Washington G20 Summit on Financial Markets and the World Economy
On 14-15 November 2008 leaders of the Group of 20 nations (the G-20) as well as the heads of key international organisations met in Washington to discuss efforts to strengthen economic growth, manage the global financial crisis and to lay the foundation for reforms to ensure that a similar crisis does not reoccur. The meeting was significant as it brought together both developed and developing economies, representing around 85 per cent of global GDP.
Prime Minister Kevin Rudd addressed a press conference at the Summit, highlighting some of the key outcomes of the summit:
Reforms to the global financial system
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Cooperative economic policy action to support jobs and growth
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Strengthening the future of free trade
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The Prime Minister also noted:
That the Doha Development Round of talks was the subject of extensive discussion at the Summit.
That the Australian Prudential Regulatory Authority is in the process of developing a set of principles to regulate executive salary remuneration that specifies in terms of company risk profile and does not reward executives for taking excessive risks.
That implementation of the action plan identified in the Communiqué is to be completed by 31 March 2009.
A concluding summit is to be held at the end of April 2009.
The Summit Communiqué presents five key objectives:
The leaders:
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