二十国集团金融市场和世界经济峰会的宣言.docx

二十国集团金融市场和世界经济峰会的宣言.docx

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二十国集团金融市场和世界经济峰会的宣言

口译资料：

二十国集团金融市场和世界经济峰会的宣言

DeclarationoftheSummitonFinancialMarketsandtheWorldEconomy

1. We,theLeadersoftheGroupofTwenty,heldaninitialmeetinginWashingtononNovember15,2008,amidseriouschallengestotheworldeconomyandfinancialmarkets. Wearedeterminedtoenhanceourcooperationandworktogethertorestoreglobalgrowthandachieveneededreformsintheworld’sfinancialsystems.

2. Overthepastmonthsourcountrieshavetakenurgentandexceptionalmeasurestosupporttheglobaleconomyandstabilizefinancialmarkets. Theseeffortsmustcontinue. Atthesametime,wemustlaythefoundationforreformtohelptoensurethataglobalcrisis,suchasthisone,doesnothappenagain. Ourworkwillbeguidedbyasharedbeliefthatmarketprinciples,opentradeandinvestmentregimes,andeffectivelyregulatedfinancialmarketsfosterthedynamism,innovation,andentrepreneurshipthatareessentialforeconomicgrowth,employment,andpovertyreduction.

RootCausesoftheCurrentCrisis

3. Duringaperiodofstrongglobalgrowth,growingcapitalflows,andprolongedstabilityearlierthisdecade,marketparticipantssoughthigheryieldswithoutanadequateappreciationoftherisksandfailedtoexerciseproperduediligence. Atthesametime,weakunderwritingstandards,unsoundriskmanagementpractices,increasinglycomplexandopaquefinancialproducts,andconsequentexcessiveleveragecombinedtocreatevulnerabilitiesinthesystem. Policy-makers,regulatorsandsupervisors,insomeadvancedcountries,didnotadequatelyappreciateandaddresstherisksbuildingupinfinancialmarkets,keeppacewithfinancialinnovation,ortakeintoaccountthesystemicramificationsofdomesticregulatoryactions.

4. Majorunderlyingfactorstothecurrentsituationwere,amongothers,inconsistentandinsufficientlycoordinatedmacroeconomicpolicies,inadequatestructuralreforms,whichledtounsustainableglobalmacroeconomicoutcomes. Thesedevelopments,together,contributedtoexcessesandultimatelyresultedinseveremarketdisruption.

ActionsTakenandtoBeTaken

5. Wehavetakenstrongandsignificantactionstodatetostimulateoureconomies,provideliquidity,strengthenthecapitaloffinancialinstitutions,protectsavingsanddeposits,addressregulatorydeficiencies,unfreezecreditmarkets,andareworkingtoensurethatinternationalfinancialinstitutions（IFIs）canprovidecriticalsupportfortheglobaleconomy.  

6. Butmoreneedstobedonetostabilizefinancialmarketsandsupporteconomicgrowth. Economicmomentumisslowingsubstantiallyinmajoreconomiesandtheglobaloutlookhasweakened. Manyemergingmarketeconomies,whichhelpedsustaintheworldeconomythisdecade,arestillexperiencinggoodgrowthbutincreasinglyarebeingadverselyimpactedbytheworldwideslowdown.

7. Againstthisbackgroundofdeterioratingeconomicconditionsworldwide,weagreedthatabroaderpolicyresponseisneeded,basedonclosermacroeconomiccooperation,torestoregrowth,avoidnegativespilloversandsupportemergingmarketeconomiesanddevelopingcountries. Asimmediatestepstoachievetheseobjectives,aswellastoaddresslonger-termchallenges,wewill:

oContinueourvigorouseffortsandtakewhateverfurtheractionsarenecessarytostabilizethefinancialsystem.

oRecognizetheimportanceofmonetarypolicysupport,asdeemedappropriatetodomesticconditions.

oUsefiscalmeasurestostimulatedomesticdemandtorapideffect,asappropriate,whilemaintainingapolicyframeworkconducivetofiscalsustainability.

oHelpemerginganddevelopingeconomiesgainaccesstofinanceincurrentdifficultfinancialconditions,includingthroughliquidityfacilitiesandprogramsupport.WestresstheInternationalMonetaryFund’s（IMF）importantroleincrisisresponse,welcomeitsnewshort-termliquidityfacility,andurgetheongoingreviewofitsinstrumentsandfacilitiestoensureflexibility.

oEncouragetheWorldBankandothermultilateraldevelopmentbanks（MDBs）tousetheirfullcapacityinsupportoftheirdevelopmentagenda,andwewelcometherecentintroductionofnewfacilitiesbytheWorldBankintheareasofinfrastructureandtradefinance.

oEnsurethattheIMF,WorldBankandotherMDBshavesufficientresourcestocontinueplayingtheirroleinovercomingthecrisis.

