G-20 Cannes Summit Communique (November 2011)

The Cannes Summit (3-4 November 2011) was dominated by discussion of the global economy, particularly developments in the Eurozone debt crisis. Other major issues discussed included financial regulation, trade, jobs, food security, agricultural productivity and development. The Leaders have released a Communique, summarising the outcomes of their Final Declaration and The Cannes Action Plan for Growth and Jobs, which included: (i) a commitment to ensure the adequacy of the European Financial Stability Facility (EU Members) and IMF resources (G-20 Members); (ii) reaffirmation of the G-20 anti-protectionism pledge (originally agreed to at the 2010 Toronto Summit) and agreement to strengthen the World Trade Organisation by considering additional and parallel negotiations beyond the Doha (Round) mandate; (iii) commitment to "stand ready to ensure additional resources could be mobilised in a timely manner" for the IMF; (iv) endorsement of a list of "29 Global Systemically Important Financial Institutions". Leaders also agreed to strengthen the regulation and strength of "shadow banking activities" and adoption of an action plan to support the development and deepening of local bond markets; (v) commitment to development as a "key element" of the G-20 recovery agenda. Leaders agreed to focus on food security, infrastructure and financing for development and endorsement of the "2011 G-20 Development Working Group Report"; and (vi) endorsement of a report on the implementation of Seoul's "G-20 Anti-Corruption Action Plan".

 

Originally Published: 
04/11/2011