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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: G20 leaders agree reform action plan, pledge to boost growth AFP - Sunday, November 16 WASHINGTON (AFP) - - World leaders agreed at an economic crisis summit Saturday to an action plan for reforming the financial system and promised to work together to restore global growth, according to a final communique. "We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," the final statement from the G20 group of countries said. The statement committed the leaders, whose countries account for 85 percent of the world economy, to fiscal measures to boost national economies and laid out a series of areas for review before a deadline of March 31. Six areas will be targeted: regulating those areas of the financial markets which have exacerbated the crisis, boosting transparency in the often murky derivatives markets and reforming compensation practices. The ministers must also evaluate global accounting norms and the financing needs of international financial institutions. Finally, they must draw up a list of financial institutions whose collapse would imperil the global financial system . "In view of the role of the G20 in financial systems reform, we will meet again by April 30, 2009, to review the implementation of the principles and decisions agreed today," the communique said. It also stressed that the countries rejected protectionism and were committed to free-market principles -- something President George W. Bush was keen to include. "We recognize that these reforms will only be successful if grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems," the statement said. The statement also said that regulation was a national issue. Some countries had wanted a stronger role for the International Monetary Fund or another international regulator. "Regulation is first and foremost the responsibility of national regulators who constitute the first line of defense against market instability," said the statement. "However, our financial markets are global in scope, therefore, intensified international cooperation among regulators and strengthening of international standards, where necessary, and their consistent implementation is necessary to protect against adverse cross-border, regional and global developments affecting international financial stability." The G20, which includes the major industrialized nations as well as emerging giants Brazil, China, India and Russia, has been locked in debate about what caused the crisis. The International Monetary Fund and the Financial Stability Forum said Friday they would cooperate to provide an "early-warning system" in an effort to prevent any new financial meltdowns. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy World leaders agree action plan for reform, global growthAFP - 59 minutes ago UAW leader says blame economy for Detroit 3 woesAP - Sunday, November 16 Japan's Aso backs dollar-centred currency systemAFP - Sunday, November 16 G20 leaders agree reform action plan, pledge to boost growthAFP - Sunday, November 16 Related Articles: Business GM lobbying hard for U.S. bailout -Wall St JournalReuters - 55 minutes ago World leaders agree action plan for reform, global growthAFP - 59 minutes ago G20 leaders call for Doha breakthrough by year endReuters - 1 hour 43 minutes ago EU faces recession threatAP - 2 hours 36 minutes ago UAW leader says blame economy for Detroit 3 woesAP - Sunday, November 16 Enlarge Photo G20 leaders agree reform action plan, pledge to boost growth Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Obama rumored to favor Clinton as top diplomat Bin Laden is isolated, focused on his own security: CIA Earth would be heading to a freeze without CO2 emissions Ancient 4,300-year-old pyramid discovered in Egypt US space-funeral company plans to launch lunar cemetery View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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