The G-20 Summit has wrapped up, and the general consensus among the leaders is that the events progressed well.
You can read the entire 9-page communiqué here, but basically, the leaders offered six pledges. These are:
- restore confidence, growth, and jobs;
- repair the financial system to restore lending;
- strengthen financial regulation to rebuild trust;
- fund and reform our international financial institutions to overcome this crisis and prevent future ones;
- promote global trade and investment and reject protectionism; to underpin prosperity; and
- build an inclusive, green, and sustainable recovery.
What will this look like? For starters, it will probably be a mixture of increased financial regulations of international institutions and increased funding to stimulate the respective economies.
The group has pledged to $1 trillion to the International Monetary Fund (IMF), with $250 billion of that to boost trade, and another $250 billion for IMF Special Drawing Rights. Another $50 billion will go to low-income countries.
Beyond these funds, the G-20 leaders hope to create economic growth by promoting trade and increased cooperation.
Will these efforts create the desired effect of restoring "confidence, growth, and jobs?" Time will tell, but the group will be meeting again later this year to reassess its progress.