多倫多峰會宣言

多倫多峰會宣言

Preamble

1.InToronto,weheldourfirstSummitoftheG-20initsnewcapacityasthepremierforumforourinternationaleconomiccooperation.

2.Buildingonourachievementsinaddressingtheglobaleconomiccrisis,wehaveagreedonthenextstepsweshouldtaketoensureafullreturntogrowthwithqualityjobs,toreformandstrengthenfinancialsystems,andtocreatestrong,sustainableandbalancedglobalgrowth.

3.Oureffortstodatehavebornegoodresults.Unprecedentedandgloballycoordinatedfiscalandmonetarystimulusisplayingamajorroleinhelpingtorestoreprivatedemandandlending.Wearetakingstrongstepstowardincreasingthestabilityandstrengthofourfinancialsystems.Significantlyincreasedresourcesforinternationalfinancialinstitutionsarehelpingstabiliseandaddresstheimpactofthecrisisontheworld’smostvulnerable.Ongoinggovernanceandmanagementreforms,whichmustbecompleted,willalsoenhancetheeffectivenessandrelevanceoftheseinstitutions.Wehavesuccessfullymaintainedourstrongcommitmenttoresistprotectionism.

4.Butseriouschallengesremain.Whilegrowthisreturning,therecoveryisunevenandfragile,unemploymentinmanycountriesremainsatunacceptablelevels,andthesocialimpactofthecrisisisstillwidelyfelt.Strengtheningtherecoveryiskey.Tosustainrecovery,weneedtofollowthroughondeliveringexistingstimulusplans,whileworkingtocreatetheconditionsforrobustprivatedemand.Atthesametime,recenteventshighlighttheimportanceofsustainablepublicfinancesandtheneedforourcountriestoputinplacecredible,properlyphasedandgrowth-friendlyplanstodeliverfiscalsustainability,differentiatedforandtailoredtonationalcircumstances.Thosecountrieswithseriousfiscalchallengesneedtoacceleratethepaceofconsolidation.Thisshouldbecombinedwitheffortstorebalanceglobaldemandtohelpensureglobalgrowthcontinuesonasustainablepath.Furtherprogressisalsorequiredonfinancialrepairandreformtoincreasethetransparencyandstrengthenthebalancesheetsofourfinancialinstitutions,andsupportcreditavailabilityandrapidgrowth,includingintherealeconomy.Wetooknewstepstobuildabetterregulatedandmoreresilientfinancialsystemthatservestheneedsofourcitizens.Thereisalsoapressingneedtocompletethereformsoftheinternationalfinancialinstitutions.

5.Recognizingtheimportanceofachievingstrongjobgrowthandprovidingsocialprotectiontoourcitizens,particularlyourmostvulnerable,wewelcometherecommendationsofourLabourandEmploymentMinisters,whometinApril2010,andthetrainingstrategypreparedbytheInternationalLabourOrganization(ILO)incollaborationwiththeOrganisationforEconomicCo-operationandDevelopment(OECD).

6.Wearedeterminedtobeaccountableforthecommitmentswehavemade,andhaveinstructedourMinistersandofficialstotakeallnecessarystepstoimplementthemfullywithinagreedtimelines.

TheFrameworkforStrong,SustainableandBalancedGrowth

7.TheG-20’shighestpriorityistosafeguardandstrengthentherecoveryandlaythefoundationforstrong,sustainableandbalancedgrowth,andstrengthenourfinancialsystemsagainstrisks.WethereforewelcometheactionstakenandcommitmentsmadebyanumberofG-20countriestoboostdemandandrebalancegrowth,strengthenourpublicfinances,andmakeourfinancialsystemsstrongerandmoretransparent.Thesemeasuresrepresentsubstantialcontributionstoourcollectivewell-beingandbuildonpreviousactions.Wewillcontinuetoco-operateandundertakeappropriateactionstobolstereconomicgrowthandfosterastrongandlastingrecovery.

8.TheFrameworkforStrong,SustainableandBalancedGrowththatwelaunchedinPittsburghisthemeanstoachievingoursharedobjectives,byassessingthecollectiveconsistencyofpolicyactionsandstrengtheningpolicyframeworks.

