Meanwhile, the G20 leaders spoke out their opposition to trade protectionism and determination to promote and facilitate global trade and investment, and remained committed to a quick conclusion of the Doha Round of world trade talks as soon as possible.
"We reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports," said the Leaders' Statement.
To ensure a "fair and sustainable recovery for all," the summit reaffirmed the commitment to meeting the UN Millennium Development Goals and to achieving ODA (official development assistance) pledges, including commitments on Aid for Trade, debt relief, and the Gleneagles commitments, especially to sub-Saharan Africa.
Strengthened financial supervision, regulation
The G20 leaders agreed to take action to build a stronger, more globally consistent, supervisory and regulatory network for the future financial sector to rebuild trust in the financial system.
They agreed to establish a new Financial Stability Board (FSB) with a strengthened mandate as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain and the European Commission. The FSB will collaborate with the IMF to provide an early warning of macroeconomic and financial risks and the actions needed to address them.
The leaders agreed on extending regulation and oversight to all systematically important financial institutions, instruments and markets, including systematically important hedge funds for the first time.
They reached consensus on taking action against non-cooperative jurisdictions including tax havens, and agreed to publish a list of tax havens. "The era of banking secrecy is over," said Brown.
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British Prime Minister Gordon Brown addresses a news conference at the end of the Summit of the Group of 20 Countries (G20) on world economy at ExCel exhibition center in London, April 2. [Xinhua/Richard Lewis]
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They also agreed on extending regulatory oversight and registration to Credit Rating Agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest.
