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CANNES SUMMIT FINAL DECLARATION

“BUILDING OUR COMMON FUTURE: RENEWED COLLECTIVE ACTION FOR THE BENEFIT OF ALL”

4 NOVEMBER 2011

1. Since our last meeting, global recovery has weakened, particularly in advanced countries,

leaving unemployment at unacceptable levels. Tensions in the financial markets have 

increased due mostly to sovereign risks in Europe. Signs of vulnerabilities are appearing in 

emerging markets. Increased commodity prices have harmed growth and hit the most 

vulnerable. Exchange rate volatility creates a risk to growth and financial stability. Global 

imbalances persist. Today, we reaffirm our commitment to work together and we have taken 

decisions to reinvigorate economic growth, create jobs, ensure financial stability, promote 

social inclusion and make globalization serve the needs of our people. 

A global strategy for growth and jobs

2. To address the immediate challenges faced by the global economy, we commit to coordinate 

our actions and policies. We have agreed on an Action plan for Growth and Jobs. Each of us 

will play their part. 

Fostering Employment and Social Protection

3. We firmly believe that employment must be at the heart of the actions and policies to restore 

growth and confidence that we undertake under the Framework for strong, sustainable and 

balanced growth. We are committed to renew our efforts to combat unemployment and 

promote decent jobs, especially for youth and others who have been most affected by the 

economic crisis. We therefore decide to set up a G20 Task-Force on Employment, with a 

focus on youth employment, that will provide input to the G20 Labour and Employment 

Ministerial Meeting to be held under the Mexican Presidency in 2012. We have tasked 

International organizations (IMF, OECD, ILO, World Bank) to report to Finance Ministers 

on a global employment outlook and how our economic reform agenda under the G20 

Framework will contribute to job creation.

4. We recognize the importance of investing in nationally determined social protection floors in 

each of our countries, such as access to health care, income security for the elderly and 

persons with disabilities, child benefits and income security for the unemployed and 

assistance for the working poor. They will foster growth resilience, social justice and 

cohesion. In this respect, we note the report of the Social Protection Floor Advisory Group, 

chaired by Ms Michelle Bachelet.

5. We commit to promote and ensure full respect of the fundamental principles and rights at 

work. We welcome and encourage the ILO to continue promoting ratification and 

implementation of the eight ILO Fundamental Conventions. 
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6. We are determined to strengthen the social dimension of globalisation. Social and 

employment issues, alongside economic, monetary and financial issues, will remain an

integral part of the G20 agenda. We call on international organisations to intensify their 

coordination and make it more effective. In view of a greater coherence of multilateral 

action, we encourage the WTO, the ILO, the OECD, the World Bank and the IMF to enhance 

their dialogue and cooperation. 

7. We are convinced of the essential role of social dialogue. In this regard we welcome the B20 

and L20 Meetings that took place under the French presidency and the willingness of these 

fora to work together as witnessed in their joint statement. 

8. Our Labour and Employment Ministers met in Paris on September 26-27, 2011 to tackle 

these issues. We endorse their conclusions, annexed to this Declaration. We ask our 

Ministers to meet again next year to review progress made on this agenda.

Building a more stable and resilient International Monetary System

9. In 2010, the G20 committed to working towards a more stable and resilient IMS and to 

ensure systemic stability in the global economy, improve the global economic adjustment, as 

well as an appropriate transition towards an IMS which better reflects the increased weight of 

emerging market economies. In 2011, we are taking concrete steps to achieve these goals.

Increasing the benefits from financial integration and resilience against volatile capital flows 

to foster growth and development

10. We agreed on coherent conclusions to guide us in the management of capital flows drawing 

on country experiences, in order to reap the benefits from financial globalization, while 

preventing and managing risks that could undermine financial stability and sustainable 

growth at the national and global levels.

11. To pursue these objectives, we adopted an action plan to support the development and 

deepening of local currency bond markets, scaling up technical assistance from different 

international institutions, improving the data base and preparing joint annual progress reports 

to the G20. We call on the World Bank, Regional Development Banks, IMF, UNCTAD, 

OECD, BIS and FSB to work together to support the delivery of this plan and to report back 

by the time of our next meeting about progress made.

Reflecting the changing economic equilibrium and the emergence of new international 

currencies

12. We affirm our commitment to move more rapidly toward more market-determined exchange 

rate systems and enhance exchange rate flexibility to reflect underlying economic 

fundamentals, avoid persistent exchange rate misalignments and refrain from competitive 

devaluation of currencies. We are determined to act on our commitments to exchange rate 

reform articulated in our Action plan for Growth and Jobs to address short term 

vulnerabilities, restore financial stability and strengthen the medium-term foundations for 
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growth. Our actions will help address the challenges created by developments in global 

liquidity and capital flows volatility, thus facilitating further progress on exchange rate 

reforms and reducing excessive accumulation of reserves.

13. We agreed that the SDR basket composition should continue to reflect the role of currencies 

in the global trading and financial system and be adjusted over time to reflect currencies’ 

changing role and characteristics. The SDR composition assessment should be based on 

existing criteria, and we ask the IMF to further clarify them. A broader SDR basket will be 

an important determinant of its attractiveness, and in turn influence its role as a global 

reserve asset. This will serve as a reference for appropriate reforms. We look forward to 

reviewing the composition of the SDR basket in 2015, and earlier if warranted, as currencies 

meet the criteria, and call for further analytical work of the IMF in this regard, including on 

potential evolution. We will continue our work on the role of the SDR.

