口译资料二十国集团金融市场和世界经济峰会的宣言.docx

口译资料二十国集团金融市场和世界经济峰会的宣言.docx

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口译资料二十国集团金融市场和世界经济峰会的宣言

口译资料：

二十国集团金融市场和世界经济峰会的宣言

DeclarationoftheSummitonFinancialMarketsandtheWorldEconomy

1.We,theLeadersoftheGroupofTwenty,heldaninitialmeetinginWashingtononNovember15,2008,amidseriouschallengestotheworldeconomyandfinancialmarkets.Wearedeterminedtoenhanceourcooperationandworktogethertorestoreglobalgrowthandachieveneededreformsintheworld’sfinancialsystems.

2.Overthepastmonthsourcountrieshavetakenurgentandexceptionalmeasurestosupporttheglobaleconomyandstabilizefinancialmarkets.Theseeffortsmustcontinue.Atthesametime,wemustlaythefoundationforreformtohelptoensurethataglobalcrisis,suchasthisone,doesnothappenagain.Ourworkwillbeguidedbyasharedbeliefthatmarketprinciples,opentradeandinvestmentregimes,andeffectivelyregulatedfinancialmarketsfosterthedynamism,innovation,andentrepreneurshipthatareessentialforeconomicgrowth,employment,andpovertyreduction.

RootCausesoftheCurrentCrisis

3.Duringaperiodofstrongglobalgrowth,growingcapitalflows,andprolongedstabilityearlierthisdecade,marketparticipantssoughthigheryieldswithoutanadequateappreciationoftherisksandfailedtoexerciseproperduediligence.Atthesametime,weakunderwritingstandards,unsoundriskmanagementpractices,increasinglycomplexandopaquefinancialproducts,andconsequentexcessiveleveragecombinedtocreatevulnerabilitiesinthesystem.Policy-makers,regulatorsandsupervisors,insomeadvancedcountries,didnotadequatelyappreciateandaddresstherisksbuildingupinfinancialmarkets,keeppacewithfinancialinnovation,ortakeintoaccountthesystemicramificationsofdomesticregulatoryactions.

4.Majorunderlyingfactorstothecurrentsituationwere,amongothers,inconsistentandinsufficientlycoordinatedmacroeconomicpolicies,inadequatestructuralreforms,whichledtounsustainableglobalmacroeconomicoutcomes.Thesedevelopments,together,contributedtoexcessesandultimatelyresultedinseveremarketdisruption.

ActionsTakenandtoBeTaken

5.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:

Continueourvigorouseffortsandtakewhateverfurtheractionsarenecessarytostabilizethefinancialsystem.

Recognizetheimportanceofmonetarypolicysupport,asdeemedappropriatetodomesticconditions.

Usefiscalmeasurestostimulatedomesticdemandtorapideffect,asappropriate,whilemaintainingapolicyframeworkconducivetofiscalsustainability.

Helpemerginganddevelopingeconomiesgainaccesstofinanceincurrentdifficultfinancialconditions,includingthroughliquidityfacilitiesandprogramsupport.WestresstheInternationalMonetaryFund’s（IMF）importantroleincrisisresponse,welcomeitsnewshort-termliquidityfacility,andurgetheongoingreviewofitsinstrumentsandfacilitiestoensureflexibility.

EncouragetheWorldBankandothermultilateraldevelopmentbanks（MDBs）tousetheirfullcapacityinsupportoftheirdevelopmentagenda,andwewelcometherecentintroductionofnewfacilitiesbytheWorldBankintheareasofinfrastructureandtradefinance.

EnsurethattheIMF,WorldBankandotherMDBshavesufficientresourcestocontinueplayingtheirroleinovercomingthecrisis.

CommonPrinciplesforReformofFinancialMarkets

8.Inadditiontotheactionstakenabove,wewillimplementreformsthatwillstrengthenfinancialmarketsandregulatoryregimessoastoavoidfuturecrises.Regulationisfirstandforemosttheresponsibilityofnationalregulatorswhoconstitutethefirstlineofdefenseagainstmarketinstability.However,ourfinancialmarketsareglobalinscope,therefore,intensifiedinternationalcooperationamongregulatorsandstrengtheningofinternationalstandards,wherenecessary,andtheirconsistentimplementationisnecessarytoprotectagainstadversecross-border,regionalandglobaldevelopmentsaffectinginternationalfinancialstability.Regulatorsmustensurethattheiractionssupportmarketdiscipline,avoidpotentiallyadverseimpactsonothercountries,includingregulatoryarbitrage,andsupportcompetition,dynamismandinnovationinthemarketplace.Financialinstitutionsmustalsobeartheirresponsibilityfortheturmoilandshoulddotheirparttoovercomeitincludingbyrecognizinglosses,improvingdisclosureandstrengtheningtheirgovernanceandriskmanagementpractices.

9.Wecommittoimplementingpoliciesconsistentwiththefollowingcommonprinciplesforreform.

StrengtheningTransparencyandAccountability:

Wewillstrengthenfinancialmarkettransparency,includingbyenhancingrequireddisclosureoncomplexfinancialproductsandensuringcompleteandaccuratedisclosurebyfirmsoftheirfinancialconditions.Incentivesshouldbealignedtoavoidexcessiverisk-taking.

EnhancingSoundRegulation:

Wepledgetostrengthenourregulatoryregimes,prudentialoversight,andriskmanagement,andensurethatallfinancialmarkets,productsandparticipantsareregulatedorsubjecttooversight,asappropriatetotheircircumstances.Wewillexercisestrongoversightovercreditratingagencies,consistentwiththeagreedandstrengthenedinternationalcodeofconduct.Wewillalsomakeregulatoryregimesmoreeffectiveovertheeconomiccycle,whileensuringthatregulationisefficient,doesnotstifleinnovation,andencouragesexpandedtradeinfinancialproductsandservices.Wecommittotransparentassessmentsofournationalregulatorysystems.

PromotingIntegrityinFinancialMarkets:

Wecommittoprotecttheintegrityoftheworld’sfinancialmarketsbybolsteringinvestorandconsumerprotection,avoidingconflictsofinterest,preventingillegalmarketmanipulation,fraudulentactivitiesandabuse,andprotectingagainstillicitfinancerisksarisingfromnon-cooperativejurisdictions.Wewillalsopromoteinformationsharing,includingwithrespecttojurisdictionsthathaveyettocommittointernationalstandardswithrespecttobanksecrecyandtransparency.

ReinforcingInternationalCooperation:

Wecalluponournationalandregionalregulatorstoformulatetheirregulationsandothermeasuresinaconsistentmanner.Regulatorsshouldenhancetheircoordinationandcooperationacrossallsegmentsoffinancialmarkets,includingwithrespecttocross-bordercapitalflows.Regulatorsandotherrelevantauthoritiesasamatterofpriorityshouldstrengthencooperationoncrisisprevention,management,andresolution.

ReformingInternationalFinancialInstitutions:

WearecommittedtoadvancingthereformoftheBrettonWoodsInstitutionssothattheycanmoreadequatelyreflectchangingeconomicweightsintheworldeconomyinordertoincreasetheirlegitimacyandeffectiveness.Inthisrespect,emerginganddevelopingeconomies,includingthepoorestcountries,shouldhavegreatervoiceandrepresentation.TheFinancialStabilityForum（FSF）mustexpandurgentlytoabroadermembershipofemergingeconomies,andothermajorstandardsettingbodiesshouldpromptlyreviewtheirmembership.TheIMF,incollaborationwiththeexpandedFSFandotherbodies,shouldworktobetteridentifyvulnerabilities,anticipatepotentialstresses,andactswiftlytoplayakeyroleincrisisresponse.

TaskingofMinistersandExperts

10.Wearecommittedtotakingrapidactiontoimplementtheseprinciples.WeinstructourFinanceMinisters,ascoordinatedbytheir2009G-20leadership（Brazil,UK,RepublicofKorea）,toinitiateprocessesandatimelinetodoso.AninitiallistofspecificmeasuresissetforthintheattachedActionPlan,includinghighpriorityactionstobecompletedpriortoMarch31,2009.

Inconsultationwithothereconomiesandexistingbodies,drawingupontherecommendationsofsucheminentindependentexpertsastheymayappoint,werequestourFinanceMinisterstoformulateadditionalrecommendations,includinginthefollowingspecificareas:

Mitigatingagainstpro-cyclicalityinregulatorypolicy;

Reviewingandaligningglobalaccountingstandards,particularlyforcomplexsecuritiesintimesofstress;

Strengtheningtheresilienceandtransparencyofcreditderivativesmarketsandreducingtheirsystemicrisks,includingbyimprovingtheinfrastructureofover-the-countermarkets;

Reviewingcompensationpracticesastheyrelatetoincentivesforrisktakingandinnovation;

Reviewingthemandates,governance,andresourcerequirementsoftheIFIs;and

Definingthescopeofsystemicallyimportantinstitutionsanddeterminingtheirappropriateregulationoroversight.

11.InviewoftheroleoftheG-20infinancialsystemsreform,wewillmeetagainbyApril30,2009,toreviewtheimplementationofthep