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二十国集团金融市场和世界经济峰会的宣言DeclarationoftheSummitonFinancialMarketsandtheWorldEconomy1.We,theLeadersoftheGroupofTwenty,heldaninitialmeetinginWashingtononNovember15,2008,amidseriouschallengestotheworldeconomyandfinancialmarkets.Wearedeterminedtoenhanceourcooperationandworktogethertorestoreglobalgrowthandachieveneededreformsintheworld’sfinancialsystems.2.Overthepastmonthsourcountrieshavetakenurgentandexceptionalmeasurestosupporttheglobaleconomyandstabilizefinancialmarkets.Theseeffortsmustcontinue.Atthesametime,wemustlaythefoundationforreformtohelptoensurethataglobalcrisis,suchasthisone,doesnothappenagain.Ourworkwillbeguidedbyasharedbeliefthatmarketprinciples,opentradeandinvestmentregimes,andeffectivelyregulatedfinancialmarketsfosterthedynamism,innovation,andentrepreneurshipthatareessentialforeconomicgrowth,employment,andpovertyreduction.RootCausesoftheCurrentCrisis3.Duringaperiodofstrongglobalgrowth,growingcapitalflows,andprolongedstabilityearlierthisdecade,marketparticipantssoughthigheryieldswithoutanadequateappreciationoftherisksandfailedtoexerciseproperduediligence.Atthesametime,weakunderwritingstandards,unsoundriskmanagementpractices,increasinglycomplexandopaquefinancialproducts,andconsequentexcessiveleveragecombinedtocreatevulnerabilitiesinthesystem.Policy-makers,regulatorsandsupervisors,insomeadvancedcountries,didnotadequatelyappreciateandaddresstherisksbuildingupinfinancialmarkets,keeppacewithfinancialinnovation,ortakeintoaccountthesystemicramifications分歧ofdomesticregulatoryactions.4.Majorunderlyingfactorstothecurrentsituationwere,amongothers,inconsistentandinsufficientlycoordinatedmacroeconomicpolicies,inadequatestructuralreforms,whichledtounsustainableglobalmacroeconomicoutcomes.Thesedevelopments,together,contributedtoexcessesandultimatelyresultedinseveremarketdisruption.ActionsTakenandtoBeTaken5.Wehavetakenstrongandsignificantactionstodatetostimulateoureconomies,provideliquidity,strengthenthecapitaloffinancialinstitutions,protectsavingsanddeposits,addressregulatorydeficiencies,unfreezecreditmarkets,andareworkingtoensurethatinternationalfinancialinstitutions(IFIs)canprovidecriticalsupportfortheglobaleconomy.6.Butmoreneedstobedonetostabilizefinancialmarketsandsupporteconomicgrowth.Economicmomentumisslowingsubstantiallyinmajoreconomiesandtheglobaloutlookhasweakened.Manyemergingmarketeconomies,whichhelpedsustaintheworldeconomythisdecade,arestillexperiencinggoodgrowthbutincreasinglyarebeingadverselyimpactedbytheworldwideslowdown.7.Againstthisbackgroundofdeterioratingeconomicconditionsworldwide,weagreedthatabroaderpolicyresponseisneeded,basedonclosermacroeconomiccooperation,torestoregrowth,avoidnegativespilloversandsupportemergingmarketeconomiesanddevelopingcountries.Asimmediatestepstoachievetheseobjectives,aswellastoaddresslonger-termchallenges,wewill:oContinueourvigorouseffortsandtakewhateverfurtheractionsarenecessarytostabilizethefinancialsystem.oRecognizetheimportanceofmonetarypolicysupport,asdeemedappropriatetodomesticconditions.oUsefiscalmeasurestostimulatedomesticdemandtorapideffect,asappropriate,whilemaintainingapolicyframeworkconducivetofiscalsustainability.oHelpemerginganddevelopingeconomiesgainaccesstofinanceincurrentdifficultfinancialconditions,includingthroughliquidityfacilitiesandprogramsupport.WestresstheInternationalMonetaryFund’s(IMF)importantroleincrisisresponse,welcomeitsnewshort-termliquidityfacility,andurgetheongoingreviewofitsinstrumentsandfacilitiestoensureflexibility.oEncouragetheWorldBankandothermultilateraldevelopmentbanks(MDBs)tousetheirfullcapacityinsupportoftheirdevelopmentagenda,andwewelcometherecentintroductionofnewfacilitiesbytheWorldBankintheareasofinfrastructureandtradefinance.oEnsurethattheIMF,WorldBankandotherMDBshavesufficientresourcestocontinueplayingtheirroleinovercomingthecrisis.CommonPrinciplesforReformofFinancialMarkets8.Inadditiontotheactionstakenabove,wewillimplementreformsthatwillstrengthenfinancialmarketsandregulatoryregimessoastoavoidfuturecrises.Regulationisfirstandforemosttheresponsibilityofnationalregulatorswhoconstitutethefirstlineofdefenseagainstmarketinstability.However,ourfinancialmarketsareglobalinscope,therefore,intensifiedinternationalcooperationamongregulatorsandstrengtheningofinternationalstandards,wherenecessary,andtheirconsistentimplementationisnecessarytoprotectagainstadversecross-border,regionalandglobaldevelopmentsaffectinginternationalfinancialstability.Regulatorsmustensurethattheiractionssupportmarketdiscipline,avoidpotentiallyadverseimpactsonothercountries,includingregulatoryarbitrage,andsupportcompetition,dynamismandinnovationinthemarketplace.Financialinstitutionsmustalsobeartheirresponsibilityfortheturmoilandshoulddotheirparttoovercomeitincludingbyrecognizinglosses,improvingdisclosureandstrengtheningtheirgovernanceandriskmanagementpractices.9.Wecommittoimplementingpoliciesconsistentwiththefollowingcommonprinciplesforreform.oStrengtheningTransparencyandAccountability:Wewillstrengthenfinancialmarkettransparency,includingbyenhancingrequireddisclosu