The G20 leaders met in a global economy that was still weak.  Tensions in the financial markets remained high due to sovereign risks in Europe. Signs of vulnerabilities were appearing in emerging markets. Increased commodity prices had harmed growth and hit the most vulnerable. Exchange rate volatility was putting growth and financial stability at risk. Global imbalances remained a problem. Consequently, the Cannes G20 Leaders’ Final Declaration focused on the leaders’ commitment to economic and financial matters. The following were particularly important: a global strategy for growth and jobs contained in the Action Plan for Growth and Jobs; building a more stable and resilient international monetary system; strengthening the capabilities of the International Monetary Fund and Financial Stability Board; implementing and deepening financial sector reforms, particularly commitments made in Washington in November 2008; addressing the too big to fail issue; filling in the gaps in the regulation and supervision of the financial section; and tackling tax havens and non-cooperative jurisdictions. 

Like the materials that emerged from the Soul summit, the Cannes G20 Leaders’ Final Declaration also contained commitments relating to development and environmental issues. The following were particularly important: addressing food price volatility and increasing agriculture production and productivity; improving the functioning of energy markets; protecting the marine environment; fostering clean energy, green growth and sustainable development; pursuing the fight against climate change; avoiding protectionism and reinforcing the multilateral trading system; intensifying the G20’s fight against corruption; and global governance.