Strengthening our capacity to cope with crises

14. As a contribution to a more structured approach, we agreed to further strengthen global 

financial safety nets in which national governments, central banks, regional financial 

arrangements and international financial institutions will each play a role according to and 

within their respective mandate. We agreed to continue these efforts to this end. We 

recognize that central banks play a major role in addressing liquidity shocks at a global and 

regional level, as shown by the recent improvements in regional swap lines such as in East 

Asia. We agreed on common principles for cooperation between the IMF and Regional 

Financial Arrangements, which will strengthen crisis prevention and resolution efforts. 

15. As a contribution to this structured approach and building on existing instruments and 

facilities, we support the IMF in putting forward the new Precautionary and Liquidity Line 

(PLL). This would enable the provision, on a case by case basis, of increased and more 

flexible short-term liquidity to countries with strong policies and fundamentals facing 

exogenous, including systemic, shocks. We also support the IMF in putting forward a single 

emergency facility to provide non-concessional financing for emergency needs such as 

natural disasters, emergency situations in fragile and post-conflict states, and also other 

disruptive events. We call on the IMF to expeditiously discuss and finalize both proposals.

16. We welcome the euro area's comprehensive plan and urge rapid elaboration and 

implementation, including of country reforms. We welcome the euro area's determination to 

bring its full resources and entire institutional capacity to bear in restoring confidence and 

financial stability, and in ensuring the proper functioning of money and financial markets. 

We will ensure the IMF continues to have resources to play its systemic role to the benefit of 

its whole membership, building on the substantial resources we have already mobilized since 

London in 2009. We stand ready to ensure additional resources could be mobilised in a 

timely manner and ask our finance ministers by their next meeting to work on deploying a 

range of various options including bilateral contributions to the IMF, SDRs, and voluntary 

contributions to an IMF special structure such as an administered account. We will 

expeditiously implement in full the 2010 quota and governance reform of the IMF.
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Strengthening IMF surveillance

17. We agreed that effective and strengthened IMF surveillance will be crucial to the efficiency 

and stability of the IMS. In this context, a strengthening of multilateral surveillance and a 

better integration with bilateral surveillance will be important, as well as enhanced 

monitoring of interlinkages across sectors, countries and regions. Against this background, 

we welcome the recent improvements to the IMF surveillance toolkit including the 

consolidated multilateral surveillance report and spillover reports and ask the IMF to 

continue to improve upon these exercises and methodology.

18. We call on the IMF to make further progress towards a more integrated, even-handed and 

effective IMF surveillance, taking into account the Independent Evaluation Office report on 

surveillance, covering in particular financial sector, fiscal, monetary, exchange rate policies 

and an enhanced analysis of their impact on external stability. We call on the IMF to 

regularly monitor cross-border capital flows and their transmission channels and update 

capital flow management measures applied by countries. We also call on the IMF to continue 

its work on drivers and metrics of reserve accumulation taking into account country 

circumstances, and, along with the BIS, their work on global liquidity indicators, with a view 

to future incorporation in the IMF surveillance and other monitoring processes, on the basis 

of reliable indicators. We will avoid persistent exchange rate misalignments and we asked the 

IMF to continue to improve its assessment of exchange rates and to publish its assessments 

as appropriate.

19. While continuing with our efforts to strengthen surveillance, we recognize the need for better 

integration of bilateral and multilateral surveillance, and we look forward to IMF proposals 

for a new integrated decision on surveillance early next year. 

20. We agreed on the need to increase the ownership and traction of IMF surveillance, which are 

key components of its effectiveness. We agreed to ensure greater involvement of Ministers 

and Governors, by providing greater strategic guidance through the IMFC. To increase the 

transparency of IMF surveillance, we reaffirm the importance of all IMF members to 

contribute to improve data availability, support the Managing Director’s proposal to publish 

multilateral assessments of external balances, and we recommend timely publication of 

surveillance reports. We welcome the publication of Art. IV reports by most members of the 

G20 and look forward to further progress.

Next steps

21. Building a more stable and resilient IMS is a long-term endeavor. We commit to continue 

working to ensure systemic stability in the global economy and an appropriate transition 

towards an IMS which better reflects the increased weight of emerging market economies. In 

2012, we will continue to take concrete steps in this direction.
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Implementing and deepening Financial sector reforms

22. We are determined to fulfill the commitment we made in Washington in November 2008 to 

ensure that all financial markets, products and participants are regulated or subject to 

oversight as appropriate to their circumstances in an internationally consistent and nondiscriminatory way.

Meeting our commitments notably on banks, OTC derivatives, compensation practices and 

credit rating agencies, and intensifying our monitoring to track deficiencies

23. We are committed to improve banks’ resilience to financial and economic shocks. Building 

on progress made to date, we call on jurisdictions to meet their commitment to implement 

fully and consistently the Basel II risk-based framework as well as the Basel II-5 additional 

requirements on market activities and securitization by end 2011 and the Basel III capital and 

liquidity standards, while respecting observation periods and review clauses, starting in 2013 

and completing full implementation by 1 January 2019. 

24. Reforming the over the counter derivatives markets is crucial to build a more resilient 

financial system. All standardized over-the-counter derivatives contracts should be traded on 

exchanges or electronic trading platforms, where appropriate, and centrally cleared, by the 

end of 2012; OTC derivatives contracts should be reported to trade repositories, and noncentrally cleared contracts should be subject to higher capital requirements. We agree to 

cooperate further to avoid loopholes and overlapping regulations. A coordination group is 

being established by the FSB to address some of these issues, complementing the existing 

OTC derivatives working group. We endorse the FSB progress report on implementation 

and ask the CPSS and IOSCO to work with FSB to carry forward work on identifying data 

that could be provided by and to trade repositories, and to define principles or guidance on 

regulators’ and supervisors’ access to data held by trade repositories. We call on the Basel 

Committee on Banking Supervision (BCBS), the International Organization for Securities 

Commission (IOSCO) together with other relevant organizations to develop for consultation 

standards on margining for non-centrally cleared OTC derivatives by June 2012, and on the 

FSB to continue to report on progress towards meeting our commitments on OTC 

derivatives. 

