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Plans for the Fourth G20 Summit: Co-Chaired by Canada and Korea in Toronto, June 26-27, 2010 Jenilee Guebert Director of Research, G20 Research Group June 9, 2010

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Plans for the Fourth G20 Summit: Co-Chaired by Canada and Korea in Toronto, June 26-27, 2010 Jenilee Guebert Director of Research, G20 Research Group June 9, 2010 Plans for the Fourth G20 Summit: Co-chaired by Canada and Korea in Toronto, June 26-27, 2010 Jenilee Guebert Director of Research, G20 Research Group June 9, 2010 List of Acronyms and Abbreviations 2 7. Appendices 91 Preface 3 List of Meetings 91 1. Background 3 Leaders 91 2. Agenda and Priorities 4 Ministerials 91 Global Imbalances 12 Sherpas 92 Economic Growth 13 Deputies 93 Stimulus and Exit Strategies 16 Workshops 93 Regulation and Supervision 21 Other 93 Debts 31 G20 Leaders’ Experience 93 Accounting 34 List of G20 Finance Ministers and Central Bank Offshore Jurisdictions and Tax Havens 36 Governors, 1999-2009 94 Executive Compensation 42 Members of G20, Gleneagles Dialogue and Major Levies on Banks 45 Economies Forum 98 Currencies and Exchange Rates 51 G20 Leaders’ Biographies 98 Hedge Funds 58 Outreach Participants 103 Reform of the International Financial Institutions 60 Statistical Profiles 104 Trade 61 Argentina 104 Climate Change 64 Australia 105 Energy 66 Brazil 107 Employment 66 Canada 108 Development 66 China 110 3. Participants 67 France 111 4. Implementation and Preparations 70 Germany 112 Implementation 70 India 114 Preparatory Meetings 73 Indonesia 115 Preparations 74 Italy 116 Other Meetings 81 Japan 118 5. Site 82 Mexico 119 Next Summit 84 Republic of Korea 121 6. Civil Society and Other G20 Related Activities 89 Russia 122 Saudi Arabia 124 South Africa 125 Turkey 127 United Kingdom 128 United States 129 European Union 131 Key sources 133 List of Acronyms and Abbreviations AIMA Alternative Investment Management Association APEC Asian Pacific Economic Cooperation ASEAN Association of South East Asian Nations BCBS Basel Committee on Banking Supervision BIS Bank for International Settlements BRIC Brazil, Russia, India and China CDS credit default swap DPRK Democratic People’s Republic of Korea DTA double taxation agreement ECB European Central Bank FSB Financial Stability Board FSF Financial Stability Forum GDP gross domestic product IADB Inter-American Development Bank IASB International Accounting Standards Board IDA International Development Association IEA International Energy Agency IFIs international financial institutions IFRS International Financial Reporting Standard IMFC International Monetary and Finance Committee IMF International Monetary Fund MEF Major Economies Forum MEM Major Economies Meeting NEPAD New Partnership for Africa’s Development OECD Organisation for Economic Co-operation and Development OPEC Organization of Petroleum Exporting Countries UNFCCC United Nations Framework Convention on Climate Change WTO World Trade Organization Fourth G20 Summit Plans as of June 9/10 2 Preface This report on the “Plans for the Fourth G20 Summit” 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 had its first gathering 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 World Trade Organization). 1. Background The Group of Twenty (G20) leaders met for the first time in 2008, initially 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, Republic of Korea, Russia, Saudi Arabia, South Africa, 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 Financial Stability Forum, the International Monetary Fund, NEPAD, the United Nations, the World Bank and the WTO were also included. The third G20 meeting took place in Pittsburgh on September 24-25, 2009, with the United States as host. The fourth G20 summit (and the first institutionalized one) will take place in Toronto, Ontario, Canada, on June 26-27, 2010. It will be co-hosted by Canada and the Republic of Korea. The fifth summit is scheduled to take place in Korea in November 2010. In 2011, France will take over as chair. 