G20宣言独家发布:采取一切措施保欧元区完整

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本宣言为G20主办方在洛斯卡沃斯第一时间交给网易财经。网易财经翻译整理在国内首发，欢迎各媒体引用，并请标明来源。

网易财经6月20日洛斯卡沃斯讯 G20洛斯卡沃斯峰会公报宣言今日出炉。网易财经前方报道员第一时间拿到全文。宣言称，20国集团成员中的欧元区要采取一切必要的政策措施，以维护该地区的完整性和稳定，提高金融市场的运作，并打破主权和银行之间的反馈回路。我们期待着欧元区与希腊新政府在未来工作中的良好伙伴关系，以确保他们留在欧元区内的改革和可持续发展的道路。

宣言还称，G20成员国达成了向国际货币基金组织增资的承诺。承诺超过4500亿美元，不包括根据2010年改革后配额的增加。这些资源将面向国际货币基金组织的全体成员，并没有指定给任何特定地区。这些资源可以作为合格的储备资产，通过双边贷款或票据购买协议等，已经由国际货币基金组织执行董事会已批准投资方式从国际货币基金组织总资源账户输出。

宣言称，在货币政策维持中期物价稳定的同时，继续支持经济复苏。我们将加强我们对银行的信心，保持金融部门改革的需要的同时采取适当行动，以保障信贷渠道、全球支付和结算系统的完整性，维护我们的金融体系。健康的银行放贷能力，是全球经济复苏的关键。

宣言称，G20重申承诺，将更快的向市场决定的利率制度前进以反映基本面，避免持久的汇率失调，避免货币竞争性贬值。中国承诺将让市场力量在决定人民币汇率中起更大的作用，并致力于汇率改革，提高汇率政策透明度。

宣言称，在认识到有必要继续增长为导向的政策支持需求和经济复苏的背景下，美国将确保其公共财政的长期可持续，美国将校准其财政整顿的步伐保证2013年避免财政急剧收缩。

20国集团领导人宣言全文：

1. 我们20国集团领导人于2012年6月18日至19日在洛斯卡沃斯召开峰会。

2. 我们团结一致决定促进经济增长和就业。

3. 上次20国集团领导人会晤后，全球经济复苏继续面临一系列挑战。金融市场出现高度紧张的局势。从外部来看，财政和金融失衡依然普遍存在，对经济增长、就业前景和市场信心有重大影响。显然，全球经济依然脆弱不堪，对世界各地人民的日常生活存在负面影响，影响到他们的就业、贸易、发展和环境。

4. 我们将共同采取行动，加强经济复苏，解决金融市场紧张局势。

5. 我们将共同加强需求，恢复市场信心，旨在支持经济增长和促进金融稳定，为我们的所有公民创造高质量的就业岗位和机会。我们今天达成协调性的《洛斯卡沃斯增长和就业行动计划》，致力于实现这些目标。

6. 20国集团的欧元区成员国将采取一切必要的政策措施，维护欧元区的完整与稳定，改善金融市场的运作，打破主权债务与银行系统之间的反馈环路。我们期待欧元区与新一届希腊政府协同合作，确保他们在欧元区内部进行改革和可持续发展。

7. 我们正在实施结构性和监管改革议程，加强中期经济增长前景，建立更有弹性的金融体系。我们将继续致力于减少经济不平衡，加强赤字国家的公共财政稳定，实行考虑到不断变化的经济条件的可持续政策，在拥有庞大经常项目盈余的国家加强内需，采取更灵活的汇率政策。

8. 尽管我们各国都面临诸多挑战，但是我们一致认为，在当前的环境下，多边主义依然至关重要，是我们解决全球经济困难最好的手段。

9.承认持续的经济危机对发展中国家，特别是低收入国家的影响，我们将加强力度，创造更有利的发展环境，包括配套的基础设施投资。我们的政策措施将改善世界各地的生活条件，保护弱势群体。尤其是通过稳定全球市场，促进强劲的经济增长，我们将对全球范围内的发展和减少贫困产生显著的正面影响。

支持经济稳定和全球经济复苏

10.强劲，可持续和平衡的增长仍然是20国集团的首要任务，它会创造更多的就业机会、增加了世界各地人民的福祉。我们致力于采取一切必要的政策措施，增强需求，支持全球经济增长和恢复信心，解决短期和中期的风险，提高创造就业并减少失业。如洛斯卡沃斯增长与就业行动计划“所反映的。我们会及时落实所有的承诺，并严格监督执行。

11.在市场紧张压力的背景下，20国集团中的欧元区成员采取一切必要措施，以维护该地区的完整性和稳定，提高金融市场的运作，并打破主权体和银行之间恶性危机循环。我们欢迎欧元区的最后一次首脑会议以来作出的成就，欧盟上一次峰会支持经济增长，确保金融稳定，促进了财政责任，这些为G20实现经济强劲、可持续和平衡发展的框架作出了贡献。在此背景下，我们欢迎西班牙银行注资计划和欧元集团支持西班牙财务重组的计划。通过实施财政结构整合，促进增长政策，结构性改革和金融稳定措施，是实现更大的财政和经济一体化，导致可持续借贷成本的重大步骤。即将生效的欧洲稳定机制将大大加强欧洲防火墙。我们完全支持欧元区在完成经济和货币联盟向前迈进的行动，为了这个目标，我们支持欧洲考虑朝着一个更加一体化的金融体系的具体步骤迈进。包括进行资产重组，银行监管，存款保险等意向。欧元区成员国将通过结构性改革促进内欧元区的调整，加强在赤字国家的竞争力和促进贸易顺差国的需求和经济增长。欧洲联盟20国集团成员已经决心向前推进，包括完成欧洲统一市场和更好地利用欧洲的金融手段，包括欧洲投资银行（EIB），试点项目债券，和支持经济增长的结构和凝聚力的资金，从而更有针对性的投资，就业，增长和竞争力；并同时坚持承诺实施财政整顿评估。我们期待欧元区与希腊政府在未来工作中的伙伴关系，以确保他们实施欧元区内部改革和并走上可持续发展的道路。

12.G20所有成员国将采取必要的行动来加强全球经济增长和恢复信心。发达经济体将确保财政整顿的步伐是适当的以支持经济复苏，同时考虑到各国的具体情况，并根据多伦多峰会的承诺，解决中期财政可持续性问题。考虑到国情和当前的需求状况，有财政空间的发达和新兴经济体将让财政自动稳定运行。如果经济条件进一步显著恶化，有足够的财政空间的国家将作好准备协调和实施财政行动来支持国内需求。在很多国家，对教育更高的投资，对创新、基础建设的投资能支撑就业并且提高生产率和未来的增长。在认识到有必要继续增长为导向的政策支持需求和经济复苏的背景下，美国将确保其公共财政的长期可持续，美国将校准其财政整顿的步伐保证2013年避免财政急剧收缩。

13.货币政策将维持中期物价稳定的同时，继续支持经济复苏。我们将加强我们对银行的信心,为保持金融部门改革的需要而采取适当行动，保障信贷渠道畅通和全球支付和结算系统的完整性，在中期维护我们的金融体系。一个健康有放贷能力银行业是全球经济复苏的关键。

14.G20成员将保持石油价格的变化保持警惕，并随时准备采取进一步的行动，包括产油国实现自己承诺维持与需求相当的供应水平。我们欢迎沙特阿拉伯的动员准备动用备用产能随时扩能的姿态，我们对其他大宗商品价格也将保持警觉。

15.一些新兴市场现在也遇到了经济增长放缓。作为回应这些国家要用适当的货币政策和财政政策的促进增长同时确保稳定。在某些情况下推出新措施，以刺激本国经济，特别是在外部需求减弱的情况下要通过加强内需刺激经济。

16.我们欢迎有庞大经常帐盈余的国家增加国内需求，庞大赤字国家提高储蓄。新兴盈余经济体将开展进一步的行动，以提高国内消费，包括通过措施消除价格和税收扭曲，加强社会保障机制，而发达盈余国家或者那些私人需求相对疲软的国家，要促进国内需求，特别是通过放松服务部门管制和促进投资实现。我们认识到大商品出口国的经常帐盈余方面的特殊情况。我们重申我们的承诺，我们将更快的向市场决定的利率制度前进以反映基本面，避免持久的汇率失调，避免货币竞争性贬值。我们也欢迎中国的承诺，中国承诺将让市场力量在决定人民币汇率中起更大的作用，并致力于汇率改革，提高汇率政策透明度。

17.所有G20成员国都提出了结构改革的承诺，来加强并支持全球需求，促进创造就业机会，促进全球再平衡和提高增长潜力。这些措施包括产品市场的改革提高竞争力，采取措施稳定住房部门、劳动力市场的改革提高竞争力和就业，加强社会安全网，推进税制改革，提高基础设施投资，促进各国包容性绿色增长和可持续发展。我们要求财长和央行行长考虑如何让G20可以促进基础设施投资，并确保提供足够的资金用于基础设施项目，包括建设多边发展银行（MDB）的资金和技术支持。

18.在所有政策领域，我们承诺尽量减少对其他国家国内政策的负面溢出效应。我们重申一个强大和稳定的国际金融体系中符合共同利益。虽然资本流动有利于接受国的经济，我们重申过度波动资金流和汇率无序变动对经济和金融稳定会产生不利影响。