CommonPrinciplesforReformofFinancialMarkets

8. Inadditiontotheactionstakenabove,wewillimplementreformsthatwillstrengthenfinancialmarketsandregulatoryregimessoastoavoidfuturecrises. Regulationisfirstandforemosttheresponsibilityofnationalregulatorswhoconstitutethefirstlineofdefenseagainstmarketinstability. However,ourfinancialmarketsareglobalinscope,therefore,intensifiedinternationalcooperationamongregulatorsandstrengtheningofinternationalstandards,wherenecessary,andtheirconsistentimplementationisnecessarytoprotectagainstadversecross-border,regionalandglobaldevelopmentsaffectinginternationalfinancialstability. Regulatorsmustensurethattheiractionssupportmarketdiscipline,avoidpotentiallyadverseimpactsonothercountries,includingregulatoryarbitrage,andsupportcompetition,dynamismandinnovationinthemarketplace. Financialinstitutionsmustalsobeartheirresponsibilityfortheturmoilandshoulddotheirparttoovercomeitincludingbyrecognizinglosses,improvingdisclosureandstrengtheningtheirgovernanceandriskmanagementpractices.

9. Wecommittoimplementingpoliciesconsistentwiththefollowingcommonprinciplesforreform.

oStrengtheningTransparencyandAccountability:

 Wewillstrengthenfinancialmarkettransparency,includingbyenhancingrequireddisclosureoncomplexfinancialproductsandensuringcompleteandaccuratedisclosurebyfirmsoftheirfinancialconditions. Incentivesshouldbealignedtoavoidexcessiverisk-taking.

oEnhancingSoundRegulation:

 Wepledgetostrengthenourregulatoryregimes,prudentialoversight,andriskmanagement,andensurethatallfinancialmarkets,productsandparticipantsareregulatedorsubjecttooversight,asappropriatetotheircircumstances. Wewillexercisestrongoversightovercreditratingagencies,consistentwiththeagreedandstrengthenedinternationalcodeofconduct. Wewillalsomakeregulatoryregimesmoreeffectiveovertheeconomiccycle,whileensuringthatregulationisefficient,doesnotstifleinnovation,andencouragesexpandedtradeinfinancialproductsandservices. Wecommittotransparentassessmentsofournationalregulatorysystems.

oPromotingIntegrityinFinancialMarkets:

 Wecommittoprotecttheintegrityoftheworld’sfinancialmarketsbybolsteringinvestorandconsumerprotection,avoidingconflictsofinterest,preventingillegalmarketmanipulation,fraudulentactivitiesandabuse,andprotectingagainstillicitfinancerisksarisingfromnon-cooperativejurisdictions. Wewillalsopromoteinformationsharing,includingwithrespecttojurisdictionsthathaveyettocommittointernationalstandardswithrespecttobanksecrecyandtransparency.

oReinforcingInternationalCooperation:

Wecalluponournationalandregionalregulatorstoformulatetheirregulationsandothermeasuresinaconsistentmanner. Regulatorsshouldenhancetheircoordinationandcooperationacrossallsegmentsoffinancialmarkets,includingwithrespecttocross-bordercapitalflows. Regulatorsandotherrelevantauthoritiesasamatterofpriorityshouldstrengthencooperationoncrisisprevention,management,andresolution.

oReformingInternationalFinancialInstitutions:

WearecommittedtoadvancingthereformoftheBrettonWoodsInstitutionssothattheycanmoreadequatelyreflectchangingeconomicweightsintheworldeconomyinordertoincreasetheirlegitimacyandeffectiveness. Inthisrespect,emerginganddevelopingeconomies,includingthepoorestcountries,shouldhavegreatervoiceandrepresentation. TheFinancialStabilityForum（FSF）mustexpandurgentlytoabroadermembershipofemergingeconomies,andothermajorstandardsettingbodiesshouldpromptlyreviewtheirmembership. TheIMF,incollaborationwiththeexpandedFSFandotherbodies,shouldworktobetteridentifyvulnerabilities,anticipatepotentialstresses,andactswiftlytoplayakeyroleincrisisresponse.

TaskingofMinistersandExperts

10. Wearecommittedtotakingrapidactiontoimplementtheseprinciples. WeinstructourFinanceMinisters,ascoordinatedbytheir2009G-20leadership（Brazil,UK,RepublicofKorea）,toinitiateprocessesandatimelinetodoso. AninitiallistofspecificmeasuresissetforthintheattachedActionPlan,includinghighpriorityactionstobecompletedpriortoMarch31,2009. 

Inconsultationwithothereconomiesandexistingbodies,drawingupontherecommendationsofsucheminentindependentexpertsastheymayappoint,werequestourFinanceMinisterstoformulateadditionalrecommendations,includinginthefollowingspecificareas:

oMitigatingagainstpro-cyclicalityinregulatorypolicy;

oReviewingandaligningglobalaccountingstandards,particularlyforcomplexsecuritiesintimesofstress;

oStrengtheningtheresilienceandtransparencyofcreditderivativesmarketsandreducingtheirsystemicrisks,includingbyimprovingtheinfrastructureofover-the-countermarkets; 

oReviewingcompensationpracticesastheyrelatetoincentivesforrisktakingandinnovation;

oReviewingthemandates,governance,andresourcerequirementsoftheIFIs;and

oDefiningthescopeofsystemicallyimportantinstitutionsanddeterminingtheirappropriateregulationoroversight.

11. InviewoftheroleoftheG-20infinancialsystemsreform