25. We reaffirm our commitment to discourage compensation practices that lead to excessive 

risk taking by implementing the agreed FSB principles and standards on compensation. 

While good progress has been made, impediments to full implementation remain in some 

jurisdictions. We therefore call on the FSB to undertake an ongoing monitoring and public 

reporting on compensation practices focused on remaining gaps and impediments to full 

implementation of these standards and carry out an on-going bilateral complaint handling 

process to address level playing field concerns of individual firms. Based on the findings of 

this ongoing monitoring, we call on the FSB to consider any additional guidance on the 

definition of material risk takers and the scope and timing of peer review process. 

26. We reaffirm our commitment to reduce authorities’ and financial institutions’ reliance on 

external credit ratings, and call on standard setters, market participants, supervisors and 
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central banks to implement the agreed FSB principles and end practices that rely 

mechanistically on these ratings. We ask the FSB to report to our Finance Ministers and 

Central Bank Governors at their February meeting on progress made in this area by standard 

setters and jurisdictions against these principles.

27. We agree to intensify our monitoring of financial regulatory reforms, report on our progress 

and track our deficiencies. To do so, we endorse the FSB coordination framework for 

implementation monitoring, notably on key areas such as the Basel capital and liquidity 

frameworks, OTC derivatives reforms, compensation practices, G-SIFI policies, resolution 

frameworks, and shadow banking. This work will build on the monitoring activities 

conducted by standard setting bodies to the extent possible. We stress the need to report the 

results of this monitoring to the public including on an annual basis through a traffic lights 

scoreboard prepared by the FSB. We welcome its first publication today and commit to take 

all necessary actions to progress in the areas where deficiencies have been identified. 

Addressing the too big to fail issue 

28. We are determined to make sure that no financial firm is “too big to fail” and that taxpayers 

should not bear the costs of resolution. To this end, we endorse the FSB comprehensive 

policy framework, comprising a new international standard for resolution regimes, more 

intensive and effective supervision, and requirements for cross-border cooperation and 

recovery and resolution planning as well as, from 2016, additional loss absorbency for those 

banks determined as global systemically important financial institutions (G-SIFIs). The FSB 

publishes today an initial list of G-SIFIs, to be updated each year in November. We will 

implement the FSB standards and recommendations within the agreed timelines and commit 

to undertake the necessary legislative changes, step up cooperation amongst authorities and 

strengthen supervisory mandates and powers.

29. We ask the FSB in consultation with the BCBS, to deliver a progress report by the G20 

April Finance meeting on the definition of the modalities to extend expeditiously the G SIFI 

framework to domestic systemically important banks. We also ask the IAIS to continue its 

work on a common framework for the supervision of internationally active insurance groups, 

call on CPSS and IOSCO to continue their work on systemically important market 

infrastructures and the FSB in consultation with IOSCO to prepare methodologies to identify 

systemically important non-bank financial entities by end-2012. 

Filling in the gaps in the regulation and supervision of the financial sector

 

30. Bank-like activities. The shadow banking system can create opportunities for regulatory 

arbitrage and cause the build-up of systemic risk outside the scope of the regulated banking 

sector. To this end, we agree to strengthen the regulation and oversight of the shadow 

banking system and endorse the FSB initial eleven recommendations with a work-plan to 

further develop them in the course of 2012, building on a balanced approach between indirect 

regulation of shadow banking through banks and direct regulation of shadow banking 

activities, including money markets funds, securitization, securities lending and repo 
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activities, and other shadow banking entities. We ask Finance Ministers and Central Bank 

Governors to review the progress made in this area at their April meeting. 

31. Markets. We must ensure that markets serve efficient allocation of investments and savings 

in our economies and do not pose risks to financial stability. To this end, we commit to 

implement initial recommendations by IOSCO on market integrity and efficiency, including 

measures to address the risks posed by high frequency trading and dark liquidity, and call for 

further work by mid-2012. We also call on IOSCO to assess the functioning of credit default 

swap (CDS) markets and the role of those markets in price formation of underlying assets by 

our next Summit. We support the creation of a global legal entity identifier (LEI) which 

uniquely identifies parties to financial transactions. We call on the FSB to take the lead in 

helping coordinate work among the regulatory community to prepare recommendations for 

the appropriate governance framework, representing the public interest, for such a global LEI 

by our next Summit.

32. Commodity markets. We welcome the G20 study group report on commodities and endorse 

IOSCO’s report and its common principles for the regulation and supervision of commodity 

derivatives markets. We need to ensure enhanced market transparency, both on cash and 

financial commodity markets, including OTC, and achieve appropriate regulation and 

supervision of participants in these markets. Market regulators and authorities should be 

granted effective intervention powers to address disorderly markets and prevent market 

abuses. In particular, market regulators should have, and use formal position management 

powers, including the power to set ex-ante position limits, particularly in the delivery month 

where appropriate, among other powers of intervention. We call on IOSCO to report on the 

implementation of its recommendations by the end of 2012. 

33. Consumer protection. We agree that integration of financial consumer protection policies into 

regulatory and supervisory frameworks contributes to strengthening financial stability, 

endorse the FSB report on consumer finance protection and the high level principles on 

financial consumer protection prepared by the OECD together with the FSB. We will pursue 

the full application of these principles in our jurisdictions and ask the FSB and OECD along 

with other relevant bodies, to report on progress on their implementation to the upcoming 

Summits and develop further guidelines if appropriate. 