19.在认识到在透明度和增强信用和信心可信度的重要性后，我们已批准“洛斯卡沃斯责任框架”和“增长和就业行动计划”。这个行动框架将要求我们通报承诺政策的实施进程。我们欢迎在这个新框架下的第一责任报告出炉。我们要求财长和央行行长在2013年圣彼得堡峰会上提交第二份责任报告。

20 有质量的就业是宏观经济政策的核心，劳工权益、社会保障以及体面的收入水平有助于更加稳定的经济增长，提高社会福利并减少贫困。因此，我们认可劳工与就业部长们的建议：立即通过适当的就业市场措施和培育新的工作岗位，尤其是针对年轻人和其它经济危机中的易失业人群，来与失业斗争。我们再次确认我们对年轻人的承诺：为他们提供更多的有质量的工作机会以丰富他们的生活前景。我们欢迎来自G20就业特别团队的工作，并根据部长们的建议决定将其使命延长一年。与Los Cabos增长以及就业行动计划相协调，我们也在充分尊重基本原则和劳工权益的前提下考虑结构性改革，以提升经济增长并创造更多就业机会。我们也承诺将加强在教育、技能培训等方面的合作，包括实习机会以及在职培训。这将在学校与工作之间提供成功的过渡。

21 创造工作岗位并减少失业，尤其是针对年轻人和容易受经济危机影响的人群，是我们所有国家现在的核心议题。我们欢迎国际劳工组织、国际货币基金组织、经济合作组织和世界银行就G20国家提升就业和生活水平所做的报告，我们将继续聚焦于加快恢复就业市场活力并减少失业。

22 我们认识到了建立国家层面的社会保护网的重要性。我们将继续培育提高国家之间的政策一致性、协调性、合作性和信息共享以帮助低收入国家提高执行社会保护网的能力。我们希望国际组织可以帮助低收入国家鉴别哪些政策有助于他们建立稳定的社会保护网。

23 我们承诺采取具体措施削减女性参与经济社会活动的障碍，在G20国家中为女性提供更多的经济机会。我们再次表达我们的在所有领域促进性别平等的承诺，包括技能培训、工资薪水、待遇和工作环境，以及关怀的责任。

24 我们要求就业部长们审视我们的计划进程，我们欢迎与社会各界进行磋商，我们感谢B20和L20为本届G20墨西哥峰会做出的努力。

25 我们确认旅游业在创造工作机会、促进经济增长和发展中发挥的作用。在承认一国对入境具有控制主权的同时，我们也将促进旅游的简易化以帮助增加就业、消除贫困，和全球增长。

26 我们坚定的承诺开放贸易和投资，扩展市场并抵制一切形式的贸易保护主义。这是全球经济和就业稳步复苏的必要条件。我们特别强调开放、以规则为基础的、透明的多边贸易体系的重要性，并承诺维护世界贸易组织的核心地位。

27 我们确认投资对于促进经济增长的重要性，我们承诺保持一个支持投资者的商业环境。

28 我们对于世界范围内出现的贸易保护主义的事件深表忧虑。如我们在嘠纳所做出的承诺一样，我们再次重申我们坚决抵制一切新贸易保护措施的立场，包括新的出口限制或与WTO原则相违背的出口刺激措施。我们支持世界贸易组织、经合组织和联合国对于贸易和投资的监管工作，并鼓励他们加强在这些领域的工作以达成他们的使命。

29 我们认可贸易部长们在巴亚尔塔港对于世界贸易价值链条做出的讨论，确认了他们在培育经济增长、就业和发展方面的责任，并强调需要加强发展中国家在全球贸易价值链条中的参与度。我们希望WTO，经合组织和联合国能有更多深入的相关讨论，我们呼吁他们加快他们在研究全球价值链条上的工作，并指出价值链条与贸易、投资流向、就业创造，以及如何测量贸易流向，以更好的了解我们的行动如何影响我们的国家和其他国家，并在俄罗斯峰会时做出报告。

30.与戛纳峰会宣言一致，我们赞成多哈发展议程并重申我们对于追求新的、可靠的贸易谈判途径来的承诺。我们将会继续推进多哈回合的结论制定，并在特定领域的尽可能去的成果，如贸易便利化和最不发达国家的其他问题。我们敦促WTO流程化贫穷国家入世进程。

31. 我们支持加强世贸组织改进其常规业务方式，其争端解决制度。我们也派代表就在经济全球化下多边贸易体制的挑战和机遇这一问题进一步讨论。

32.我们认识到有效的全球和区域安全网的重要性。我们欢迎向国际货币基金组织增资的承诺。这是一个包括多数成员国在的共同努力而达成的广泛国际合作结果。承诺超过4500亿美元，不包括根据2010年改革后配额的增加。这些资源将面向国际货币基金组织的全体成员，并没有指定给任何特定地区。这些资源可以作为合格的储备资产，通过双边贷款或票据购买协议等已经由国际货币基金组织执行董事会已批准投资方式从国际货币基金组织总资源账户输出。

这方面的努力，显示了20国集团和国际社会承诺，采取必要的步骤来维护全球金融稳定和加强国际货币基金组织在危机的预防和解决途径上发挥的作用。

33.我们重申我们对于完全实现2010年的份额及于2012年国际货币基金组织/世界银行年度会议达成一致的治理改革的承诺。这些改革对于提高IMF的合法性，针对性和有效性是至关重要的，并且将进一步加强基金组织监督，以确保国际货币基金组织有足够的资源发挥其系统性作用。作为改革的一部分，我们致力于2013年1月前全面完成全面份额公式的审查，以解决目前公式份额的不足。至2014年1月前完成下一次配额的全面审查。

我们同意该公式应简单，透明，与份额的多个角色相一致，达成成员广泛接受的份额计算结果，同时在及时优质和广泛使用的数据的基础上实施。我们重申，份额分配应更好地反映IMF成员国在世界经济中的相对权重。我们重申继续保护最贫穷的成员国际货币基金组织中的发言权和代表性的重要性。我们要求我们的财政部长和中央银行行长在11月会面时审查这个问题上的进展。

34.我们一致认为目前的监测框架应是显着增强，包括通过更好的双边和多边监督机制，更好地整合全球，国内和金融的稳定，包括国家政策的外溢效应。我们欢迎IMF的工作，它为拟议的综合监测决定作出了考虑和承诺。我们强调监督汇率政策的重要性，将支持进行更多严格的经济侦察活动，包括全球流动性，资本流动，资本账户，储备和财政，以及可能对外部产出冲击的货币和金融部门政策。我们欢迎国际基金组织正在进行的工作，它能助于加强多边分析和加强监督的透明度。我们还认识到，政治所有权和政权交接十分键。我们期待着未来的国际货币基金组织/世界银行年会取得实质性进展。

35.我们欢迎中期进度报告，并期待着共同年度进展报告的推出，以支持由世界银行、区域开发银行、国际货币基金组织、经合组织和国际清算银行（BIS）共同编写的本地货币债券市场的发展报告。报告定于11月提交20国集团财长和央行行长会议。这个报告对新兴市场和发展中国家尤其重要，这些市场的流动性，运作效率正面临全球金融形势的挑战。

金融部门改革促进金融包容性

36.我们欢迎由金融稳定委员会（FSB）提出加强金融稳定和G20实施国家一级的监测的措施。我们致力于及时商定政策，全面和一致的实施政策，支持一个稳定和一体化的全球金融体系，以防止未来危机发生。

37.我们欢迎公开对我们所有的金融改革建议的评估，并承诺采取一切必要行动追踪已确定实施政策，或者或执行政策困难的地区的进展情况。

38.我们尤其认识到金融稳定委员会指出的实行优先领域改革的重要性：包括巴塞尔资本和流动性框架；对全球系统性重要金融机构框架协议（G-SIFIs），决议制度，场外衍生工具的改革，影子银行，和高管奖金制度。我们承诺在这些重要领域实现全面改革。

39.我们重申我们的承诺，所有标准化的场外衍生工具合约交易必须在交易所或电子交易平台完成。在适当情况，2012年年底实施中央交易清算。场外衍生工具合约应向集中的信息库提交信息，非集中清算的合同应该受更高的资本要求。我们欢迎金融稳定委员提交进度报告。目前司法管辖已经在四个方面进行了保护，已经建立了一个有弹性的中央结算制度，还需要迅速完成决策到位所需要的法律和法规保护，来满足G20对中央结算的承诺。我们承认发展这个主要原则，以促进非集中清算的衍生品保证金成为国际一致的最低标准，并鼓励年底前国际标准制定一个全球统一的保证金标准，以配合实施期限前其他场外衍生工具的改革和巴塞尔资本框架的实施。

40：我们欢迎巴塞尔委员会对市场风险框架基本审查的建议。

41：我们重申我们的承诺，使我们国家的决议制度与FSB有效决议制度的关键性相一致，以至于没有一家银行或金融机构因为“太大而不能倒闭”。为此，我们也支持正在进行的对恢复和决议的计划以及具体机构跨境合作协议的细化。我们重申我们的承诺，将加强对SIFIs监督的力度和成效，并要求FSB在2012年11月二十国集团财长和央行行长会议汇报在这一领域取得的进展和成果。

