The final communique - Macleans.ca

The final communique

by

Stephen Taylor, whose contacts within government are pretty good, posts what he says is the text of the G20’s final communique, from “a friend inside the red zone.” It lines up pretty well with an earlier leak of the final communique, posted by Greenpeace before the conference began. Compare the preambles:

June 22 leak:

In Toronto, we held our first Summit of the G20 in its new capacity as our premier forum for international economic cooperation. We are committed to ensuring the G20 remains effective and relevant in this role.

We reviewed our progress in addressing the global economic crisis, and we agreed on next steps to ensure a full return to growth and jobs, and to create strong, sustainable and balanced global growth.

Our efforts to date have borne good results. Fiscal and monetary stimulus has helped restore private demand and lending, and we have taken strong steps toward increasing the stability of our financial systems. Increased resources for international financial institutions have helped address the impact of the crisis on the world’s most vulnerable, and ongoing governance and management reforms will enhance the effectiveness and relevance of these institutions. We have successfully maintained our strong commitment to resist protectionism.

But there is no room for complacency. While growth is returning in many countries, the recovery is uneven and fragile, and unemployment remains at unacceptable levels. We recognize the important progress made since our last meeting in Pittsburgh, but we also agree that much work remains. In particular, emerging fiscal challenges in many states are creating market volatility, and could seriously threaten the recovery and weaken prospects for long-term growth. Further actions are still required to address the underlying causes of the global financial crisis and promote more responsible and transparent banking sectors.

Today, in Toronto, we have decided to take the following actions: [Note: decisions to be determined through the Declaration process]

We are determined to be accountable for the commitments we have made, and will instruct our Ministers and officials to take all necessary steps to implement them fully within agreed timelines.

June 27 leak:

1. In Toronto, we held our first Summit of the G-20 in its new capacity as the premier forum for our international economic cooperation.

2. Building on our achievements in addressing the global economic crisis, we have agreed on the next steps we should take to ensure a full return to growth with quality jobs, to reform and strengthen financial systems, and to create strong, sustainable and balanced global growth.

3. Our efforts to date have borne good results. Unprecedented and globally coordinated fiscal and monetary stimulus is playing a major role in helping to restore private demand and lending. We are taking strong steps toward increasing the stability and strength of our financial systems. Significantly increased resources for international financial institutions are helping stabilise and address the impact of the crisis on the world’s most vulnerable. Ongoing governance and management reforms, which must be completed, will also enhance the effectiveness and relevance of these institutions. We have successfully maintained our strong commitment to resist protectionism.

4. But serious challenges remain. While growth is returning, the recovery is uneven and fragile, unemployment in many countries remains at unacceptable levels, and the social impact of the crisis is still widely felt. Strengthening the recovery is key. To sustain recovery, we need to follow through on delivering existing stimulus plans, while working to create the conditions for robust private demand. At the same time, recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, properly phased and growth-friendly plans to deliver fiscal sustainability, differentiated for and tailored to national circumstances. Those countries with serious fiscal challenges need to accelerate the pace of consolidation. This should be combined with efforts to rebalance global demand to help ensure global growth continues on a sustainable path. Further progress is also required on financial repair and reform to increase the transparency and strengthen the balance sheets of our financial institutions, and support credit availability and rapid growth, including in the real economy. We took new steps to build a better regulated and more resilient financial system that serves the needs of our citizens. There is also a pressing need to complete the reforms of the international financial institutions.

5. Recognizing the importance of achieving strong job growth and providing social protection to our citizens, particularly our most vulnerable, we welcome the recommendations of our Labour and Employment Ministers, who met in April 2010, and the training strategy prepared by the ILO in collaboration with the OECD.

6. We are determined to be accountable for the commitments we have made, and have instructed our Ministers and officials to take all necessary steps to implement them fully within agreed timelines.

Clause 4 would appear to be where the most significant redrafting took place.

Filed under: