Previous Leaders' Summits of G20 (2)

Fifth G20 Leaders' Summit, November 11-12, 2010, Seoul, Republic of Korea

In the context of uneven growth and widening imbalances, Leaders agreed to develop their common view to meet new challenges and create a path to strong, sustainable and balanced growth beyond the crisis.

Leaders agreed on the Seoul Action Plan, which included commitments to

- Undertake macroeconomic policies, including fiscal consolidation where necessary, to ensure ongoing recovery and sustainable growth and enhance the stability of financial markets;

- Implement a range of structural reforms that boost and sustain global demand, foster job creation, and increase the potential for growth; and

- enhance the Mutual Assessment Process (MAP) to promote external sustainability.

Leaders also agreed on:

- A modernized IMF that better reflected the changes in the world economy through greater representation of dynamic emerging markets and developing countries

- Instruments to strengthen global financial safety nets

- Core elements of a new financial regulatory framework

- The Seoul Development Consensus for Shared Growth that sets out the G20 commitment to work in partnership with other developing countries

- The Financial Inclusion Action Plan, the Global Partnership for Financial Inclusion and a flexible SME Finance Framework, all of which will significantly contribute to improving access to financial services and expanding opportunities for poor households and small and medium enterprises

- Their strong commitment to direct G20 negotiators to engage in across-the-board negotiations to promptly bring the Doha Development Round to a successful, ambitious, comprehensive, and balanced conclusion, and to resist all forms of protectionist measures

Leaders also committed to continue the G20's work to prevent and tackle corruption through the Anti-Corruption Action Plan; rationalize and phase-out over the medium term inefficient fossil fuel subsidies; mitigate excessive fossil fuel price volatility; safeguard the global marine environment; and combat the challenges of global climate change.

Fourth G20 Leaders' Summit, June 26-27, 2010, Toronto, Canada

This was the first Summit of the G20 in its new capacity as the premier forum for international economic cooperation.

Building on achievements in addressing the global economic crisis, Leaders agreed on the next steps to take to ensure a full return to growth with quality jobs, to reform and strengthen financial systems, and to create strong, sustainable and balanced global growth.

However, Leaders also agreed that serious challenges remained. The recovery was uneven and fragile, unemployment in many countries remained at unacceptable levels, and the social impact of the crisis was still widely felt.

Leaders therefore agreed:

- To follow through on delivering existing stimulus plans, while working to create the conditions for robust private demand.

- To put in place credible, properly phased and growth-friendly plans to deliver fiscal sustainability, differentiated for and tailored to national circumstances.

- To make further progress on financial repair and reform to increase the transparency and strengthen the balance sheets of our financial institutions, and support credit availability and rapid growth, including in the real economy.

- To build a better regulated and more resilient financial system that serves the needs of G20 citizens.

- To complete the reforms of the international financial institutions.

- To strengthen social safety nets, enhancing corporate governance reform, financial market development, infrastructure spending, and greater exchange rate flexibility in some emerging markets

- To renew for a further three years, until the end of 2013, the commitment to refrain from raising barriers or imposing new barriers to investment or trade in goods and services, imposing new export restrictions or implementing World Trade Organization (WTO)-inconsistent measures to stimulate exports.