42：我们对为了识别一个共同框架而制定的原则和国内系统重要性的银行相连的政策措施所取得的进展表示欢迎和欣慰，并要求和我们的财政部长和中央银行行长在十一月的会议中审查其在这些领域的建议。我们继续支持对于加强影子银行系统的监督和调控的工作，并期待着我们的财政部长和中央银行行长在十一月的会议中进行审查。

43：我们呼吁加快由国家主管部门制定的，结束机械的依赖信贷评级机构，鼓励加强透明度和信用评级机构之间的竞争的标准法则的进度。

44.我们赞同FSB关于金融交易各方的一个全球合法实体标识符（雷）系统的发展框架的建议。这是一个代表公众利益的全球治理框架。这个雷系统将于2013年3月发布。我们要求FSB要在2012年十一月财长会议之前出台关于该框架执行进度的报告。

45.我们欢迎FSB研究，该研究是为协调国际货币基金组织和世界银行做准备的，为新兴国家和发展中国家经济体商定的金融监管改革措施识别潜在的和不可预知的后果。我们鼓励持续的监测分析。鼓励FSB与发展中国家经济体的标准制定者，国际金融机构和国家机关之间的对话，以预防和解决不可预知的后果。

46.我们赞同对FSB宪章修改的建议，即将FSB置于一个持久的，具有法人资格的，加强治理的，有宽泛财政自主权的，有可协调发展空间和金融监管政策实施的组织，同时保持与国际清算银行的紧密联系。我们呼吁对建议进行全面实施并在2012年十一月国集团财长和央行行长会议之前取得实质性进展。

47.我们欢迎FSB正在进行中的坚持监管信息交流和合作标准的工作，并期待公开声明能够在2012年十一月财长和央行行长会议召开下取得进展。

48.在税收方面，我们重申我们的承诺，以加强透明度和信息的深入交换。我们赞赏全球论坛报告所取得的成果，并敦促所有国家实施完全符合标准的建议，特别是在审查过程中确定13个司法管辖区的框架，不允许他们有资格进入第二阶段。

49.我们支持金融行动特别工作组（FATF）的重建，从而持续开展全球范围内打击洗黑钱及资助恐怖主义和大规模杀伤性武器的扩散。同时，G20成员国欢迎修订关于打击洗黑钱行动的标准，并期待其执行。

50. 我们对金融包容全球合作计划（GPFI）在2011年报告中实施五项建议取得的进展表示欢迎，呼吁金融包容全球合作计划继续全面实施。我们认可金融包容全球合作计划制定的20国集团基本金融包容标准。认识到中小企业在经济发展和减少贫困方面发挥的关键作用，我们欢迎推出中小企业融资协议，支持发展创新模式和方法，来解决发展中国家资助中小企业面临的具体金融挑战和资金限制。我们欢迎即将召开的金融包容全球合作计划会议，作为标准制定机构创造有利的监管环境，我们呼吁金融包容全球合作计划在11月召开的20国财长和央行行长会议上公布进展。最后，我们支持正在努力创建的第四个金融包容全球合作计划组织，这个组织把重点放在保护消费者和金融扫盲问题上。

51. 我们认可G20国家和非G20国家做出的努力，他们致力于按照“G20金融包容学习计划”建设国家协调平台和金融扩展战略，鼓励类似的措施，推动 G20创新金融包容原则的有效实施，比如承诺采取具体行动，促进发展中国家和新兴国家按照《玛雅声明》促进金融包容，承认世界银行集团、金融包容联盟和其他利益相关机构正在做出的努力和支持，这些机构包括联合国和促进金融包容性的双边援助机构。

52. 在金融教育领域，我们认可经合组织/国际金融教育网络（INFE）的金融教育国家战略高层次原则，呼吁经合组织/国际金融教育网络和世界银行联合金融包容全球合作计划，为促进金融教育提供更多的手段，在下届峰会上公布进展报告。为了推动金融消费者保护议程，我们讨论了国际金融消费者保护网络体系(FinCoNet)，以及确保良好实施的正式章程和金融支持等问题。我们也赞同20国集团/经合组织金融消费者保护特别小组提出的行动计划，制定有效的方法来支持金融消费者保护高层次原则的实施，期待2013年在圣彼得堡举行的20国领导人峰会上公布最新报告。

53. 我们认识到妇女和青年获得金融服务和金融教育的需要，要求金融包容全球合作计划、经合组织/国际金融教育网络和世界银行确定他们可能面临的障碍，呼吁下届领导人峰会上发表进度报告。

54. 我们欢迎“墨西哥金融包容挑战：创新解决方案”的推出，这个方案要求用创新来解决金融包容的障碍，创造有价值、经济、安全、全面的金融服务。

加强粮食安全和应对商品价格波动

55. 2011年农业部长会议通过的《粮食价格波动和农业行动计划》强调，到2050年要养活全球人口预计需要超过93亿美元的资金，农业生产将增加50%到70%，在发展中国家要增加近100%。我们认识到，要在可持续的基础上增加生产和生产力，同时考虑农业条件的多样性，是当今世界面临的最重要挑战。在萨赫勒地区和非洲之角的危机强调，加强应对粮食缺乏的应急措施和长期对策依然是紧迫的挑战。我们还注意到，慢性营养不良会造成一个国家人力资源的巨大流失，因此我们支持“加强营养”行动，鼓励G20成员国更广泛的参与。

56. 我们欢迎行动计划和《首尔多年发展行动计划》的粮食安全支柱取得的长足进步。我们支持本宣言所附的20国农业副部长报告此前对可持续提高农业生产力的承诺和重点建议取得的进步，这份报告包括多个国际组织的投入，得到了粮食和农业组织(FAO)与经合组织的协调，采用了B20和民间社会的其他建议。

57.为了与饥饿作斗争，我们承诺继续努力采取措施，包括热带农业平台、农业风险管理、GEO全球农业监测、小麦、水稻和玉米的研究、快速反应论坛、区域紧急粮食储备、全球农业和粮食安全计划，以及对负责任农业投资原则的支持。认识到加强透明度对减少粮食价格波动的重要贡献，我们对农业市场信息系统（AMIS）的实施取得进展表示欢迎。我们认识到，更加稳定、可预见、稳定不变、公开透明的贸易制度，包括农业制度，在促进粮食安全方面能够发挥关键作用。

58. 我们重申承诺，取消世界粮食计划署（WFP）出于非商业人道主义目的购买粮食的出口限制和高额税收。我们鼓励在国家粮食安全的背景下，在土地租赁、渔业和森林的负责人治理方面实施自愿准则。

59.我们强烈欢迎“农业成果”的倡议，这个倡议旨在改善穷人和弱势群体的粮食安全，鼓励私营部门创新，推出新农业产品和系统，限制农业领域的市场失灵。我们期待创新试点项目的推出，这些项目主要关注营养强化作物、减少收获后废弃物的存储解决方案、撒哈拉以南非洲地区粮食质量技术的创新措施。我们赞同各国承诺为这项倡议的实施提供资金，鼓励更广泛的参与。

60.我们认识到需要一个适应气候变化的农业。我们认识到提高水和土壤的可持续利用的重要性。对此我们支持更多地利用了现有的技术改良农业，包括土壤肥力增强，少耕和农林业保护。呼吁国际组织的提供更多科学报告，以改善并发展特别适合小型农场的耕作方式，包括使用提高农业用水效率。

61.我们认识到维持国际大宗商品市场价格稳定对全球经济复苏的重要性。我们强调运作良好和透明对世物和金融商品市场和减少过度价格波动非常重要。我们们认识到过大的商品价格波动对所有国家产生重大影响，这将增加经济中的不确定性和潜在妨碍稳定预算和经济规划的可预见性。我们认识到减轻最易导致负面效应的商品价格波动是减少贫困和促进经济增长的一个重要组成部分。因此我们赞同G20对过度增长的商品价格对经济负面因素的评估，各国家可以考虑的政策选择商品价格波动的以减轻任何该负面影响。我们也承认和赞赏国际货币基金组织、世界银行和联合国贸发会议的参与和宝贵的意见。我们要求财政部长在2013年报告G20对稳定商品市场的工作。我们重申我们的承诺，我们要增强透明度和避免滥用金融商品市场，包括场外交易，市场监管当局的有效干预的权力和适当的调控监管框架。我们期待着国际证监会组织的截至2012年11月的商品衍生产品市场上其建议执行情况的报告。

62.我们认识到能源商品的价格波动过大也是经济不稳定的重要来源。我们将继续致力于运转良好，透明的能源市场。我们将继续努力改善联合石油数据的及时性，完整性和可靠性，并期待着明年的进度报告。我们期望国际能源论坛（IEF）改善联合石油数据的倡议，提高石油数据库的可靠性和透明度。在国际天然气和煤炭市场，国际能源机构（IEA），IEF，石油输出国组织组织提交的报告将在11月被财长讨论。我们也期待着国际证监会组织的报告建议，它结合上述组织的报告(IEF, IEA and OPEC)将有助于财政制定能源措施。

迎接发展的挑战

63.消除贫困和实现强劲，包容性，可持续和平衡增长仍然是20国集团的发展议程的核心目标。我们重申我们对发展中国家的承诺，特别是低收入国家，并支持他们在实施国家推动政策和需要必要的优先次序。特别是千年发展目标（MDGs）规定的目标。