34. Other regulatory issues. We are developing macro-prudential policy frameworks and tools to 

limit the build-up of risks in the financial sector, building on the ongoing work of the FSBBIS-IMF on this subject. We endorse the joint report by FSB, IMF and World Bank on issues 

of particular interest to emerging market and developing economies and call international 

bodies to take into account emerging market and developing economies’ specific 

considerations and concerns in designing new international financial standards and policies 

where appropriate. We reaffirm our objective to achieve a single set of high quality global 

accounting standards and meet the objectives set at the London summit in April 2009, 

notably as regards the improvement of standards for the valuation of financial instruments. 

We call on the IASB and the FASB to complete their convergence project and look forward 

to a progress report at the Finance Ministers and Central Bank governors meeting in April 
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2012. We look forward to the completion of proposals to reform the IASB governance 

framework.

Tackling tax havens and non-cooperative jurisdictions 

35. We are committed to protect our public finances and the global financial system from the 

risks posed by tax havens and non cooperative jurisdictions. The damage caused is 

particularly important for the least developed countries. Today we reviewed progress made in 

the three following areas:

- In the tax area, the Global Forum has now 105 members. More than 700 information 

exchange agreements have been signed and the Global Forum is leading an extensive 

peer review process of the legal framework (phase 1) and implementation of standards 

(phase 2). We ask the Global Forum to complete the first round of phase 1 reviews and 

substantially advance the phase 2 reviews by the end of next year. We will review 

progress at our next Summit. Many of the 59 jurisdictions which have been reviewed by 

the Global Forum are fully or largely compliant or are making progress through the 

implementation of the 379 relevant recommendations. We urge all the jurisdictions to 

take the necessary action to tackle the deficiencies identified in the course of their 

reviews, in particular the 11 jurisdictions whose framework does not allow them at this 

stage to qualify to phase 2. We underline in particular the importance of comprehensive 

tax information exchange and encourage competent authorities to continue their work in 

the Global Forum to assess and better define the means to improve it. We welcome the 

commitment made by all of us to sign the Multilateral Convention on Mutual 

Administrative Assistance in Tax Matters and strongly encourage other jurisdictions to 

join this Convention. In this context, we will consider exchanging information 

automatically on a voluntary basis as appropriate and as provided for in the convention;

- In the prudential area, the FSB has led a process and published a statement to evaluate 

adherence to internationally agreed information exchange and cooperation standards. Out 

of 61 jurisdictions selected for their importance on several economic and financial 

indicators, we note with satisfaction that 41 jurisdictions have already demonstrated 

sufficiently strong adherence to these standards and that 18 others are committing to join 

them. We urge the identified non-cooperative jurisdictions to take the actions requested 

by the FSB;

- In the anti-money laundering and combating the financing of terrorism area, the FATF 

has recently published an updated list of jurisdictions with strategic deficiencies. We 

urge all jurisdictions and in particular those identified as not complying or making 

sufficient progress to strengthen their AML/CFT systems in cooperation with the FATF.

36. We urge all jurisdictions to adhere to the international standards in the tax, prudential and 

AML/CFT areas. We stand ready, if needed, to use our existing countermeasures to deal with 

jurisdictions which fail to meet these standards. The FATF, the Global Forum and other 

international organizations should work closely together to enhance transparency and 

facilitate cooperation between tax and law enforcement agencies in the implementation of 
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these standards. We also call on FATF and OECD to do further work to prevent misuse of 

corporate vehicles. 

Strengthening the FSB capacity resources and governance 

37. The FSB has played a key role in promoting development and implementation of regulation 

of the financial sector. 

38. To keep pace with this growing role, we agreed to strengthen FSB’s capacity, resources and 

governance, building on its Chair’s proposals. These include:

- the establishment of the FSB on an enduring organizational footing: we have given the 

FSB a strong political mandate and need to give it a corresponding institutional standing, 

with legal personality and greater financial autonomy, while preserving the existing and 

well-functioning strong links with the BIS;

- the reconstitution of the steering committee: as we move into a phase of policy 

development and implementation that in many cases will require significant legislative 

changes, we agree that the upcoming changes to the FSB steering committee should 

include the executive branch of governments of the G20 Chair and the larger financial 

systems as well as the geographic regions and financial centers not currently represented, 

in a balanced manner consistent with the FSB Charter;

- the strengthening of its coordination role vis-à-vis other standard setting bodies (SSB) on 

policy development and implementation monitoring, avoiding any functional overlaps 

and recognizing the independence of the SSBs. 

39. We call for first steps to be implemented by the end of this year and will review the 

implementation of the reform at our next Summit. 

Addressing Food Price Volatility and Increasing Agriculture Production and 

Productivity

40. Increasing agricultural production and productivity is essential to promote food security and 

foster sustainable economic growth. A more stable, predictable, distortion free, open and 

transparent trading system allows more investment in agriculture and has a critical role to 

play in this regard. Mitigating excessive food and agricultural commodity price volatility is 

also an important endeavour. These are necessary conditions for stable access to sufficient, 

safe and nutritious food for everyone. We agreed to mobilize the G20 capacities to address 

these key challenges, in close cooperation with all relevant international organisations and in 

consultation with producers, civil society and the private sector.

41. Our Agriculture Ministers met for the first time in Paris on 22-23 June 2011 and adopted the 

Action Plan on Food Price Volatility and Agriculture. We welcome this Action Plan, 

annexed to this Declaration.
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42. We have decided to act on the five objectives of this Action Plan: (i) improving agricultural 

production and productivity, (ii) increasing market information and transparency, (iii) 

reducing the effects of price volatility for the most vulnerable, (iv) strengthening 

international policy coordination and (v) improving the functioning of agricultural 

commodity derivatives’ markets.

