Key points of agreement by leaders of the Group of 20 on Friday:
ECONOMIC GROWTH: Support economic activity until recovery is assured. Finance ministers will develop coordinated exit strategies from stimulus efforts at appropriate time.
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BONUS PAYMENTS: Tie bank executives’ pay more closely to long-term performance of their investment decisions. Discourage guaranteed multiyear bonuses, which encourage risky investments.
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TRADE: Oppose protectionism. Swiftly implement the $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.”