64.我们欢迎此前G20轮值主席国提出的发展工作小组计划，在墨西哥峰会期间一体将关注三个方面：食品安全，基础设施和包容性的绿色增长。我们赞赏首尔多年行动计划取得的进展，并支持2012年发展工作小组的进展报告。我们邀请发展工作组制定可评估计划，以供下一次峰会检验。

65. 基础设施投资是经济持续增长，减少贫困，创造就业机会的关键。因此我们欢迎根据多年行动计划的建议的实施。

66.虽然认识到发展中国家的基础设施发展项目的公共资金仍然是至关重要的，我们认为私营部门投资补充应当作为补充。我们鼓励多边开发银行要继续根据“行动计划”的进展，并欢迎对“解决在低收入国家中的风险和回报的误解”的报告。报告包含了重要的信息，使得我们正确感知潜在的风险，为长期在低收入国家的基础设施投资，提供的机会。我们欢迎在发展中国家的大中城市的城市轨道交通基础设施项目的最佳实践报告，并支持在设置的后续行动发展工作小组的报告。

67.我们重申我们向全球发展伙伴的承诺，我们致力于“千年发展目标”，并欢迎为此作出贡献。发展广泛共识下自愿参与发起的全球伙伴关系，包括实施第四次韩国釜山举行的高级别论坛达成的共识。

68.我们认识到灾害风险管理（DRM）策略的重要性，并更好地预防灾害，保护人民和资产安全。我们赞赏世界银行和经合组织对此的努力，在联合国的支持，我们将投入投入和扩大参与灾害风险管理。

包容性的绿色增长促进长期繁荣

69.当代人和后代人的长期发展和繁荣，需要我们超越眼前的经济危机。我们承认让经济增长，环境保护和社会包容互补的重要性。这可以帮助实现我们的发展和经济目标，同时保护环境，提高社会福祉。我们的未来取决于包括在可持续发展和消除贫困的背景下的绿色增长。包容性绿色增长不应该被被保护主义借用反对增长。

70. 我们承诺将通过适当的措施，继续帮助发展中国家维持和加强他们的发展，包括鼓励包容性绿色增长的举措。我们重申我们在2012年联合国可持续发展会议（里约+20峰会）上关于可持续发展的承诺。我们致力于维护对包容性绿色增长的关注，作为二十国集团议程的一部分，确认里约+20峰会和联合国气候变化公约（UNFCCC）的框架达成的协议。

71。气候变化将对世界经济产生重大影响，成本将比我们推迟额外行动更高。我们重申我们应对气候变化的承诺，欢迎联合国气候变化会议第17次缔约方会议的成果。我们致力于全面实施坎昆会议和德班会议的成果，与卡塔尔协同合作，在第18次缔约方会议上取得成功和平衡的成果。我们强调结构转型的经济体需要在中期内走向经济又好的道路。我们欢迎G20气候融资研究组的创造，考虑到有效调动资源的方式和符合坎昆协议的“联合国气候变化框架公约”的目标、规定和原则，我们邀请在11月份召开的G20财长会议上提交进度报告。我们支持绿色气候基金的运作。

72.G20发展工作组讨论了一系列广泛的实际自愿措施和行动，这些措施有可能帮助各个国家根据自身的情况和优先事项来确定可持续发展道路。我们认为，发展中国家应该能够通过机构和机制分享知识、调动资源、建设技术，具有设计和实现包容性绿色增长战略和政策的机构能力。我们欢迎推行绿色增长知识平台的国际努力，将继续探索向有关发展中国家提供适当支持的选择。我们欢迎对包容性绿色增长提供非指定自愿的政策选择，鼓励促进政策实施的措施。我们鼓励进一步探索调动公共和私人资金的有效机制，为发展中国家的绿色增长提供投资，包括通过公共和私营部门的包容性绿色增长对话平台。我们欢迎B20的绿色增长行动联盟。

73. 我们强调，绿色增长和可持续发展对刺激长期繁荣和幸福具有很强的潜力。我们欢迎经济合作与发展组织（OECD）、世界银行和联合国编写的报告，这份报告纳入了绿色增长和可持续发展政策的结构性改革议程，根据具体国情和发展水平进行研究。我们承认G20国家做出的努力，这些国家现在自愿报告融入绿色增长和可持续发展的结构性改革议程行动。我们将于2013年在自愿的基础上，要求政府官员报告各国纳入结构改革议程以及促进可持续发展的绿色增长措施的努力和进展。

74. 我们欢迎各国矿物燃料补贴的进度报告，我们重申对逐步取消补贴矿物燃料补贴的承诺，这些补贴鼓励中期内的浪费型消费，为贫困人口提供有针对性的支持。我们要求各国财长在下届领导人峰会上提出报告，确认相关的责任和透明度，为G20成员国下次会议自愿审查的过程提供选择。我们也欢迎其他已经从事这项工作的组织就矿物燃料补贴问题进行对话。

75. 我们在戛纳会议上致力于促进低碳发展战略，以优化绿色增长的潜力，确保我们各国的可持续发展。我们欢迎清洁能源和节能技术的报告，承认G20成员国通过分享国内技术部署经验，促进技术投资的努力，

76. 我们欢迎全球海洋环境保护最佳实践共享机制网络的建立，期待这个网络的成立符合戛纳会议的宗旨。

加大反腐斗争

77. 腐败阻碍经济增长，威胁到市场的完整，破坏了公平竞争，扭曲了资源配置，损害了公众信任和破坏法治。我们呼吁所有利益相关者在反腐败斗争中发挥积极作用。

78. 政策实施和执法差距依然是优先考虑的事项，我们将推动首尔G20反腐败行动计划的全面实施取得重大进展，恪守戛纳监管报告的承诺。我们重申批准和全面执行联合国反腐败公约的承诺，在自愿基础上积极参与经合组织反贿赂工作组。我们欢迎B20继续参与反腐败斗争，遵守审查机制的权限条款，包括私营部门和民间社会在自愿基础上参与联合国反腐败公约的审查过程。我们赞同G20反腐败工作组的原则，拒绝腐败官员和行贿分子进入我们的国家，继续推动合作发展框架。我们赞同工作组关于针对有关官员的金融和资产披露制度原则，防止、确认和妥善管理利益冲突。

79. 我们承诺执行反腐败法规，我们将继续按照各国的法规，追捕那些接受或索取贿赂的罪犯以及行贿分子。为了促进G20国家和非G20国家在调查和起诉腐败方面的国际合作，我们将发布G20国家的司法互助指南，同时发布G20司法管辖区内追踪资产的信息。我们重申我们拒绝成为腐败所得避风港的承诺，恢复或归还被盗资产。

80.我们把反腐败工作组的任务期限延长两年到2014年底，并要求工作组编写一份全面的行动计划，以及第二个工作组的监测报告，并在2012年年底提交审议。

81.鉴于世界经济的相互联系，G20主导的多边合作的新典范对于解决当前和未来的挑战非常必要。G20的非正式和灵活的特性，使其能够促进国际经济和金融合作，解决全球经济所面临的挑战。更重要的是我们将继续进一步改善的G20透明度和有效性，并确保它是能够应对迫切面对的挑战。戛纳峰会已经开创了这个局面，各界峰会主席国已经制定了一系列工作方案。

82.二月在洛斯卡沃斯举行的G20外交部部长非正式会议在，探讨了如何在G20成员国如何更有效地解决全球治理面临的主要挑战。

83.认识到G20的决策影响深远，我们欢迎墨西哥东道主广泛的宣传工作，包括G20商业会议上，劳动会议，青年G20，智库-20。我们将继续发展与非成员国，区域和国际组织，包括联合国和其他组织合作。我们将本着戛纳宣言一，继续在这一领域发展。

84.我们感谢各类国际组织的参与，包括联合国，国际货币基金组织，世界银行，世界贸易组织，国际劳工组织，粮农组织，经合组织，以及民间社会组织。他们的报告和建议提供了宝贵的意见，让G20能从可持续发展的金融监管领域不同方面做出研究。

结论

85. 我们期待G20轮值国墨西哥到11月30日期间的后续工作。2012年12月1日起俄罗斯将主持G20，我们将在俄罗斯的主持下在圣彼得堡召开下一届峰会，我们感谢墨西哥举办一个成功的洛斯卡沃斯峰会。

以下是英文版全文：

G20 Leaders Declaration

1. We, the Leaders of the G20, convened in Los Cabos on 18-19 June 2012.

2. We are united in our resolve to promote growth and jobs.

3. Since we last met, the global recovery has continued to face a number of challenges. Financial market tensions are high. External, fiscal and financial imbalances are still prevalent, having a major impact on growth and employment prospects and confidence. Clearly, the global economy remains vulnerable, with a negative impact on the everyday lives of people all over the world, affecting jobs, trade, development, and the environment.

4. We will act together to strengthen recovery and address financial market tensions.

5. We will work collectively to strengthen demand and restore confidence with a view to support growth and foster financial stability in order to create high quality jobs and opportunities for all of our citizens. We have agreed today on a coordinated Los Cabos Growth and Jobs Action Plan to achieve those goals.