43. We commit to sustainably increase agricultural production and productivity. To feed a world 

population expected to reach more than 9 billion people by 2050, it is estimated that 

agricultural production will have to increase by 70% over the same period. We agree to 

further invest in agriculture, in particular in the poorest countries, and bearing in mind the 

importance of smallholders, through responsible public and private investment. In this 

regard, we decide to:

- Urge multilateral development banks to finalise their joint action plan on water, food and 

agriculture and provide an update on its implementation by our next Summit;

- Invest in research and development of agricultural productivity. As a first step, we 

support the “International Research Initiative for Wheat Improvement” (Wheat 

Initiative), launched in Paris on September 15, 2011 and we welcome the G20 Seminar 

on Agricultural Productivity held in Brussels on 13 October 2011 and the first G20 

Conference on Agricultural Research for Development, held in Montpellier on 12-13 

September 2011, designed to foster innovation-sharing with and among developing 

countries.

44. We commit to improve market information and transparency in order to make international 

markets for agricultural commodities more effective. To that end, we launched:

- The “Agricultural Market Information System” (AMIS) in Rome on September 15, 2011, 

to improve information on markets. It will enhance the quality, reliability, accuracy, 

timeliness and comparability of food market outlook information. As a first step, AMIS 

will focus its work on four major crops: wheat, maize, rice and soybeans. AMIS involves 

G20 countries and, at this stage, Egypt, Vietnam, Thailand, the Philippines, Nigeria, 

Ukraine and Kazakhstan. It will be managed by a secretariat located in FAO;

- The “Global Agricultural Geo-monitoring Initiative” in Geneva on September 22-23, 

2011. This initiative will coordinate satellite monitoring observation systems in different 

regions of the world in order to enhance crop production projections and weather 

forecasting data. 

45. We recognize that appropriately regulated and transparent agricultural financial markets are a 

key for well-functioning physical markets and risk management. We welcome IOSCO 

recommendations on commodity derivatives endorsed by our Finance Ministers.

46. We commit to mitigate the adverse effects of excessive price volatility for the most 

vulnerable through the development of appropriate risk-management instruments. These 

actions are detailed in the development section of this final Declaration.
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47. According to the Action Plan, we agree to remove food export restrictions or extraordinary 

taxes for food purchased for non-commercial humanitarian purposes by the World Food 

Program and agree not to impose them in the future. In this regard, we encourage the 

adoption of a declaration by the WTO for the Ministerial Conference in December 2011.

48. We have launched a “Rapid Response Forum” in Rome on September 16, 2011 to improve 

the international community’s capacity to coordinate policies and develop common responses 

in time of market crises.

49. We welcome the production of a report by the international organizations on how water 

scarcity and related issues could be addressed in the appropriate fora.

50. We commend the joint work undertaken by FAO, OECD, The World Bank Group, IFAD, 

UNCTAD, WFP, WTO, IMF, IFPRI and the UN HLTF to support our agenda and we 

request that they continue working closely together. 

51. We will keep progress on the implementation of the Action Plan on Food Price Volatility and 

Agriculture. 

Improving the functioning of Energy Markets

52. We stress the importance of well-functioning and transparent physical and financial energy 

markets, reduced excessive price volatility, improved energy efficiency and better access to 

clean technologies, to achieve strong growth that is both sustainable and inclusive. We are 

committed to promote sustainable development and green growth and to continue our efforts 

to face the challenge of climate change.

53. We commit to more transparent physical and financial energy markets. Commodity 

derivatives are being addressed as part of our financial regulation reform agenda. We have 

made progress and reaffirm our commitment to improve the timeliness, completeness and 

reliability of the JODI-Oil database as soon as possible. We also commit to support the IEF –

JODI work in order to improve the reliability of JODI-Oil and look forward to receiving their 

recommendations. We will regularly review and assess progress made on this front. 

54. We welcome the IEF Charter’s commitment to improve dialogue between oil producer and 

consumer countries, as well as the holding on January 24, 2011 of the Riyadh Symposium on 

short, medium and long term outlook and forecasts for oil markets. We call for those 

meetings to be held on an annual basis and for the IEF, the IEA and OPEC to release a joint 

communiqué and a report highlighting their outcomes. 

55. We note the new JODI-Gas database and commit to work on contributing to it on the basis of 

the same principles as the JODI-Oil database. We also call for annual symposiums and 

communiqués on short, medium and long term outlook and forecasts for gas and coal. We 

call for further work on gas and coal market transparency and ask the IEA, IEF and OPEC, to 

provide recommendations in this field by mid-2012. 
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56. Recognizing the role of Price Reporting Agencies for the proper functioning of oil markets, 

we ask IOSCO, in collaboration with the IEF, the IEA and OPEC, to prepare 

recommendations to improve their functioning and oversight to our Finance Ministers by 

mid-2012.

57. We reaffirm our commitment to rationalise and phase-out over the medium term inefficient 

fossil fuel subsidies that encourage wasteful consumption, while providing targeted support 

for the poorest. We welcome the country progress reports on implementing strategies for 

rationalizing and phasing out inefficient fossil fuel subsidies, as well as the joint report from 

the IEA, OPEC, OECD and the World Bank on fossil fuels and other energy support 

measures. We ask our Finance Ministers and other relevant officials to press ahead with 

reforms and report back next year.

Protecting Marine Environment

58. We decide to take further action to protect the marine environment, in particular to prevent 

accidents related to offshore oil and gas exploration and development, as well as marine 

transportation, and to deal with their consequences. We welcome the establishment of a 

mechanism to share best practices and information on legal frameworks, experiences in 

preventing and managing accidents and disasters relating to offshore oil and gas drilling, 

production and maritime transportation. We ask the Global Marine Environment Protection 

working group, in cooperation with the OECD, the International Regulators Forum and 

OPEC, to report next year on progress made and to establish this mechanism in order to 

disseminate these best practices by mid-2012, at which point it will be reviewed. We also 

commit to foster dialogue with international organisations and relevant stakeholders.

Fostering Clean energy, Green Growth and Sustainable Development

59. We will promote low-carbon development strategies in order to optimize the potential for 

green growth and ensure sustainable development in our countries and beyond. We commit 

to encouraging effective policies that overcome barriers to efficiency, or otherwise spur 

innovation and deployment of clean and efficient energy technologies. We welcome the UN 

Secretary General’s “Sustainable Energy for All” initiative. We support the development and 

deployment of clean energy and energy efficiency (C3E) technologies. We welcome the 

assessment of the countries’ current situation regarding the deployment of these technologies 

as well as the on-going exercise of sharing best practices, as a basis for better policy making.

60. We are committed to the success of the United Nations Conference on Sustainable 

Development in Rio de Janeiro in 2012. “Rio + 20” will be an opportunity to mobilize the 

political will needed to reinsert sustainable development at the heart of the international 

agenda, as a long term solution to growth, job creation, poverty reduction and environment 

protection. A green and inclusive growth will create a broad spectrum of opportunities in 

new industries and in areas such as environmental services, renewable energy and new ways 

to provide basic services to the poor.
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Pursuing the Fight against Climate Change

61. We are committed to the success of the upcoming Durban Conference on Climate Change on 

28 November - 9 December 2011. We support South Africa as the incoming President of the 

Conference. We call for the implementation of the Cancun agreements and further progress 

in all areas of negotiation in Durban.

62. We stand ready to work towards operationalization of the Green Climate Fund as part of a 

balanced outcome in Durban, building upon the report of the Transitional Committee. 

63. Financing the fight against climate change is one of our main priorities. In Copenhagen, 

developed countries have committed to the goal of mobilizing jointly USD 100 billion per 

year from all sources by 2020 to assist developing countries to mitigate and adapt to the 

impact of climate change, in the context of meaningful mitigation actions and transparency. 

We discussed the World Bank – IMF – OECD – regional development banks report on 

climate finance and call for continued work taking into account the objectives, provisions and 

principles of the UNFCCC by international financial institutions and the relevant UN 

organizations. We ask our Finance Ministers to report to us at our next Summit on progress 

made on climate finance.

64. We reaffirm that climate finance will come from a wide variety of sources, public and 

private, bilateral and multilateral, including innovative sources of finance. We recognize the 

role of public finance and public policy in supporting climate-related investments in 

developing countries. We underline the role of the private sector in supporting climaterelated investments globally, particularly through various market-based mechanisms and also 

call on the MDBs to develop new and innovative financial instruments to increase their 

leveraging effect on private flows.

Avoiding protectionism and reinforcing the Multilateral Trading System

65. At this critical time for the global economy, it is important to underscore the merits of the 

multilateral trading system as a way to avoid protectionism and not turn inward. We reaffirm 

our standstill commitments until the end of 2013, as agreed in Toronto, commit to roll back 

any new protectionist measure that may have risen, including new export restrictions and 

WTO-inconsistent measures to stimulate exports and ask the WTO, OECD and UNCTAD to 

continue monitoring the situation and to report publicly on a semi-annual basis. 

66. We stand by the Doha Development Agenda (DDA) mandate. However, it is clear that we 

will not complete the DDA if we continue to conduct negotiations as we have in the past. We 

recognize the progress achieved so far. To contribute to confidence, we need to pursue in 

2012 fresh, credible approaches to furthering negotiations, including the issues of concern for 

Least Developed Countries and, where they can bear fruit, the remaining elements of the 

DDA mandate. We direct our Ministers to work on such approaches at the upcoming 

Ministerial meeting in Geneva and also to engage into discussions on challenges and 

opportunities to the multilateral trading system in a globalised economy and to report back by 

the Mexico Summit.
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67. Furthermore, as a contribution to a more effective, rules-based trading system, we support a 

strengthening of the WTO, which should play a more active role in improving transparency 

on trade relations and policies and enhancing the functioning of the dispute settlement 

mechanism.

68. We look forward to welcoming Russia as a WTO member by the end of the year. 

Development: Investing for Global Growth

69. As part of our overall objective for growth and jobs, we commit to maximise growth 

potential and economic resilience in developing countries, in particular in Low-Income 

Countries (LICs). Development is a key element of our agenda for global recovery and 

investment for future growth. It is also critical to creating the jobs needed to improve 

people’s living standards worldwide. Recognizing that development is a concern and duty to 

all G20 countries, our Ministers met for the first time on Development in Washington on 

September 23, 2011. 

70. We support the report of the Development Working Group, annexed to this Declaration, 

implementing the G20’s Seoul Development Consensus for Shared Growth, and call for 

prompt implementation of our Multi-Year Action Plan.

71. We take actions to overcome the most critical bottlenecks and constraints hampering growth 

in developing countries. In this regard, we decided to focus on two priorities, food security 

and infrastructure, and to address the issue of financing for development.

