Key agreements at the Group of 20 summit

ECONOMIC GROWTH: Support economic activity until recovery is assured. Finance ministers will develop coordinated exit strategies from stimulus efforts at appropriate time.

NEW ROLE FOR G-20: G-20 will replace the G-8 as the main forum for coordinating global economic policy. The G-20 includes rapidly industrialising nations such as China, India and Brazil that are not part of the wealthier G-8.MORE REGULATION: Improve the regulation, functioning and transparency of financial and commodity markets ‘to address excessive commodity price volatility.’ Financial institutions ‘must be subject to consistent, consolidated supervision and regulation with high standards.’BONUS PAYMENTS: Tie bank executives’ pay more closely to long-term performance of their investment decisions. Discourage guaranteed multiyear bonuses, which encourage risky investments.TAX HAVENS: Maintain momentum ‘in dealing with tax havens, money laundering, proceeds of corruption, terrorist financing, and prudential standards.’ Improve tax transparency and exchange of information among governments.TRADE: Oppose protectionism. Swiftly implement the US$250 billion trade finance initiative. Oppose new barriers to investment or to trade in goods and services.FOSSIL FUELS: Phase out inefficient fossil fuel subsidies and push toward investment in cleaner energy sources. ‘Spare no effort’ to get a global warming agreement passed in Copenhagen, Denmark in December.BALANCED GROWTH: Take steps to ensure ‘strong, sustainable and balanced growth’ and to build a stronger international system. Monitor economic policies to pursue sustainable patterns that don’t rely heavily on huge exports from a few countries and huge consumption by a few others.POOR PEOPLE: Through the World Bank and regional development banks, take steps ‘to increase access to food, fuel and finance among the world’s poorest while clamping down on illicit outflows.’BANK CAPITAL: Improve the quantity and quality of bank capital and ‘discourage excessive leverage.’ -Nampa-AP