The first G20 Leaders’ Summit was held at Washington D.C., the United States, on 14-15 November 2008, against a background of sharply deteriorating economic conditions worldwide. Leaders decided that a broader policy response was needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries.

As a result, in the Declaration of the Summit on Financial Markets and the World Economy, Washington DC, the leaders agreed to the following steps:

• Take whatever further actions necessary to stabilise the financial system;
• Recognise the importance of monetary policy support, as deemed appropriate to domestic conditions;
• Use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conducive to fiscal sustainability;
• Help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and program support;
• Welcome the International Monetary Fund’s new short-term liquidity facility, and urge the ongoing review of its instruments and facilities to ensure flexibility;
• Encourage the World Bank and other multilateral development banks (MDBs) to use their full capacity in support of their development agenda;
• Ensure that the IMF, World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis.