[Deuda-QdQ] Declaracion oficial de la cumbre del G20

[Tom Kucharz - Ecologistas en Acción]

Communiqué
G20 Leaders Summit -- Cannes -- 3-4 November 2011

1. We, the Leaders of the G20, met in Cannes on 3-4 November 2011.

2. Since our last meeting, global recovery has weakened, particularly in
advanced countries, leaving unemployment at unacceptable levels. In this
context, tensions in the financial markets have increased due mostly to
sovereign risks in Europe; there are also clear signs of a slowing in
growth in the emerging markets. Commodity price swings have put growth at
risk. Global imbalances persist.

3. Today, we reaffirm our commitment to work together and we have taken
decisions to reinvigorate economic growth, create jobs, ensure financial
stability, promote social inclusion and make globalization serve the needs
of the people.

A global strategy for growth and jobs

4. To address the immediate challenges faced by the global economy, we
commit to coordinate our actions and policies. Each of us will play their
part.

5. We have agreed on an Action plan for Growth and Jobs to address short
term vulnerabilities and strengthen medium-term foundations for growth.

    * Advanced economies commit to adopt policies to build confidence and
support growth and implement clear, credible and specific measures to
achieve fiscal consolidation. We welcome the decisions by European
Leaders on October 26th, 2011 to restore debt sustainability in
Greece, strengthen European banks, build firewalls to avoid contagion,
and lay the foundations for robust economic governance reform in the
Euro area and call for their swift implementation. We support the
measures presented by Italy in the Euro Summit and the agreed detailed
assessment and monitoring by the European Commission. In this context,
we welcome Italy's decision to invite the IMF to carry out a public
verification of its policy implementation on a quarterly basis.
    * Taking into account national circumstances, countries where public
finances remain strong commit to let automatic stabilizers work and
take discretionary measures to support domestic demand should economic
conditions materially worsen. Countries with large current account
surpluses commit to reforms to increase domestic demand, coupled with
greater exchange rate flexibility.
    * We all commit to further structural reforms to raise output in our
countries.
    * Monetary policies will maintain price stability over the medium term
and continue to support economic recovery.

6. We are determined to strengthen the social dimension of globalization.
We firmly believe that employment and social inclusion must be at the
heart of our actions and policies to restore growth and confidence. We
therefore decide to set up a G20 task force which will work as a priority
on youth employment. We recognize the importance of social protection
floors in each of our countries, adapted to national situations. We
encourage the ILO to continue promoting ratification and implementation of
the eight core Conventions ensuring fundamental principles and rights at
work.

7. Convinced of the essential role of social dialogue, we welcome the
outcomes of the B20 and L20 and their joint statement.

Towards a more stable and resilient International Monetary System

8. We have made progress in reforming the international monetary system to
make it more representative, stable and resilient. We have agreed on
actions and principles that will help reap the benefits from financial
integration and increase the resilience against volatile capital flows.
This includes coherent conclusions to guide us in the management of
capital flows, common principles for cooperation between the IMF and
Regional Financial Arrangements, and an action plan for local currency
bond markets. We agree that the SDR basket composition should continue to
reflect the role of currencies in the global trading and financial system.
The SDR composition assessment should be based on existing criteria, and
we ask the IMF to further clarify them. To adjust to currencies' changing
role and characteristics over time, the composition of the SDR basket will
be reviewed in 2015, or earlier, as currencies meet the existing criteria
to enter the basket. We are also committed to further progress towards a
more integrated, even-handed and effective IMF surveillance and to better
identify and address spill-over effects. While continuing with our efforts
to strengthen surveillance, we recognize the need for better integration
of bilateral and multilateral surveillance, and we look forward to IMF
proposals for a new integrated decision on surveillance early next year,
and for increased ownership and traction.

9. We affirm our commitment to move more rapidly toward more
market-determined exchange rate systems and enhance exchange rate
flexibility to reflect underlying economic fundamentals, avoid persistent
exchange rate misalignments and refrain from competitive devaluation of
currencies. We are determined to act on our commitments to exchange rate
reform articulated in our Action plan for Growth and Jobs to address short
term vulnerabilities and restoring financial stability and strengthen the
medium-term foundations for growth. Our actions will help address the
challenges created by developments in global liquidity and capital flows
volatility, thus facilitating further progress on exchange rate reforms
and reducing excessive accumulation of reserves.

10. We agreed to continue our efforts to further strengthen global
financial safety nets and we support the IMF in putting forward the new
Precautionary and Liquidity Line (PLL) to provide on a case by case basis
increased and more flexible short-term liquidity to countries with strong
policies and fundamentals facing exogenous shocks. We also support the IMF
in putting forward a single facility to fulfil the emergency assistance
needs of its members. We call on the IMF to expeditiously discuss and
finalize both proposals.

