At the London summit on 2 April 2009, G20 leaders committed to make an additional $1.1 trillion available to help the world economy through the crisis and to restore credit, growth and jobs.

The measures that leaders agreed to in the statement titled 'Global Plan for Recovery and Reform' included:

• trebling resources available to the International Monetary Fund to $750 billion
• ensuring $250 billion of support for trade finance
• using the additional resources from agreed IMF gold sales for concessional finance for the poorest countries
• establishing a new Financial Stability Board (FSB) with a strengthened mandate to collaborate with the IMF to provide early warning of macroeconomic risks
• extending regulation and oversight to all systemically important financial institutions, instruments and markets, including hedge funds
• taking action against non-cooperative jurisdictions, including tax havens
• calling for the heads and senior leadership of the international financial institutions to be appointed through an open, transparent, and merit-based selection process
• refraining from raising new barriers to investment or to trade in goods and services.

Read the full communique

Embassy competition: Have your solution to the economic crisis!

Ahead of the gathering of the G20 leaders, British Embassy in Bucharest and HotNews.ro called you to a challenge: solutions to the economic crisis! Best entries reached the summit main discussion floor. All commentaries (*ro) can be accessed on the contest page. Read the key points [DOC 32KB, new window]

 

Grand winner: Tiberiu KEREKES

The winner of the London Summit contest was Tiberiu Kerekes, a young professional from Targu Mures. He came to spend whole day with the embassy team and collect his prize, a Netbook AcerAspire One A 150-Ab 2*512MB, 160GB, Win XP Home and a day together with the Embassy team.