Plans for the Third G20 Summit: Pittsburgh 2009
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Plans for the Third G20 Summit: Pittsburgh 2009 Jenilee Guebert Research Co-ordinator, G20 Research Group September 14, 2009 List of Acronyms and Abbreviations 2 7. Appendices 83 Preface 3 List of Meetings 83 1. Introduction 3 Leaders 83 2. Agenda and Priorities 4 Ministerials 83 Stimulus and Exit Strategies 8 Working Groups 84 Coordinated Controls 12 G20 Leaders’ Experience 85 Regulation and Supervision 13 Members of G20, Gleneagles Dialogue and Major Bank Supervision 19 Economies Forum 86 Offshore Jurisdictions and Tax Havens 23 G20 Leaders’ Biographies 87 Hedge Funds 33 Statistical Profiles 91 Executive Compensation 35 Argentina 91 Currencies and Exchange Rates 39 Australia 93 Economic Charter and the Lecce Framework 40 Brazil 94 IFI Resources and Development 41 Canada 95 Trade 48 China 96 Climate Change and Energy 54 France 98 Unemployment 57 Germany 99 Developing Countries 58 India 100 IFI Reform 59 Indonesia 101 Iran 61 Italy 103 3. Participants 62 Japan 104 Official List of Participants from the London Mexico 105 Summit, April 1-2, 2009 63 Russia 106 4. Implementation and Preparations 64 Saudi Arabia 108 Implementation 64 South Africa 109 Preparatory Meetings 70 South Korea 110 Preparations 70 Turkey 111 5. Site 74 United Kingdom 113 Next Summit 77 United States 114 6. Civil Society and Other G20 Related Activities 78 European Union 115 G20 Research Group List of Acronyms and Abbreviations AIMA Alternative Investment Management Association ASEAN Association of South East Asian Nations BCBS Basel Committee on Banking Supervision BRIC Brazil, Russia, India, China BVI British Virgin Islands CBI Confederation of British Industry CIMA Cayman Islands Monetary Authority CRA credit rating agency ECB European Central Bank EU European Union FCO Foreign & Commonwealth Office FSB Financial Stability Board FSF Financial Stability Forum G20 Group of Twenty GDP gross domestic product IAIS International Association of Insurance Supervisors IADI International Association of Deposit Insurers IASB International Accounting Standards Board IFAC International Federation of Accountants IFC International Finance Corporation IFIs international financial institutions IFRS International Financial Reporting Standards IIF International of International Finance ILO International Labour Organization IMF International Monetary Fund IMFC International Monetary and Finance Committee IOSCO International Organization of Securities Commissions L20 Leaders’ Twenty LDC least developed country MDB multilateral development bank MDGs Millennium Development Goals NAB new arrangements to borrow NEPAD New Partnership for Africa’s Development OECD Organisation for Economic Co-operation and Development OPEC Organization of the Petroleum Exporting Countries SDRs special drawing rights TIEA tax information exchange agreement UNFCCC United Nations Framework Convention on Climate Change UNGA United Nations General Assembly WTO World Trade Organization G20 Research Group, September 14, 2009 2 Preface This report on the “G20 Summit: Plans for the Third Meeting” is compiled by the G20 Research Group largely from public sources as an aid to researchers and other stakeholders interested in the meetings of G20 leaders and their invited guests. It is updated periodically. Note that this document refers to the G20 leaders’ meeting (or summit), which first took place on November 14-15, 2008, in Washington DC (as opposed to the G20 finance ministers forum, which was founded in 1999, and other groupings such as the G20 developing countries formed in response to the agricultural negotiations at the WTO). Paul Martin, a founder of the G20 finance forum, had long advocated a “Leaders 20” (L20) forum. With the “special” leaders meeting in Washington in November, this L20 came to life. 1. Introduction The Group of Twenty (G20) leaders met for the first time in 2008, first on November 14 for a working dinner and then on November 15 for a working meeting in Washington’s National Building Museum. The official name of the meeting was the “Summit on Financial Markets and the World Economy.” Participants from the G20 systematically significant developing and emerging countries gathered to discuss the global economic and financial crisis affecting the world. The G20’s members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union. Spain and the Netherlands also participated in the first meeting as part of the French delegation, under the auspices of the EU. The second summit took place on April 1-2, 2009. The United Kingdom hosted the meeting in London. Spain and the Netherlands again participated and representatives from ASEAN, the FSF, IMF, NEPAD, the UN, World Bank and WTO were also included. The third G20 meeting will take place in Pittsburgh on September 24-25, 2009, with the United States as host. The G20 finance ministers’ and central bank governors’ group first met in 