6. Euro Area members of the G20 will take all necessary policy measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks. We look forward to the Euro Area working in partnership with the next Greek government to ensure they remain on the path to reform and sustainability within the Euro Area.

7. We are implementing our structural and regulatory reform agenda to enhance medium-term growth prospects and build more resilient financial systems. We remain committed to reduce imbalances by strengthening deficit countries’ public finances with sound and sustainable policies that take into account evolving economic conditions and, in countries with large current account surpluses, by strengthening domestic demand and moving toward greater exchange rate flexibility.

8. Despite the challenges we all face domestically, we have agreed that multilateralism is of even greater importance in the current climate, and remains our best asset to resolve the global economy's difficulties.

9. Recognizing the impact of the continuing crisis on developing countries, particularly low income countries, we will intensify our efforts to create a more conducive environment for development, including supporting infrastructure investment. Our policy actions will improve living conditions across the globe and protect the most vulnerable. In particular, by stabilizing global markets and promoting stronger growth, we will generate significant positive effects on development and poverty reduction across the globe.

Supporting economic stabilization and the global recovery

10. Strong, sustainable and balanced growth remains the top priority of the G20, as it leads to higher job creation and increases the welfare of people across the world. We are committed to adopting all necessary policy measures to strengthen demand, support global growth and restore confidence, address short and medium-term risks, enhance job creation and reduce unemployment, as reflected in the Los Cabos Growth and Jobs Action Plan (see Annex). We will implement all our commitments in a timely manner and rigorously monitor their implementation.

11. Against the background of renewed market tensions, Euro Area members of the G20 will take all necessary measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks. We welcome the significant actions taken since the last summit by the Euro Area to support growth, ensure financial stability and promote fiscal responsibility as a contribution to the G20 framework for strong, sustainable and balanced growth. In this context, we welcome Spain’s plan to recapitalize its banking system and the Eurogroup’s announcement of support for Spain’s financial restructuring authority. The adoption of the Fiscal Compact and its ongoing implementation, together with growth-enhancing policies and structural reform and financial stability measures, are important steps towards greater fiscal and economic integration that lead to sustainable borrowing costs. The imminent establishment of the European Stability Mechanism is a substantial strengthening of the European firewalls. We fully support the actions of the Euro Area in moving forward with the completion of the Economic and Monetary Union. Towards that end, we support the intention to consider concrete steps towards a more integrated financial architecture, encompassing banking supervision, resolution and recapitalization, and deposit insurance. Euro Area members will foster intra Euro Area adjustment through structural reforms to strengthen competitiveness in deficit countries and to promote demand and growth in surplus countries. The European Union members of the G20 are determined to move forward expeditiously on measures to support growth including through completing the European Single Market and making better use of European financial means, such as the European Investment Bank (EIB), pilot project bonds, and structural and cohesion funds, for more targeted investment, employment, growth and competitiveness, while maintaining the firm commitment to implement fiscal consolidation to be assessed on a structural basis. We look forward to the Euro Area working in partnership with the next Greek government to ensure they remain on the path to reform and sustainability within the Euro Area.

12. All G20 members will take the necessary actions to strengthen global growth and restore confidence. Advanced economies will ensure that the pace of fiscal consolidation is appropriate to support the recovery, taking country-specific circumstances into account and, in line with the Toronto commitments, address concerns about medium term fiscal sustainability. Those advanced and emerging economies which have fiscal space will let the automatic fiscal stabilizers to operate taking into account national circumstances and current demand conditions. Should economic conditions deteriorate significantly further, those countries with sufficient fiscal space stand ready to coordinate and implement discretionary fiscal actions to support domestic demand, as appropriate. In many countries, higher investment in education, innovation and infrastructure can support the creation of jobs now while raising productivity and future growth prospects. Recognizing the need to pursue growth-oriented policies that support demand and recovery, the United States will calibrate the pace of its fiscal consolidation by ensuring that its public finances are placed on a sustainable long-run path so that a sharp fiscal contraction in 2013 is avoided.

13. Monetary policy will maintain price stability over the medium term while continuing to support the economic recovery. We will strengthen confidence in our banks, maintaining momentum on the financial sector reforms needed to safeguard our financial systems over the medium term while taking appropriate actions to protect credit channels and the integrity of the global payment and settlement systems. Healthy banks, with an ability to lend, are critical to the global recovery.

14. G20 members will remain vigilant of the evolution of oil prices and will stand ready to carry out additional actions as needed, including the commitment by producing countries to continue to ensure an appropriate level of supply consistent with demand. We welcome Saudi Arabia’s readiness to mobilize, as necessary, existing spare capacity to ensure adequate supply. We will also remain vigilant of other commodity prices.

15. A number of emerging markets are now also experiencing a slowdown in growth. In response, these countries are appropriately directing monetary and fiscal policies to support growth while ensuring stability and, in some cases, introducing new measures to boost their economies, in particular through strengthening domestic demand in a context of weaker external demand.

16. We welcome progress by countries with large current account surpluses to increase domestic demand and actions by countries with large current account deficits to increase national savings. Emerging surplus economies will carry out further actions to increase domestic consumption, including by removing price and tax distortions and strengthening social safety nets, while advanced surplus economies or those with relatively weak private demand will promote domestic demand, notably through the liberalization of service sectors and the promotion of investment, including through the removal of inefficiencies. Higher national savings in countries with current account deficits will contribute to a lasting reduction in global imbalances. We recognize the special circumstances of large commodity exporters with regard to current account surpluses. We reaffirm our commitment to move more rapidly toward market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, avoid persistent exchange rate misalignments, and refrain from competitive devaluation of currencies. We also welcome the commitment by China to allow market forces to play a larger role in determining movements in the Remnimbi (RMB), continue to reform its exchange rate regime, and to increase the transparency of its exchange rate policy.

17. All G20 members have put forward structural reform commitments to strengthen and sustain global demand, foster job creation, contribute to global rebalancing and increase growth potential. These include product market reforms to increase competition, measures to stabilize the housing sector, labor market reforms to boost competitiveness and employment, as well as steps to strengthen social safety nets in a way that is fiscally responsible, advance tax reform to raise productivity, increase investment in infrastructure, and promote inclusive green growth and sustainable development as appropriate to country circumstances. We ask Finance Ministers and Central Bank Governors to consider ways in which the G20 can foster investment in infrastructure and ensure the availability of sufficient funding for infrastructure projects, including Multilateral Development Banks’ (MDBs) financing and technical support.

18. In all policy areas, we commit to minimize the negative spillovers on other countries of policies implemented for domestic purposes. We reaffirm our shared interest in a strong and stable international financial system. While capital flows can be beneficial to recipient economies, we reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability.

19. Recognizing the importance of transparency and accountability in reinforcing credibility and confidence, we have agreed on the Los Cabos Accountability Assessment Framework that accompanies the Growth and Jobs Action Plan. This Framework establishes the procedures we will follow to report on progress in implementing our policy commitments. We welcome the first Accountability Report under this new framework. We task our Finance Ministers and Central Bank Governors to present the second Accountability Report for the Leaders’ Summit in St. Petersburg in 2013.

Employment and Social Protection

20. Quality employment is at the heart of our macroeconomic policies. Jobs with labor rights, social security coverage and decent income contribute to more stable growth, enhance social inclusion and reduce poverty. We therefore endorse the recommendations of our Labor and Employment Ministers to urgently combat unemployment through appropriate labor market measures and fostering the creation of decent work and quality jobs, particularly for youth and other vulnerable groups, who have been severely hit by the economic crisis. We reaffirm our commitment to youth to facilitate their access to quality jobs, which will boost their life prospects. We welcome the work of the G20 Task Force on Employment and extend its mandate for an additional year in the terms proposed by our Ministers. Consistent with the Los Cabos Growth and Jobs Action Plan, we consider that structural reforms, in full respect of the fundamental principles and rights at work, can play an important role in lifting economic growth to generate labor market opportunities, mobility and jobs. We also commit to intensify our efforts to strengthen cooperation in education, skills development and training policies, including internship and on-the-job training, which support a successful school-to-work transition.

21. Creating jobs and reducing unemployment, particularly among our youth and those most affected by the crisis, is central to all our countries. We welcome the report by the International Labour Organization (ILO), Organisation for Economic Cooperation and Development (OECD), International Monetary Fund (IMF) and World Bank on boosting jobs and living standards in G20 countries. We will continue to focus on measures to accelerate the pace of the recovery in jobs and the reduction in unemployment.

22. We recognize the importance of establishing nationally determined social protection floors. We will continue to foster inter-agency and international policy coherence, coordination, cooperation and knowledge sharing to assist low-income countries in capacity building for implementing nationally determined social protection floors. We ask international organizations to identify policy options with low-income countries on how to develop effective sustainable protection floors.

23. We commit to take concrete actions to overcome the barriers hindering women's full economic and social participation and to expand economic opportunities for women in G20 economies. We also express our firm commitment to advance gender equality in all areas, including skills training, wages and salaries, treatment in the workplace, and responsibilities in care-giving.

24. We ask our Labor Ministers to review progress made on this agenda and we welcome consultations with social partners. In this regard, we appreciate the contribution of the Business-20 (B20) and Labor-20 (L20) to the process of the G20 under the Mexican Presidency.