9.WehavecompletedthefirststageofourMutualAssessmentProcessandweconcludedthatwecandomuchbetter.TheIMFandWorldBankestimatethatifwechooseamoreambitiouspathofreforms,overthemediumterm:

lglobaloutputwouldbehigherbyalmost$4trillion;

ltensofmillionsmorejobswouldbecreated;

levenmorepeoplewouldbeliftedoutofpoverty;and

lglobalimbalanceswouldbesignificantlyreduced.

Increasingglobalgrowthonasustainablebasisisthemostimportantstepwecantakeinimprovingthelivesofallofourcitizens,includingthoseinthepoorestcountries.

10.Wearecommittedtotakingconcertedactionstosustaintherecovery,createjobsandtoachievestronger,moresustainableandmorebalancedgrowth.Thesewillbedifferentiatedandtailoredtonationalcircumstances.Weagreedtodayon:

lFollowingthroughonfiscalstimulusandcommunicating“growthfriendly”fiscalconsolidationplansinadvancedcountriesthatwillbeimplementedgoingforward.Soundfiscalfinancesareessentialtosustainrecovery,provideflexibilitytorespondtonewshocks,ensurethecapacitytomeetthechallengesofagingpopulations,andavoidleavingfuturegenerationswithalegacyofdeficitsanddebt.Thepathofadjustmentmustbecarefullycalibratedtosustaintherecoveryinprivatedemand.

lThereisariskthatsynchronizedfiscaladjustmentacrossseveralmajoreconomiescouldadverselyimpacttherecovery.Thereisalsoariskthatthefailuretoimplementconsolidationwherenecessarywouldundermineconfidenceandhampergrowth.Reflectingthisbalance,advancedeconomieshavecommittedtofiscalplansthatwillatleasthalvedeficitsby2013andstabilizeorreducegovernmentdebt-to-GDPratiosby2016.RecognizingthecircumstancesofJapan,wewelcometheJapanesegovernment’sfiscalconsolidationplanannouncedrecentlywiththeirgrowthstrategy.Thosewithseriousfiscalchallengesneedtoacceleratethepaceofconsolidation.Fiscalconsolidationplanswillbecredible,clearlycommunicated,differentiatedtonationalcircumstances,andfocusedonmeasurestofostereconomicgrowth.

lStrengtheningsocialsafetynets,enhancingcorporategovernancereform,financialmarketdevelopment,infrastructurespending,andgreaterexchangerateflexibilityinsomeemergingmarkets;

lPursuingstructuralreformsacrosstheentireG-20membershiptoincreaseandsustainourgrowthprospects;and

lMakingmoreprogressonrebalancingglobaldemand.

Monetarypolicywillcontinuetobeappropriatetoachievepricestabilityandthereby

contributetotherecovery.

11.Advanceddeficitcountriesshouldtakeactionstoboostnationalsavingswhilemaintainingopenmarketsandenhancingexportcompetitiveness.

12.Surpluseconomieswillundertakereformstoreducetheirrelianceonexternaldemandandfocusmoreondomesticsourcesofgrowth.

13.Wearecommittedtonarrowingthedevelopmentgapandthatwemustconsidertheimpactofourpolicyactionsonlow-incomecountries.Wewillcontinuetosupportdevelopmentfinancing,includingthroughnewapproachesthatencouragedevelopmentfinancingfrombothpublicandprivatesources.

14.Werecognizethatthesemeasureswillneedtobeimplementedatthenationallevelandwillneedtobetailoredtoindividualcountrycircumstances.Tofacilitatethisprocess,wehaveagreedthatthesecondstageofourcountry-ledandconsultativemutualassessmentwillbeconductedatthecountryandEuropeanlevelandthatwewilleachidentifyadditionalmeasures,asnecessary,thatwewilltaketowardachievingstrong,sustainable,andbalancedgrowth.

