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G20 leaders agree on action plan to minimise financial crisis

The G20 summit gathered in Washington has laid out a series of areas for review by March 31 to restore the world's economies. These areas cover the regulation of financial markets, increased transparency and reform of compensation practices.

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World leaders gathered in Washington for an emergency economic summit agreed Saturday to an action plan for reforming the financial system and promised to work together to restore global growth, according to a final communique.

"We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," said the final statement from the G20 group of countries.

The statement committed the leaders, whose countries account for 85 percent of the world economy, to fiscal measures to boost national economies and laid out a series of areas for review before a deadline of March 31.

Six areas will be targeted: regulating those areas of the financial markets which have exacerbated the crisis, boosting transparency in the often murky derivatives markets and reforming compensation practices.

The ministers must also evaluate global accounting norms and the financing needs of international financial institutions.

Finally, they must draw up a list of financial institutions whose collapse would imperil the global financial system.

"In view of the role of the G20 in financial systems reform, we will meet again by April 30, 2009, to review the implementation of the principles and decisions agreed today," the communique said.

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