25. We recognize the role of travel and tourism as a vehicle for job creation, economic growth and development, and, while recognizing the sovereign right of States to control the entry of foreign nationals, we will work towards developing travel facilitation initiatives in support of job creation, quality work, poverty reduction and global growth.

Trade

26. We are firmly committed to open trade and investment, expanding markets and resisting protectionism in all its forms, which are necessary conditions for sustained global economic recovery, jobs and development. We underline the importance of an open, predictable, rules-based, transparent multilateral trading system and are committed to ensure the centrality of the World Trade Organization (WTO).

27. Recognizing the importance of investment for boosting economic growth, we commit to maintaining a supportive business environment for investors.

28. We are deeply concerned about rising instances of protectionism around the world. Following up our commitment made in Cannes, we reaffirm our standstill commitment until the end of 2014 with regard to measures affecting trade and investment, and our pledge to roll back any new protectionist measure that may have arisen, including new export restrictions and WTO-inconsistent measures to stimulate exports. We also undertake to notify in a timely manner trade and investment restrictive measures. We uphold the inventory and monitoring work of the WTO, OECD and United Nations Conference on Trade and Development (UNCTAD) on trade and investment measures and encourage them to reinforce and deepen the work in these areas, consistent with their respective mandates.

29. We value the discussion held by our Trade Ministers in Puerto Vallarta on the relevance of regional and global value chains to world trade, recognizing their role in fostering economic growth, employment and development and emphasizing the need to enhance the participation of developing countries in such value chains. We encourage a deepening of these discussions in the WTO, UNCTAD and OECD within their respective mandates, and we call on them to accelerate their work on analyzing the functioning of global value chains and their relationship with trade and investment flows, development and jobs, as well as on how to measure trade flows, to better understand how our actions affect our countries and others, and to report on progress under Russia's Presidency.

30. In line with the Cannes Communiqué, we stand by the Doha Development Agenda mandate and reaffirm our commitment to pursue fresh, credible approaches to furthering trade negotiations across the board. We will continue to work towards concluding the Doha Round negotiations, including outcomes in specific areas where progress is possible, such as trade facilitation, and other issues of concern for least developed countries. We urge progress in streamlining WTO accession procedures for the world’s poorest countries.

31. We support strengthening the WTO through improving the way it conducts its regular business, and its dispute settlement system. We also direct our representatives to further discussions on challenges and opportunities for the multilateral trading system in a globalized economy.

Strengthening the international financial architecture

32. We recognize the importance of effective global and regional safety nets. We welcome the firm commitments to increase the resources available to the IMF. This is the result of a broad international cooperative effort that includes a significant number of countries. The commitments exceed $450 billion and are in addition to the quota increase under the 2010 Reform. These resources will be available for the whole membership of the IMF, and not earmarked for any particular region. These resources, which qualify as reserve assets, would be channeled through bilateral loans and investments such as note purchase agreements to the IMF’s General Resources Account under the modalities which have been approved by the IMF Executive Board. This effort shows the G20 and the international community’s commitment to take the steps needed to safeguard global financial stability and enhance the IMF’s role in crisis prevention and resolution.

33. We reaffirm our commitment to implement in full the 2010 Quota and Governance Reform by the agreed date of the 2012 IMF/World Bank Annual Meetings. These reforms are crucial to enhancing the IMF’s legitimacy, relevance and effectiveness, and will support efforts to further strengthen Fund surveillance and to ensure that the IMF is adequately resourced to play its systemic role. As part of these reforms, we are committed to completing the comprehensive review of the quota formula, to address deficiencies and weaknesses in the current quota formula, by January 2013 and to complete the next general review of quotas by January 2014. We agree that the formula should be simple and transparent, consistent with the multiple roles of

quotas, result in calculated shares that are broadly acceptable to the membership, and be feasible to implement based on timely, high quality and widely available data. We reaffirm that the distribution of quotas based on the formula should better reflect the relative weights of IMF members in the world economy, which have changed substantially in view of strong GDP growth in dynamic emerging markets and developing countries. We reaffirm the importance of continuing to protect the voice and representation of the poorest members of the IMF. We ask our Finance Ministers and Central Bank Governors to review progress on this issue when they meet in November.

34. We agreed that the current surveillance framework should be significantly enhanced, including through a better integration of bilateral and multilateral surveillance with a focus on global, domestic and financial stability, including spillovers from countries’ policies. We welcome the work of the IMF to advance considerations for a proposed integrated surveillance decision and commit to support the decision process. We underscore the importance of rigorous surveillance on exchange rate policies and support a more ample coverage of surveillance activities, where relevant, including global liquidity, capital flows, capital account measures, reserve and fiscal, monetary and financial sector policies that could have an impact on external stability. We welcome the IMF’s ongoing work to produce an external sector report, which would strengthen multilateral analysis and enhance the transparency of surveillance. We also recognize that political ownership and traction is critical to effective surveillance, and that the International Monetary and Financial Committee (IMFC) has a role in facilitating the active involvement of all IMF members. We look forward to substantial progress by the next IMF/World Bank Annual Meetings.

35. We welcome the interim progress report and look forward to the joint annual progress report to support the development of local currency bond markets to be prepared by the World Bank, Regional Development Banks, IMF, OECD and the Bank of International Settlements (BIS). The full report will be presented at the November meeting of G20 Finance Ministers and Central Bank Governors. This issue is of great importance to emerging markets and developing countries, recognizing that the liquidity, efficiency and operation of these markets are being challenged by the current global financial situation.

Reforming the financial sector and fostering financial inclusion

36. We welcome the progress report by the Financial Stability Board (FSB) on taking forward the G20 commitments for strengthening financial stability and the FSB’s enhanced monitoring of implementation at the national level. We are committed to the timely, full and consistent implementation of agreed policies in order to support a stable and integrated global financial system and to prevent future crises.

37. We welcome the publication of the traffic lights scoreboard to track progress in the implementation of all our financial reform recommendations and pledge to take all necessary actions to make progress in the areas where difficulties in policy development or implementation have been identified.

38. In particular, we recognize the substantial progress to date in the priority reform areas identified by the FSB’s Coordination Framework for Implementation Monitoring (CFIM): the Basel capital and liquidity framework; the framework for global systemically important financial institutions (G-SIFIs), resolution regimes, over-the-counter (OTC) derivatives reforms, shadow banking, and compensation practices. We commit to complete work in these important areas to achieve full implementation of reforms.

39. We reaffirm our commitment that all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central

counterparties by end-2012, OTC derivative contracts should be reported to trade repositories and non-centrally cleared contracts should be subject to higher capital requirements. We welcome the FSB progress report on implementation. Now that substantial progress has been achieved in the four safeguards for a resilient and efficient global framework for central clearing, jurisdictions should rapidly finalize their decision-making and put in place the needed legislation and regulations to meet the G20 commitment for central clearing. We acknowledge the progress made to develop the key principles to promote internationally consistent minimum standards for the margining of non-centrally cleared derivatives and encourage international standard setters to finalize the proposed global margin standards by the end of this year, to match the implementation deadline for other OTC derivatives reforms and for the Basel capital framework.

40. We welcome progress in implementing Basel II, 2.5 and III and urge jurisdictions to fully implement the standards according to the agreed timelines. We welcome the Basel Committee’s consultative proposals for a fundamental review of the market risk framework. We welcome the FSB’s progress report on the implementation of the principles and standards for sound compensation practices, reaffirm our commitment to ensure that these are followed and ask the FSB to continue its ongoing monitoring.

41. We reiterate our commitment to make our national resolution regimes consistent with the FSB Key Attributes of Effective Resolution Regimes so that no bank or other financial institution is “too big to fail”. To this end, we also support the ongoing elaboration of recovery and resolution plans and institution-specific cross-border cooperation agreements for all G-SIFIs. We reiterate our commitment to strengthen the intensity and effectiveness of the supervision of SIFIs and ask the FSB to report on further progress in this area to the November 2012 G20 Finance Ministers and Central Bank Governors’ meeting.

42. We welcome progress on developing a set of principles as a common framework for the identification of, and policy measures relating to, domestic systemically important banks (D-SIBs) and ask our Finance Ministers and Central Bank Governors to review recommendations in these areas at their meeting in November. We support continuing work for the strengthening of the oversight and regulation of the shadow banking system, and look forward to our Finance Ministers and Central Bank Governors reviewing recommendations in these areas at their meeting in November. We ask the FSB in consultation with the International Association of Insurance Supervisors (IAIS) to complete their work on identification and policy measures for global systemically important insurers by April 2013. Towards reducing systemic risk, we look forward to the preparation by the FSB in consultation with International Organization of Securities Commissions (IOSCO) of methodologies to identify other systemically important non-bank financial entities by end-2012 and call on Committee on Payment and Settlement Systems (CPSS) and IOSCO to continue their work on systemically important market infrastructures. We also ask the IAIS to continue its work to develop a common framework for the supervision of internationally active insurance groups by end-2013.

43. We call for accelerated progress by national authorities and standard setting bodies in ending the mechanistic reliance on credit ratings and encourage steps that would enhance transparency of and competition among credit rating agencies. We support continuing work to achieve convergence to a single set of high-quality accounting standards. We welcome IOSCO’s report on the functioning of the credit default swap markets and ask IOSCO to report on next steps by the November 2012 Finance Ministers and Central Bank Governors’ meeting.

