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Goals and accomplishments at past G-20 Summits:Washington D.C.

Nov 12,2010
* Date: Saturday, Nov. 14-15, 2008

* Participants:

-G-20 members: G-8 + Korea, China, India, Australia, Brazil, Mexico, Indonesia, Argentina, Turkey, Saudi Arabia, South Africa, EU (Spain, Netherlands)

-International Organizations: UN, IMF, World Bank, Financial Stability Forum

The leaders from the G-20 countries, which represents 85 percent of the world’s economic output, met in Washington to mark the first-ever G-20 Summit. The group was to discuss the root causes of the global financial crisis and to review actions taken afterward. Among other agenda items were a commitment to fend off protectionism and reform financial regulations.

It was the first time that the G-8 nations and 12 other countries came together for a common goal. The meeting began with a realization that global collaboration was needed to overcome the crisis and that the G-8 was insufficient to solve the problems.

It was perhaps the biggest gathering of presidents and prime ministers in almost a decade.

The summit’s outcome included strengthening policy cooperation among the G-20 nations in areas such as monetary policy to stimulate the real economy; reforming financial markets by strengthening transparency and accountability; and reforming international financial institutions.

The nations agreed that they would work to increase IMF resources and facilitate early-warning exercises to improve the fund’s ability to respond effectively to financial crises.

They also decided to enhance the status of emerging and developing countries in international organizations, such as the IMF and World Bank and other multilateral financial institutions, to reflect the changing economic weight of emerging countries.

They agreed to pursue more spending on green growth and other areas of sustainable development.