72. The humanitarian crisis in the Horn of Africa underscores the urgent need to strengthen 

emergency and long-term responses to food insecurity. In accordance with our Multi-Year 

“Action Plan on Food Price Volatility and Agriculture”, we:

- welcome the initiative of the Economic Community of Western African States 

(ECOWAS) to set up a targeted regional emergency humanitarian food reserve system, as 

a pilot project, and the “ASEAN+3” emergency rice reserve initiative;

- Urge multilateral development banks to finalise their joint action plan on water, food and 

agriculture and provide an update on its implementation by our next Summit;

- Support, for those involved, the implementation of the L’Aquila Food Security Initiative 

and other initiatives, including the Global Agriculture and Food Security Program;

- Launch a platform for tropical agriculture to enhance capacity-building and knowledge 

sharing to improve agricultural production and productivity;

- Foster smallholder sensitive investments in agriculture and explore opportunities for 

market inclusion and empowerment of small producers in value chains;
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- Support risk-management instruments, such as commodity hedging instruments, weather 

index insurances and contingent financing tools, to protect the most vulnerable against 

excessive price volatility, including the expansion of the Agricultural Price RiskManagement Product developed by the World Bank Group (IFC). We ask international 

organisations to work together to provide expertise and advice to low-income countries 

on risk-management and we welcome the NEPAD initiative to integrate risk management 

in agricultural policies in Africa;

- Encourage all countries to support the Principles of Responsible Agricultural Investment 

(PRAI) to ensure sustained investment in agriculture;

- Confirm our commitment to scaling-up nutrition through a combination of direct 

nutrition interventions and the incorporation of nutrition in all relevant policies.

73. Investing in infrastructure in developing countries, especially in LICs and, whilst not 

exclusively, with a special emphasis on sub-Saharan Africa, will unlock new sources of 

growth, contribute to the achievement of the Millennium Development Goals and sustainable 

development. We support efforts to improve capacities and facilitate the mobilization of 

resources for infrastructure projects initiated by public and private sectors.

74. We commissioned a High Level Panel (HLP), chaired by Mr Tidjane Thiam, to identify 

measures to scale-up and diversify sources of financing for infrastructure and we requested 

the MDBs to develop a joint action plan to address bottlenecks. We welcome both the HLP’s 

report and the MDB Action Plan. In this regard, we support the following recommendations

to :

- Support the development of local capacities to improve supply and quality of projects and 

make them bankable and enhance knowledge sharing on skills for employment in low 

income countries. In this regard, we welcome the High Level Panel fellowship program 

and MDB’s efforts to develop and strengthen regional public-private partnerships 

practitioner’s networks;

- Increase quality of information available to investors, through the establishment of online 

regional marketplace platforms to better link project sponsors and financiers, such as the 

“Sokoni Africa Infrastructure Marketplace”, and the extension of the Africa 

Infrastructure Country Diagnosis, which aim at benchmarking infrastructure data;

- Prioritize project preparation financing, encouraging the MDBs to dedicate a greater 

share of their funds to preparation facilities that can operate on a revolving basis and call 

on MDBs to improve effectiveness of the existing preparation facilities;

- Contribute to building an enabling environment for private and public infrastructure 

financing, especially for regional projects. We support increased transparency in the 

construction sector, the review of the Debt Sustainability Framework taking into account 

the investment-growth nexus. We call on MDBs to harmonize their procurement rules 
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and practices and we support move towards mutual recognition of procedures and 

eligibility rules;

- Improve access to funding, notably through the strengthening of local intermediaries and 

financial markets, more effective use of MDBs capital, including through use of credit 

enhancement and guarantee instruments. 

75. We commissioned the HLP to establish criteria to identify exemplary investment projects in 

cooperation with multilateral development banks. We highlight the 11 projects mentioned in 

the HLP report annexed to this Declaration, which have the potential to have a 

transformational regional impact by leading to increased integration and access to global 

markets, with due consideration to environmental sustainability. We call on the MDBs, 

working with countries involved and in accordance with regional priorities (in particular the 

Program for Infrastructure Development in Africa), to pursue the implementation of such 

projects that meet the HLP criteria and to prioritize project preparation financing, notably the 

NEPAD Infrastructure Projects Preparation Facility. 

76. We stress the importance of following-up on these concrete actions and invite MDBs to 

provide regular updates on the progress achieved.

77. Recognizing that economic shocks affect disproportionately the most vulnerable, we commit 

to ensure a more inclusive and resilient growth. We therefore decide to support the 

implementation and expansion of nationally-designed social protection floors in developing 

countries, especially low income countries. We will work to reduce the average cost of 

transferring remittances from 10% to 5% by 2014, contributing to release an additional 15 

billion USD per year for recipient families.

78. Recognizing that 2.5 billion people and millions of Small and Medium Enterprises (SMEs) 

throughout the world lack access to formal financial services, and the crucial importance for 

developing countries to overcome this challenge, we launched in Seoul an ambitious Global 

Partnership for Financial Inclusion (GPFI). We commend the ongoing work by the GPFI to 

foster the development of SME finance and to include financial inclusion principles in 

international financial standards. We endorse the five recommendations put forward in its 

report, annexed to this Declaration, and commit to pursue our efforts under the Mexican 

Presidency. 

79. We welcome the presentation of the report by Mr Bill Gates on financing for development. 

We recognize the importance of the involvement of all actors, both public and private, and 

the mobilisation of domestic, external and innovative sources of finance.

80. Consistent with the Multi-Year Action Plan agreed in Seoul, we strongly support developing 

countries’ mobilization of domestic resources and their effective management as the main 

driver for development. This includes technical assistance and capacity building for 

designing and efficient managing of tax administrations and revenue systems and greater 

transparency, particularly in mineral and natural resource investment. We urge multinational 

enterprises to improve transparency and full compliance with applicable tax laws. We 
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welcome initiatives to assist developing countries, on a demand-led basis, in the drafting and 

implementation of their transfer pricing legislation. We encourage all countries to join the 

Global Forum on Transparency and exchange of information in tax purposes.