11. We welcome the euro area's comprehensive plan and urge rapid
elaboration and implementation, including of country reforms. We welcome
the euro area's determination to bring its full resources and entire
institutional capacity to bear in restoring confidence and financial
stability, and in ensuring the proper functioning of money and financial
markets.

We will ensure the IMF continues to have resources to play its systemic
role to the benefit of its whole membership, building on the substantial
resources we have already mobilized since London in 2009. We stand ready
to ensure additional resources could be mobilised in a timely manner and
ask our finance ministers by their next meeting to work on deploying a
range of various options including bilateral contributions to the IMF,
SDRs, and voluntary contributions to an IMF special structure such as an
administered account. We will expeditiously implement in full the 2010
quota and governance reform of the IMF.

Reforming the financial sector and enhancing market integrity

12. In Washington in 2008, we committed to ensure that all financial
markets, products and participants are regulated or subject to oversight,
as appropriate. We will implement our commitments and pursue the reform of
the financial system.

13. We have agreed on comprehensive measures so that no financial firm can
be deemed "too big to fail" and to protect taxpayers from bearing the
costs of resolution. The FSB publishes today an initial list of Global
systemically important financial institutions (G-SIFIs). G-SIFIs will be
submitted to strengthened supervision, a new international standard for
resolution regimes as well as, from 2016, additional capital requirements.
We are prepared to identify systemically important non-bank financial
entities.

14. We have decided to develop the regulation and oversight of shadow
banking. We will develop further our regulation on market integrity and
efficiency, including addressing the risks posed by high frequency trading
and dark liquidity. We have tasked IOSCO to assess the functioning of
Credit Default Swaps markets. We have agreed on principles to protect
financial services consumers.

15. We will not allow a return to pre-crisis behaviours in the financial
sector and we will strictly monitor the implementation of our commitments
regarding banks, OTC markets and compensation practices.

16. Building on its achievements, we have agreed to reform the FSB to
improve its capacity to coordinate and monitor our financial regulation
agenda. This reform includes giving it legal personality and greater
financial autonomy. We thank Mr Mario Draghi for the work done and we
welcome the appointment of Mr Mark Carney, Governor of the Central Bank of
Canada as Chairman of the FSB, and of Mr. Philipp Hildebrand, Chairman of
the Swiss National Bank as Vice-Chairman.

17. We urge all jurisdictions to adhere to the international standards in
the tax, prudential and AML/CFT areas. We stand ready to use our existing
countermeasures if needed. In the tax area, we welcome the progress made
and we urge all the jurisdictions to take the necessary actions to tackle
the deficiencies identified in the course of the reviews by the Global
Forum, in particular the 11 jurisdictions identified by the Global Forum
whose framework has failed to qualify. We underline the importance of
comprehensive tax information exchange and encourage work in the Global
Forum to define the means to improve it. We welcome the commitment made by
all of us to sign the Multilateral Convention on Mutual Administrative
Assistance in Tax Matters and strongly encourage other jurisdictions to
join this Convention.

Addressing commodity price volatility and promoting agriculture

18. As part of our financial regulation agenda, we endorse the IOSCO
recommendations to improve regulation and supervision of commodity
derivatives markets. We agree that market regulators should be granted
effective intervention powers to prevent market abuses. In particular,
market regulators should have and use formal position management powers,
among other powers of intervention, including the power to set ex-ante
position limits, as appropriate.

19. Promoting agricultural production is key to feed the world population.
To that end, we decide to act in the framework of the Action Plan on Food
Price Volatility and Agriculture agreed by our Ministers of Agriculture in
June 2011. In particular, we decide to invest in and support research and
development of agriculture productivity. We have launched the
"Agricultural Market Information System" (AMIS) to reinforce transparency
on agricultural products' markets. To improve food security, we commit to
develop appropriate risk-management instruments and humanitarian emergency
tools. We decide that food purchased for non-commercial humanitarian
purposes by the World Food Program will not be subject to export
restrictions or extraordinary taxes. We welcome the creation of a "Rapid
Response Forum", to improve the international community's capacity to
coordinate policies and develop common responses in time of market crises.

Improving energy markets and pursuing the Fight against Climate Change

20. We are determined to enhance the functioning and transparency of
energy markets. We commit to improve the timeliness, completeness and
reliability of the JODI-oil database and to work on the JODI-gas database
along the same principles. We call for continued dialogue annually between
producers and consumers on short medium and long-term outlook and
forecasts for oil, gas and coal. We ask relevant organizations to make
recommendations on the functioning and oversight of price reporting
agencies. We reaffirm our commitment to rationalise and phase-out over the
medium term inefficient fossil fuel subsidies that encourage wasteful
consumption, while providing targeted support for the poorest.