44. We endorse the FSB recommendations regarding the framework for development of a global legal entity identifier (LEI) system for parties to financial transactions, with a global governance framework representing the public interest. The LEI system will be launched by March 2013 and we ask the FSB to report on implementation progress by the November 2012 Finance Ministers

and Central Bank Governors’ meeting. We encourage global adoption of the LEI to support authorities and market participants in identifying and managing financial risks.

45. We welcome the FSB study, prepared in coordination with the IMF and the World Bank, to identify potential unintended consequences of the agreed financial regulatory reforms for Emerging Markets and Developing Economies (EMDEs). We encourage continued monitoring analysis and reporting by the FSB and dialogue among the FSB, standard-setters, international financial institutions and national authorities of EMDEs, to address material unintended consequences as appropriate without prejudice to our commitment to implement the agreed reforms.

46. We endorse the recommendations and the revised FSB Charter for placing the FSB on an enduring organizational footing, with legal personality, strengthened governance, greater financial autonomy and enhanced capacity to coordinate the development and implementation of financial regulatory policies, while maintaining strong links with the BIS. We call for a full implementation of the recommendations by our next meeting and substantial progress by the November 2012 Finance Ministers and Central Bank Governors’ meeting. We call on the FSB to continue to keep under review the structure of its representation.

47. We welcome the ongoing work by the FSB on adherence to supervisory and regulatory information exchange and cooperation standards and look forward to a further public statement on progress under the initiative ahead of the Finance Ministers and Central Bank Governors’ meeting in November 2012.

48. In the tax area, we reiterate our commitment to strengthen transparency and comprehensive exchange of information. We commend the progress made as reported by the Global Forum and urge all countries to fully comply with the standard and implement the recommendations identified in the course of the reviews, in particular the 13 jurisdictions whose framework does not allow them to qualify to phase 2 at this stage. We expect the Global Forum to quickly start examining the effectiveness of information exchange practices and to report to us and our finance ministers. We welcome the OECD report on the practice of automatic information exchange, where we will continue to lead by example in implementing this practice. We call on countries to join this growing practice as appropriate and strongly encourage all jurisdictions to sign the Multilateral Convention on Mutual Administrative Assistance. We also welcome the efforts to enhance interagency cooperation to tackle illicit flows including the outcomes of the Rome meeting of the Oslo Dialogue. We reiterate the need to prevent base erosion and profit shifting and we will follow with attention the ongoing work of the OECD in this area.

49. We support the renewal of the Financial Action Task Force (FATF) mandate, thereby sustaining global efforts to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction. G20 members also welcome the adoption of the revised FATF standards and look forward to their implementation. We welcome the progress made by FATF in identifying and monitoring high-risk jurisdictions with strategic Anti-Money Laundering/Counter-Terrorist Financing (AML/CFT) deficiencies, using AML/CFT tools in the fight against corruption, improving transparency of corporate vehicles and increasing cooperation against tax crimes, addressing the risks posed by tax havens, as well as in increasing the reach and the effectiveness of AML/CFT measures by also considering financial inclusion efforts. We look forward to the completion in 2013 of the update of the FATF assessment process for the next round of mutual evaluations.

50. We welcome the progress made by the Global Partnership for Financial Inclusion (GPFI) on implementing the five recommendations set out in its 2011 report and call on the GPFI to continue working towards their full implementation. We endorse the G20 Basic Set of financial

inclusion indicators developed by the GPFI. Recognizing the key role that SMEs play in economic development, and poverty reduction, we welcome the launch of the SME Finance Compact that will support developing innovative models and approaches to address the specific access to finance challenges and constraints faced by developing countries with regards to SME finance. We welcome the forthcoming GPFI conference on standard setting bodies and financial inclusion as a means of helping to create an enabling regulatory environment, and we call on the GPFI to report progress to our Finance Ministers and Central Bank Governors in November. Finally, we support the ongoing effort to create a fourth GPFI subgroup that will focus on consumer protection and financial literacy issues.

51. We acknowledge the efforts of those G20 and non-G20 countries committed to national coordination platforms and strategies for financial inclusion under the “G20 Financial Inclusion Peer Learning Program” and encourage similar efforts to advance effective implementation of the G20 Principles for Innovative Financial Inclusion such as the commitments to concrete actions to promote financial inclusion made by developing and emerging countries under the Maya Declaration, recognizing the ongoing efforts and the support by the World Bank Group and the Alliance for Financial Inclusion, and other stakeholders including the United Nations (UN), and bilateral donors to foster financial inclusion.

52. On financial education, we endorse the OECD/International Network on Financial Education (INFE) High Level Principles on National Strategies for Financial Education, and call on the OECD/INFE and the World Bank in cooperation with the GPFI to deliver further tools to promote financial education, with a progress report to the next Summit. For advancing the financial consumer protection agenda, we take note of the discussion on the Statutes of the International Financial Consumer Protection Network (FinCoNet) and on the issues of formal structure and financial support to ensure the exchange of best practices. We also endorse the Action Plan presented by the G20/OECD Task Force on Financial Consumer Protection to develop effective approaches to support the implementation of the High Level Principles on Financial Consumer Protection, and look forward to an update report by the Leaders’ Summit in St. Petersburg in 2013.

53. We recognize the need for women and youth to gain access to financial services and financial education, ask the GPFI, the OECD/INFE, and the World Bank to identify barriers they may face and call for a progress report to be delivered by the next Summit.

54. We welcome the launch of the Mexico Financial Inclusion Challenge: Innovative Solutions for Unlocking Access, a call for innovations that address barriers to financial inclusion through the creation of valuable, affordable, secure, and comprehensive financial services.

Enhancing food security and addressing commodity price volatility

55. The Action Plan on Food Price Volatility and Agriculture adopted by the Ministers of Agriculture in 2011 underlined that to feed a world population expected to exceed 9.3 billion by 2050, agricultural production will have to increase between 50 and 70 percent, and by almost 100 percent in developing countries. We recognize that increasing production and productivity on a sustainable basis while considering the diversity of agricultural conditions is one of the most important challenges that the world faces today. The crisis in the Sahel and the Horn of Africa also underscores that strengthening emergency and long-term responses to food insecurity remains a pressing challenge. We also note that chronic malnutrition is an enormous drain on a country’s human resources, and we therefore support the Scaling Up Nutrition movement and encourage wider involvement of G20 members.

56. We welcome the considerable progress made in implementing the Action Plan and the food security pillar of the Seoul Multi-Year Action Plan on Development. We support the G20

Agriculture Vice-Ministers’ Report annexed to this Declaration, on the progress made on previous commitments and key recommendations on sustainably increasing agricultural productivity, containing inputs from several international organizations coordinated by the Food and Agriculture Organization (FAO) and the OECD, in addition to other recommendations from B20 and civil society.

57. To fight hunger, we commit to continue our efforts on our initiatives, including the Tropical Agriculture Platform, the Platform for Agricultural Risk Management, the GEO Global Agriculture Monitoring, research initiatives for wheat, rice and corn, the Rapid Response Forum, regional emergency food reserves, the Global Agriculture and Food Security Program and support for the Principles of Responsible Agriculture Investment. Recognizing the important contribution of greater transparency to reducing food price volatility, we welcome the progress made in the implementation of the Agricultural Market Information System (AMIS). We recognize that a more stable, predictable, distortion-free, open and transparent trading system, including as regards agriculture, has a critical role to play to promote food security.

58. We reaffirm our commitment to remove export restrictions and extraordinary taxes on food purchased for non-commercial humanitarian purposes by the World Food Programme (WFP). We encourage the implementation of the Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests in the Context of National Food Security.

59. We strongly welcome the launch of the “AgResults” Initiative, aimed at improving food security for the poor and vulnerable by encouraging private sector innovation of new agricultural products and systems constrained by market failures in agriculture. We look forward to the launch of the pilot projects focused on innovations in nutrient-fortified crops, post-harvest waste-reducing storage solutions and crop quality technologies in Sub-Saharan Africa. We commend those who have already committed or signaled their intention to commit funding to this initiative and encourage broader participation.

60. We recognize the need to adapt agriculture to climate change and we recognize the importance of improving the efficiency of water and soil use in a sustainable manner. To this end, we support the development of and a greater use of available technologies, well-known practices and techniques such as soil fertility enhancement, minimum tillage and agroforestry, and call upon international organizations to provide a report on science-based options to improve the efficiency of water use in agriculture including in ways particularly suitable for small farms.

61. We recognize the importance to the global economic recovery of maintaining stability in international commodity markets. We stress the importance of well-functioning and transparent physical and financial commodities’ markets and reduced excessive price volatility to achieve food security and strong growth that is both sustainable and inclusive. We recognize that excessive commodity price volatility has significant implications for all countries, increasing uncertainty for actors in the economy and potentially hampering stability of the budgets, and predictability of economic planning. We recognize that mitigating the negative effects of commodity price volatility on the most vulnerable is an important component of reducing poverty and boosting economic growth. We therefore endorse the conclusions of the G20 report on the macroeconomic impacts of excessive commodity price volatility on growth and its identification of policy options that countries could consider, taking account of national circumstances to mitigate any such effect. We also acknowledge and appreciate the participation and valuable inputs of the IMF, World Bank and UNCTAD. We ask our Finance Ministers to report in 2013 on progress on the G20’s contribution to facilitate better functioning of these physical markets, taking note of possible areas of further work outlined in the report. We reaffirm our commitment to enhance transparency and avoid abuse in financial commodity markets, including OTC, with effective intervention powers for market regulators and authorities and an appropriate regulation and

supervisory framework. In this regard we look forward to IOSCO’s report on the implementation of its recommendations on commodity derivatives markets by November 2012.