81. We stress the pivotal role of ODA. Aid commitments made by developed countries should be 

met. Emerging G20 countries will engage or continue to extend their level of support to other 

developing countries. We welcome the emphasis on ensuring that poor countries benefit 

rapidly from innovation and technological advances, and agree to encourage triangular 

partnerships to drive priority innovations forward. We commit to raise the quality and 

efficiency of aid by concentrating on the highest impact interventions and increase the focus 

on concrete results and overall impact on development.

82. We agree that, over time, new sources of funding need to be found to address development 

needs. We discussed a set of options for innovative financing highlighted by Mr Bill Gates, 

such as Advance Market Commitments, Diaspora Bonds, taxation regime for bunker fuels, 

tobacco taxes, and a range of different financial taxes. Some of us have implemented or are 

prepared to explore some of these options. We acknowledge the initiatives in some of our 

countries to tax the financial sector for various purposes, including a financial transaction 

tax, inter alia to support development.

83. We welcome the upcoming 4th High-Level Forum on aid effectiveness to be held in Busan, 

Korea (29 November-1st December 2011). The Forum will be an opportunity to establish a 

more inclusive partnership to address development effectiveness.

84. We look forward to a successful replenishment of the Asian Development Fund and of the 

International Fund for Agriculture Development.

Intensifying our Fight against Corruption

85. Corruption is a major impediment to economic growth and development. We have made 

significant progress to implement the G20 Anti-Corruption Action Plan. We endorse our 

experts’ report, annexed to this Declaration, which outlines the major steps taken both by 

individual countries and the G20 collectively, and sets out further actions required to ensure 

that G20 countries continue to make positive progress against the Action Plan. 

86. In this context:

- We welcome the ratification by India of the United Nations Convention against 

Corruption (UNCAC). We also welcome the decision made by Russia to join the OECD 

Convention on Combating Bribery of Foreign Public Officials in International Business 

Transactions. We commit to accelerate the ratification and implementation of UNCAC 

and to have a more active engagement within the OECD Working Group on Bribery on a 

voluntary basis. We further commend the member countries which are taking steps in the 

spirit of the Action Plan;
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- We commend the first reviews on the implementation of UNCAC. We commit to lead by 

example in ensuring the transparency and inclusivity of UNCAC reviews by considering 

the voluntary options in accordance with the Terms of Reference of the Mechanism, 

notably with regards to the participation of civil society and transparency;

- We support the work of the Financial Action Task Force (FATF) to continue to identify 

and engage those jurisdictions with strategic Anti-Money Laundering/Counter-Financing 

of Terrorism (AML/CFT) deficiencies and update and implement the FATF standards 

calling for transparency of cross-border wires, beneficial ownership, customer due 

diligence and enhanced due diligence;

- We agree on a work program which includes a framework for asset recovery, building on 

the World Bank’s Stolen Asset Recovery (StAR) Initiative, whistle-blowers’ protection, 

denial of entry to corrupt officials and public sector transparency, including fair and 

transparent public procurement, with concrete results by the end of 2012.

87. We welcome initiatives aimed at increasing transparency in the relationship between private 

sector and government, including voluntary participation in the Extractive Industries 

Transparency Initiative (EITI). We also acknowledge the steps taken by some of us to 

request companies in the extractive industry to publish what they pay in countries of 

operation and to support the Construction Sector Transparency Initiative (CoST). 

88. We commend the enhanced engagement of the private sector to fight against corruption. We 

welcome the commitments by the B20 to build on our Action Plan and urge them to take 

concrete action. 

89. We hold ourselves accountable for our commitments and will review progress at our next 

Summit.

Governance

90. We welcome the report of UK Prime Minister David Cameron on global governance.

91. As our premier Forum for international economic cooperation, the G20 is unique in bringing 

together the major economies, advanced and emerging alike, to coordinate their policies and 

generate the political agreement necessary to tackle the challenges of global economic 

interdependence. It is a Leader-led and informal group and it should remain so. The G20 is 

part of the overall framework of international governance. 

92. We agree that, in order to strengthen its ability to build and sustain the political consensus 

needed to respond to challenges, the G20 must remain efficient, transparent and accountable. 

To achieve this, we decide to:

- Maintain our focus on the broad global economic challenges;
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- Bolster our ability to deliver our agenda and work program effectively. We decide to 

formalise the Troika, made of past, present and future Presidencies to steer the work of 

the G20 in consultation with its members. We ask our Sherpas to develop working 

practices for the G20 under the Mexican Presidency;

- Pursue consistent and effective engagement with non-members, regional and 

international organisations, including the United Nations, and other actors, and we 

welcome their contribution to our work as appropriate. We also encourage engagement 

with civil society. We request our Sherpas to make us proposals for the next meeting. 

93. We reaffirm that the G20’s founding spirit of bringing together the major economies on an 

equal footing to catalyse action is fundamental and therefore agree to put our collective 

political will behind our economic and financial agenda, and the reform and more effective 

working of relevant international institutions.

94. On December 1st. 2011, Mexico will start chairing the G20. We will convene in Los Cabos, 

Baja California, in June 2012, under the Chairmanship of Mexico. Russia will chair the G20 

in 2013, Australia in 2014 and Turkey in 2015. We have also agreed, as part of our reforms 

to the G20, that after 2015, annual presidencies of the G20 will be chosen from rotating 

regional groups, starting with the Asian grouping comprising of China, Indonesia, Japan and 

Korea. Details of the regional groups are attached.

95. We thank France for its G20 Presidency and for hosting the successful Cannes Summit.