The meeting of the Group of Twenty nations in Los Cabos, Mexico, concluded Tuesday with the leaders reinforcing their commitment to work collectively to foster growth, create high quality jobs and address the ongoing financial market tensions.
"We are united in our resolve to promote growth and jobs," the leaders said in a statement published after the meeting concluded on Tuesday. "We will work collectively to strengthen demand and restore confidence with a view to support growth and foster financial stability in order to create high quality jobs and opportunities for all of our citizens."
During the meeting, they also unveiled a coordinated Growth and Jobs Action Plan. The nations agreed that "multilateralism" is the best asset to resolve the global economy's current difficulties.
They vowed to minimize the negative spillovers on other countries of policies implemented for domestic purposes. Furthermore, the G20 nations said their the Finance Ministers and Central Bank Governors will consider ways to promote investment in infrastructure.
The leaders said they expect euro area members of the G20 "to take all necessary policy measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks."
"We look forward to the Euro Area working in partnership with the next Greek government to ensure they remain on the path to reform and sustainability within the Euro Area," the G20 nations said in the statement.
In the statement, G20 said "we are implementing our structural and regulatory reform agenda to enhance medium-term growth prospects and build more resilient financial systems." They conceded to reduce imbalances by strengthening public finances in deficit countries and by strengthening domestic demand and facilitating greater exchange rate flexibility in countries with large current account surpluses.
The leaders' decided to extend the mandate of G20 Task Force on Employment for an additional year, while the meeting endorsed the recommendations of the G20 nations' Labor and Employment Ministers to urgently combat unemployment.
Speaking at the meeting, International Monetary Fund managing Director Christine Lagarde said "the seeds of a pan-European recovery plan were planted" in Los Cabos.
Europe's intention to consider concrete steps towards a more integrated financial architecture is important, Lagarde said. "I look forward to discussing this further when I visit Europe this week to finalize the IMF's annual review of the euro area," she added.
Alongside the G20 summit, IMF secured additional funds from 37 countries to create a $456 billion firewall to fight the impact of the global slowdown. Lagarde said these contributions put the IMF in a much better position to help its 188 member countries restore sounder economic and financial conditions worldwide.
by RTT Staff Writer
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