When the G20 leaders come together in Seoul in November,
their primary concern will be ensuring that the economic recovery is
well underway, that future crises can be averted, and that the G20
maintains its place at the center of global governance by delivering
on previously made commitments. Toward those ends, the G20 Se-
oul Summit will focus first on following up on previous G20 agree-
ments and mandates within the established timeframe.
Those commitments include : maintaining economic support
measures until recovery is fully assured; ensuring strong, sustain-
able, and balanced global growth; building a stronger international
financial regulatory system; and modernizing the international
financial institutions.
The world economy continues to recover faster than anticipated,
although at an uneven pace. Nonetheless, the recent volatility
in financial markets reminds us that significant challenges remain.
The G20 Finance Ministers and Central Bank Governors who met
in Busan from June 4 to 5, 2010, affirmed that the G20 stands
ready to safeguard the recovery and strengthen prospects
for growth and jobs with well-coordinated economic policies.
They further pointed out that recent events have highlighted
the need to ensure fiscal sustainability through credible and
growth-friendly measures that are tailored to individual countries.
In this context, the G20 leaders agreed that countries with
serious fiscal challenges should accelerate the pace of
consolidation, while encouraging countries to expand domestic s
ources of growth within their capacity and maintain macroeconomic
stability. They also reiterated the importance of structural reforms,
development policies, and ongoing efforts to resist protectionism.
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