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 G20 leaders first met in Washington, including during the leaders’ meetings. They met on April 24, 2009, in Washington on the margins of the annual spring meeting of the IMF and World Bank, on September 4-5 to prepare for the Pittsburgh Summit and again for their annual meeting on November 6- 7, 2009, in St. Andrews, Scotland, which was be hosted by the UK (which held the chair of the G20 for 2009). Under the Gleneagles Dialogue, since 2005 a group of 20 ministers in the fields of Fourth G20 Summit Plans as of June 9/10 3 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 Major Economies Forum (MEF) as part of the G8 L’Aquila Summit in Italy on July 9, 2009. In both cases, membership largely overlaps that of the G20. 2. Agenda and Priorities At the G20 meeting in Korea on June 4-5, the finance ministers agreed that the economic recovery has been faster than anticipated, “although at an uneven pace across countries and regions.” They agreed that the Framework for Strong, Sustainable and Balanced Growth is a key mechanism and they will submit a basket of alternative policy options that have been recommended to their leaders to consider at the June summit. The ministers “committed to reach agreement expeditiously on stronger capital and liquidity standards as the core of [their] reform agenda.” The leaders will receive reports and recommendations from the FSB and IMF to deliberate on when they meet in Toronto in June. The finance ministers “welcomed the agreements for substantial capital increases and institutional reforms at the World Bank, Inter American Development Bank, European Bank for Reconstruction and Development, and African Development Bank.” They called for an “acceleration of the substantial work still needed for the IMF to complete the quote reform by the Seoul Summit” and they committed to ensuring that the IMF has the resources necessary to adequately operate. The ministers also highlighted the “tangible deliverables on financial inclusion” that would come at the Toronto Summit, “including the launch of the SME Financial Challenge.” References were made to development initiatives, including the Global Agriculture and Food Security Program and cancelling Haiti’s International Financial Institutions debt. The members also welcomed the strategies and timetables that were provided on phasing out fossil fuel subsidies.1 (June 5, 2010, Communiqué) Canadian finance minister Jim Flaherty said he expects the G20 to make progress on financial-sector reform at their meeting next month but doesn’t see a final agreement until the end of the year. “I would not expect to have any sort of final package coming out of the Toronto summit since that hasn’t been the direction of the leaders and more work needs to be done in any event. But I think we can make progress,” Flaherty said. The G20 is studying various alternatives, including the embedded contingent-capital plan proposed by Canada to pay for any future bank bail-outs. Flaherty said the idea “is increasingly being welcomed as a useful proposal for discussion.” Flaherty said Brazil and Mexico are opposed to a bank tax, and that he hopes to speak with his Argentinian counterpart on the issue. He reiterated that there is no consensus for a bank tax among the G20. “We will not see consensus on an idea like that because there is not unanimity of opinion on that.” Flaherty said the “big picture” on financial-sector reform is the quantity 1 Communiqué (June 5, 2010), < http://www.g20.org/Documents/201006_Communique_Busan.pdf> Fourth G20 Summit Plans as of June 9/10 4 and quality of capital and caps on leverage, and the G20 has to keep “our eye on the ball.”2 (May 27, 2010, Dow Jones News Service) With the global economic recovery still at risk, the G20 need to tackle sovereign debt and financial reforms when they gather for the Toronto summit, Canadian prime minister Stephen Harper said at the end of May. “With the fragile global economic recovery hanging in the balance, it is crucial that we build consensus at the summit on reform of the financial sector, control of sovereign debt, and the framework for strong, sustainable and balanced economic growth over the long term,” Harper said. The G20 agenda will be dominated by financial regulatory reform, the euro zone’s debt troubles and a co- ordinated approach for global growth, aimed at preventing the imbalances that contributed to the crisis.3 (May 27, 2010, Reuters News) German chancellor Angela Merkel has urged the G20 to concertedly toughen regulations and quicken financial reform, meeting both with applause and resistance among world economic powers, particularly on issues of introducing an anti-speculative global financial tax.
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