing economies to cope with the reversal in
international capital flows. We recognise the urgent need to pursue all options for mobilising
International Financial Institution (IFI) resources and liquidity to finance countercyclical spending,
bank recapitalisation, infrastructure, trade finance, rollover risk and social support. We agreed on
the urgent need to increase IMF resources very substantially. This could include further bilateral
support, a significantly expanded and increased New Arrangements to Borrow (NAB), and an
accelerated quota review. We should also ensure that all Multilateral Development Banks have
the capital they need, beginning with a substantial capital increase for the Asian Development
Bank, and put it to best use to help the world’s poorest. We welcomed the progress by the IMF
and World Bank in introducing new and enhanced instruments, including the development of a
new high-access, quick-disbursing precautionary facility.
Strengthening the Financial System

6. To further strengthen the global financial system we have completed the immediate steps in the
Washington Action Plan and we welcome the Financial Stability Forum’s (FSF) expansion to all
G20 members. We remain focused on the medium term actions, and make recommendations to
the London Summit to ensure :

  • all systemically important financial institutions, markets and instruments are subject to an appropriate degree of regulation and oversight, and that hedge funds or their managers are registered and disclose appropriate information to assess the risks they pose ;
  • stronger regulation is reinforced by strengthened macro-prudential oversight to prevent the build-up of systemic risk ;
  • financial regulations dampen rather than amplify economic cycles, including by building buffers of resources during the good times and measures to constrain leverage ; but it is vital that capital requirements remain unchanged until recovery is assured ; and,
  • strengthened international cooperation to prevent and resolve crises, including through supervisory colleges, institutional reinforcement of the FSF, and the launch of an IMF/FSF Early Warning Exercise.

7. We have also agreed to : regulatory oversight, including registration, of all Credit Rating Agencies
whose ratings are used for regulatory purposes, and compliance with the International
Organisation of Securities Commissions (IOSCO) code ; full transparency of exposures to offbalance
sheet vehicles ; the need for improvements in accounting standards, including for
provisioning and valuation uncertainty ; greater standardisation and resilience of credit derivatives
markets ; the FSF’s sound practice principles for compensation ; and the relevant international
bodies identify non-cooperative jurisdictions and to develop a tool box of effective counter
measures.

8. To strengthen the effectiveness and legitimacy of the IFIs we must enhance their governance and
ensure they fully reflect changes in the world economy. Emerging and developing economies,
including the poorest, should have greater voice and representation and the next review of IMF
quotas should be concluded by January 2011. The package of quota and voice measures
decided in April 2008 should be swiftly implemented. World Bank reforms should be completed by
the Spring Meetings 2010. The heads of the IFIs should be appointed through open, merit based
selection processes.




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Créé en février 1999 par le G7, le FSF a pour but de renforcer la stabilité financière et de promouvoir la coopération internationale dans la supervision financière.
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