1999. They met for their tenth annual meeting on November 8-9, 2008, in Sao Paulo, Brazil. They have started meeting more frequently since the leaders from the G20 first met on November 14-15, 2008, including during the leaders’ meeting. They met on April 24, 2009, in Washington DC on the margins of the annual spring meeting of the IMF and World Bank, and will do so again on September 4-5 to prepare for Pittsburgh and for their annual meeting on November 7-8, 2009, hosted by the UK. Under the Gleneagles Dialogue, since 2005 a group of 20 ministers in the fields of environment and energy have met, including in Japan in 2008, to discuss issues associated with climate change. On the margins of the G8 Hokkaido Summit in Japan in July 2008, the 16 Major Economies Meeting (MEM-16) was held at the summit level, following official-level meetings of this forum started by the United States in 2007. President Barack Obama co-chaired the second summit-level meeting of the renamed G20 Research Group, September 14, 2009 3 Major Economies Forum (MEF) as part of the G8 summit in Italy, on July 9, 2009. In both cases, membership largely overlaps that of the G20 finance ministers forum.1 2. Agenda and Priorities UK prime minister Gordon Brown and U.S. president Barack Obama have agreed on the importance of focusing on delivering jobs and economic growth as preparations for the G20 Summit continue. During a prearranged phone call they also agreed the summit should address the needs of developing countries and help support the drive for a climate change deal at Copenhagen.2 (September 10, 2009, Dow Jones International News) On September 8 Obama said: “The Pittsburgh Summit is an important opportunity to continue the hard work that we have done in confronting the global economic crisis, and renewing prosperity for our people. Together, we will review the progress we have made, assess what more needs to be done, and discuss what we can do together to lay the groundwork for balanced and sustainable economic growth. Pittsburgh stands as a bold example of how to create new jobs and industries while transitioning to a 21st century economy. As a city that has transformed itself from the city of steel to a center for high- tech innovation — including green technology, education and training, and research and development — Pittsburgh will provide both a beautiful backdrop and a powerful example for our work. It’s important to note how far we have come in preventing a global economic catastrophe. A year ago, our economy was in a freefall. Some economists were predicting a second Great Depression. Immediate action was required to rescue the economy. In the United States, we passed an historic Recovery Act that quickly put money in the hands of working families, and is putting Americans to work all across the country — including in Pittsburgh and the surrounding area. That includes companies like East Penn Manufacturing, a third-generation family business which is now building batteries for the hybrid, energy efficient vehicles of the 21st century. That includes Serious Materials manufacturing plant outside of Pittsburgh that was shuttered last year, which is now rehiring the workers who lost their jobs and giving them a new mission: producing some of the most energy-efficient windows in the world. And at medical laboratories in Pittsburgh, scientists are making advances in tissue regeneration, which will help people across the globe, including our troops wounded in combat in Iraq and Afghanistan. The steps that we have taken to jumpstart growth have also been coordinated with our partners around the world. Industrial production throughout the G20 has either stabilized or is growing. Global trade is expanding. Stresses in financial markets have significantly abated and our financial institutions are raising needed capital. But all of us must remember that our work is far from complete — not when our people are still looking for work. As the leaders of the world’s largest economies, we have a 1 The G20 Gleneagles Dialogue consists of Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Iran, Japan, Mexico, Nigeria, Poland, Russia, South Africa, Spain, the United Kingdom and the United States. The MEF is composed of Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, South Korea, South Africa, the United Kingdom, the United States and the European Union. 2 Dow Jones International News (September 10, 2009), “Brown, Obama Agree On Jobs, Growth Focus As G20 Approaches.” G20 Research Group, September 14, 2009 4 responsibility to work together on behalf of sustained growth, while putting in place the rules of the road that can prevent this kind of crisis from happening again. To avoid being trapped in the cycle of bubble and bust, we must set a path for sustainable growth while steering clear of the imbalances of the past. That will be a key part of the G20 agenda going forward and the Pittsburgh Summit can be an important milestone in our efforts.