The finance ministers and central bank governors from the Group of 20 major economies call for continued efforts for financial repair and reform, according to a joint communique released Saturday in South Korea.

The communique said, "... further progress on financial repair is critical to global economic recovery. This requires greater transparency and further strengthening of banks' balance sheets and better corporate governance of financial firms."

It said that agreement on stronger capital and liquidity standards is the core of the reform agenda.

The leaders also agree that the financial sector should make a fair and substantial contribution towards paying for any burdens associated with government interventions to repair the banking system or fund resolution, according to the communique.

South Korean Financial Minister Yoon Jeung-hyun announced the joint communique signed by the G20 financial leaders at the conclusion of a two-day meeting held in Busan, South Korea.