FinancialSectorReform

15.Wearebuildingamoreresilientfinancialsystemthatservestheneedsofoureconomies,reducesmoralhazard,limitsthebuildupofsystemicrisk,andsupportsstrongandstableeconomicgrowth.Wehavestrengthenedtheglobalfinancialsystembyfortifyingprudentialoversight,improvingriskmanagement,promotingtransparency,andreinforcinginternationalcooperation.Agreatdealhasbeenaccomplished.WewelcomethefullimplementationoftheEuropeanStabilizationMechanismandFacility,theEUdecisiontopubliclyreleasetheresultsofongoingtestsonEuropeanbanks,andtherecentUSfinancialreformbill.

16.Butmoreworkisrequired.Accordingly,wepledgetoacttogethertoachievethecommitmentstoreformthefinancialsectormadeattheWashington,LondonandPittsburghSummitsbytheagreedoracceleratedtimeframes.Thetransitiontonewstandardswilltakeintoaccountthecumulativemacroeconomicimpactofthereformsinadvancedandemergingeconomies.Wearecommittedtointernationalassessmentandpeerreviewtoensurethatallourdecisionsarefullyimplemented.

17.Ourreformagendarestsonfourpillars.

18.Thefirstpillarisastrongregulatoryframework.WetookstockoftheprogressoftheBaselCommitteeonBankingSupervision(BCBS)towardsanewglobalregimeforbankcapitalandliquidityandwewelcomeandsupportitswork.Substantialprogresshasbeenmadeonreformsthatwillmateriallyraiselevelsofresilienceofourbankingsystems.Theamountofcapitalwillbesignificantlyhigherandthequalityofcapitalwillbesignificantlyimprovedwhenthenewreformsarefullyimplemented.Thiswillenablebankstowithstand–withoutextraordinarygovernmentsupport–stressesofamagnitudeassociatedwiththerecentfinancialcrisis.WesupportreachingagreementatthetimeoftheSeoulSummitonthenewcapitalframework.Weagreedthatallmemberswilladoptthenewstandardsandthesewillbephasedinoveratimeframethatisconsistentwithsustainedrecoveryandlimitsmarketdisruption,withtheaimofimplementationbyend-2012,andatransitionhorizoninformedbythemacroeconomicimpactassessmentoftheFinancialStabilityBoard(FSB)andBCBS.Phase-inarrangementswillreflectdifferentnationalstartingpointsandcircumstances,withinitialvariancearoundthenewstandardsnarrowingovertimeascountriesconvergetothenewglobalstandard.

19.Weagreedtostrengthenfinancialmarketinfrastructurebyacceleratingtheimplementationofstrongmeasurestoimprovetransparencyandregulatoryoversightofhedgefunds,creditratingagenciesandover-the-counterderivativesinaninternationallyconsistentandnondiscriminatoryway.Were-emphasizedtheimportanceofachievingasinglesetofhighqualityimprovedglobalaccountingstandardsandtheimplementationoftheFSB’sstandardsforsoundcompensation.

20.Thesecondpillariseffectivesupervision.Weagreedthatnew,strongerrulesmustbecomplementedwithmoreeffectiveoversightandsupervision.WetaskedtheFSB,inconsultationwiththeIMF,toreporttoourFinanceMinistersandCentralBankGovernorsinOctober2010onrecommendationstostrengthenoversightandsupervision,specificallyrelatingtothemandate,capacityandresourcingofsupervisorsandspecificpowerswhichshouldbeadoptedtoproactivelyidentifyandaddressrisks,includingearlyintervention.

21.Thethirdpillarisresolutionandaddressingsystemicinstitutions.Wearecommittedtodesignandimplementasystemwherewehavethepowersandtoolstorestructureorresolvealltypesoffinancialinstitutionsincrisis,withouttaxpayersultimatelybearingtheburden,andadoptedprinciplesthatwillguideimplementation.WecalledupontheFSBtoconsideranddevelopconcretepolicyrecommendationstoeffectivelyaddressproblemsassociatedwith,andresolve,systemicallyimportantfinancialinstitutionsbytheSeoulSummit.Toreducemoralhazardrisks,thereisaneedtohaveapolicyframeworkincludingeffectiveresolutiontools,strengthenedprudentialandsupervisoryrequirements,andcorefinancialmarketinfrastructures.Weagreedthefinancialsectorshouldmakeafairandsubstantialcontributiontowardspayingforanyburdensassociatedwithgovernmentinterventions,wher