21. We are committed to the success of the upcoming Durban Conference on
Climate Change and support South Africa as the incoming President of the
Conference. We call for the implementation of the Cancun agreements and
further progress in all areas of negotiation, including the
operationalization of the Green Climate Fund, as part of a balanced
outcome in Durban. We discussed the IFIs report on climate finance and
asked our Finance Ministers to continue work in this field, taking into
account the objectives, provisions and principles of the UNFCCC.

Avoiding protectionism and strengthening the multilateral trading system

22. At this critical time for the global economy, it is important to
underscore the merits of the multilateral trading system as a way to avoid
protectionism and not turn inward. We reaffirm our standstill commitments
until the end of 2013, as agreed in Toronto, commit to roll back any new
protectionist measure that may have risen, including new export
restrictions and WTO-inconsistent measures to stimulate exports and ask
the WTO, OECD and UNCTAD to continue monitoring the situation and to
report publicly on a semi-annual basis.

23. We stand by the Doha Development Agenda (DDA) mandate. However, it is
clear that we will not complete the DDA if we continue to conduct
negotiations as we have in the past. We recognize the progress achieved so
far. To contribute to confidence, we need to pursue in 2012 fresh,
credible approaches to furthering negotiations, including the issues of
concern for Least Developed Countries and, where they can bear fruit, the
remaining elements of the DDA mandate. We direct our Ministers to work on
such approaches at the upcoming Ministerial meeting in Geneva and also to
engage into discussions on challenges and opportunities to the
multilateral trading system in a globalised economy and to report back by
the Mexico Summit.

24. Furthermore, as a contribution to a more effective, rules-based
trading system, we support a strengthening of the WTO, which should play a
more active role in improving transparency on trade relations and policies
and enhancing the functioning of the dispute settlement mechanism.

Addressing the challenges of development

25. Recognizing that economic shocks affect disproportionately the most
vulnerable, we commit to ensure a more inclusive and resilient growth.

26. The humanitarian crisis in the Horn of Africa underscores the urgent
need to strengthen emergency and long-term responses to food insecurity.
We support the concrete initiatives mentioned in the Cannes final
Declaration, with a view to foster investments in agriculture and mitigate
the impact of price volatility, in particular in low income countries and
to the benefit of smallholders. We welcome the initiative of the Economic
Community of Western African States (ECOWAS) to set up a targeted regional
emergency humanitarian food reserve system, as a pilot project, and the
"ASEAN+3" emergency rice reserve initiative.

27. Recognizing that the lack of Infrastructure dramatically hampers the
growth potential in many developing countries, particularly in Africa, we
support recommendations of the High Level Panel and the MDBs and highlight
eleven exemplary infrastructure projects and call on the MDBs, working
with countries involved, to pursue the implementation of such projects
that meet the HLP criteria.

28. In order to meet the Millennium Development Goals, we stress the
pivotal role of ODA. Aid commitments made by developed countries should be
met. Emerging countries will engage or continue to extend their level of
support to other developing countries. We also agree that, over time, new
sources of funding need to be found to address development needs and
climate change. We discussed a set of options for innovative financing
highlighted by Mr Bill Gates. Some of us have implemented or are prepared
to explore some of these options. We acknowledge the initiatives in some
of our countries to tax the financial sector for various purposes,
including a financial transaction tax, inter alia to support development.

Intensifying our Fight against Corruption

29. We have made significant progress in implementing the Action Plan on
combating corruption, promoting market integrity and supporting a clean
business environment. We underline the need for swift implementation of a
strong international legislative framework, the adoption of national
measures to prevent and combat corruption and foreign bribery, the
strengthening of international cooperation in fighting corruption and the
development of joint initiatives between the public and the private
sector.

Reforming global governance for the 21st century

30. We welcome the report of UK Prime Minister David Cameron on global
governance. We agree that the G20 should remain an informal group. We
decide to formalise the Troika. We will pursue consistent and effective
engagement with non-members, including the UN and we welcome their
contributions to our work.

31. We reaffirm that the G20's founding spirit of bringing together the
major economies on an equal footing to catalyze action is fundamental and
therefore agree to put our collective political will behind our economic
and financial agenda, and the reform and more effective working of
relevant international institutions. We support reforms to be implemented
within the FAO and the FSB We have committed to strengthen our
multilateral trade framework. We call on international organisations,
especially the UN, WTO, the ILO, the WB, the IMF and the OECD, to enhance
their dialogue and cooperation, including on the social impact of economic
policies, and to intensify their coordination.

    * On December 1st. 2011, Mexico will start chairing the G20. We will
convene in Los Cabos, Baja California, in June 2012, under the
Chairmanship of Mexico. Russia will chair the G20 in 2013, Australia
in 2014 and Turkey in 2015. We have also agreed, as part of our
reforms to the G20, that after 2015, annual presidencies of the G20
will be chosen from rotating regional groups, starting with the Asian
grouping comprising of China, Indonesia, Japan and Korea.

32. We thank France for its G20 Presidency and for hosting the successful
Cannes Summit.



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