62. We recognize that excessive price volatility in energy commodities is also an important source of economic instability. We remain committed to well-functioning and transparent energy markets. We will continue to work to improve the timeliness, completeness and reliability of JODI-Oil and look forward to a progress report next year. We will work on the JODI-Gas database on the same principles. We expect the International Energy Forum (IEF) report on improving the reliability of the JODI-Oil database and the report on transparency in international gas and coal markets submitted by the International Energy Agency (IEA), IEF, and Organization of the Petroleum Exporting Countries (OPEC) to be discussed by our Finance Ministers in November. We also look forward to IOSCO’s recommendations to improve the functioning and oversight of Price Reporting Agencies in November 2012, which will be produced in collaboration with other mandated organizations (IEF, IEA and OPEC), and task Finance Ministers to take concrete measures in this area as necessary.

Meeting the Challenges of Development

63. Eradicating poverty and achieving strong, inclusive, sustainable and balanced growth remain core objectives of the G20 development agenda. We reaffirm our commitment to work with developing countries, particularly low income countries, and to support them in implementing the nationally driven policies and priorities which are needed to fulfill internationally agreed development goals, particularly the Millennium Development Goals (MDGs) and beyond.

64. We welcome the initiative of the Development Working Group to build upon the work of previous G20 presidencies, and its focus on three priorities during the Mexican Presidency - food security, infrastructure and inclusive green growth. We commend the progress achieved against our commitments in the Seoul Multi-Year Action Plan, and support the 2012 Development Working Group progress report annexed to this Declaration. We invite the Development Working Group to explore putting in place a process for ensuring assessment and accountability for G20 development actions by the next Summit.

65. Investment in infrastructure is critical for sustained economic growth, poverty reduction, and job creation. We therefore welcome the strong progress made under the Multi-Year Action Plan, including in implementing the recommendations of the Multilateral Development Banks’ (MDBs) Action Plan and the High Level Panel on Infrastructure.

66. While recognizing that public financing of infrastructure development projects in developing countries remains essential, we consider it should be complemented by private sector investment. We encourage MDBs to continue progress under the Action Plan, and welcome the report on addressing Misperception of Risk and Return in Low Income Countries. This contains important messages about properly perceiving the risks posed, as well as the opportunities offered, by long-term infrastructure investment in low income countries. Recognizing the challenge that rapid urbanization poses and the need to make cities more sustainable, we welcome the report on Best Practices for Urban Mass Transport Infrastructure Projects in Medium and Large Cities in Developing Countries, and support the follow-up actions as set out in the Development Working Group report.

67. We reaffirm our commitments to the global partnership for development, as set out in the MDGs, and welcome efforts to contribute to this end, including the Global Partnership for Effective Development Cooperation to be launched with voluntary participation under the auspices of the broad consensus achieved at the 4th High Level Forum on Aid Effectiveness held in Busan, Korea.

68. We recognize the value of Disaster Risk Management (DRM) tools and strategies to better prevent disasters, protect populations and assets, and financially manage their economic impacts. We appreciate World Bank and OECD combined efforts, with the UN’s support, to provide inputs and broaden participation in the discussion on DRM. We welcome the World Bank’s and Mexico’s joint publication on country experiences in this area with the support of G20 members, and look forward to the OECD voluntary framework to facilitate implementation of DRM strategies, to be completed by November.

Promoting longer-term prosperity through inclusive green growth

69. The long-term development and prosperity of current and future generations requires us to look beyond the immediate economic crisis. We acknowledge the importance of finding ways in which economic growth, environmental protection and social inclusion can complement and reinforce each other. Inclusive green growth in the context of sustainable development and poverty eradication can help achieve our development and economic goals, while protecting our environment, and improving social well-being on which our future depends. Inclusive green growth should not be used to introduce protectionist measures.

70. We commit to continue to help developing countries sustain and strengthen their development through appropriate measures, including those that encourage inclusive green growth. We will reaffirm our commitment to sustainable development at the 2012 United Nations Conference on Sustainable Development (Rio+20). We commit to maintaining a focus on inclusive green growth as part of our G20 agenda and in the light of agreements reached at Rio+20 and the United Nations Framework Convention on Climate Change (UNFCCC).

71. Climate change will continue to have a significant impact on the world economy, and costs will be higher to the extent we delay additional action. We reiterate our commitment to fight climate change and welcome the outcome of the 17th Conference of the Parties to the UN climate change conferences. We are committed to the full implementation of the outcomes of Cancun and Durban and will work with Qatar as the incoming Presidency towards achieving a successful and balanced outcome at COP-18. We emphasize the need to structurally transform economies towards a climate-friendly path over the medium term. We welcome the creation of the G20 study group on climate finance, in order to consider ways to effectively mobilize resources taking into account the objectives, provisions and principles of the UNFCCC in line with the Cancun Agreement and ask to provide a progress report to Finance Ministers in November. We support the operationalization of the Green Climate Fund.

72. The Development Working Group discussed a broad set of practical, voluntary measures and actions that have the potential to help countries define their paths towards sustainable development based on their own circumstances and priorities. We believe that developing countries should have access to institutions and mechanisms that can facilitate knowledge sharing, resource mobilization and building technical and institutional capacity to design and implement inclusive green growth strategies and policies. We welcome international efforts in launching the Green Growth Knowledge Platform and will continue exploring options to provide appropriate support to interested developing countries. We welcome the delivery of a non-prescriptive, voluntary toolkit of policy options for inclusive green growth and encourage efforts to promote its implementation. We encourage further exploration of effective mechanisms to mobilize public and private funds for inclusive green growth investment in developing countries, including through the public-private Dialogue Platform on Inclusive Green Investments. We welcome the B20’s Green Growth Action Alliance.

73. We highlight that green growth and sustainable development have strong potential to stimulate long term prosperity and well being. We welcome the report prepared by the OECD, the World

Bank and the UN on incorporating green growth and sustainable development policies into structural reform agendas, tailored to specific country conditions and level of development. We also acknowledge the G20 efforts to voluntarily self-report on current actions taken to integrate green growth and sustainable development into structural reform agendas. We will self-report again in 2013, on a voluntary basis, and ask appropriate officials to report back on countries’ efforts and progress on incorporating green growth policies in structural reform agendas and in relevant national plans to promote sustainable development.

74. We welcome the progress report on fossil fuel subsidies, and we reaffirm our commitment to rationalize and phase out inefficient fossil fuel subsides that encourage wasteful consumption over the medium term while providing targeted support for the poorest. We ask Finance Ministers to report back by the next Summit on progress made, and acknowledging the relevance of accountability and transparency, to explore options for a voluntary peer review process for G20 members by their next meeting. We also welcome a dialogue on fossil fuel subsidies with other groups already engaged in this work.

75. In Cannes we committed to promote low-carbon development strategies in order to optimize the potential for green growth and ensure sustainable development in our countries and beyond. We therefore welcome the report on clean energy and energy efficiency technologies and acknowledge the G20 countries’ efforts to foster investment in these technologies through the sharing of national experiences regarding challenges for technology deployment.

76. We welcome the establishment of a Global Marine Environment Protection Best Practices Sharing Mechanism website, and look forward to its launch in accordance with the Cannes mandate.

Intensifying the fight against corruption

77. Corruption impedes economic growth, threatens the integrity of markets, undermines fair competition, distorts resource allocation, destroys public trust and undermines the rule of law. We call on all relevant stakeholders to play an active role in fighting corruption.

78. Closing the implementation and enforcement gap remains an important priority, and we continue to make significant progress towards the full implementation of the Seoul G20 Anti-Corruption Action Plan, and the commitments made in the Cannes Monitoring Report. We reiterate our commitment to the ratification and full implementation of the United Nations Convention against Corruption (UNCAC), and to more active engagement with the OECD working group on bribery on a voluntary basis. We welcome continuing engagement from the B20 in the fight against corruption and, in accordance with the Terms of Reference of the review mechanism, will involve the private sector and civil society in the UNCAC review process on a voluntary basis. We endorse today the G20 Anti-Corruption Working Group principles for denial of entry to our countries of corrupt officials, and those who corrupt them, and will continue to develop frameworks for cooperation. We also endorse the Working Group’s principles for financial and asset disclosure systems for relevant officials to prevent, identify and appropriately manage conflicts of interest.

79. We commit to enforcing anti-corruption legislation, and we will pursue those who receive and solicit bribes as well as those who pay them in line with our countries’ legislation. To help facilitate international cooperation among G20 and non-G20 governments in their investigation and prosecution of corruption, we will publish a guide on Mutual Legal Assistance from G20 countries, as well as information on tracing assets in G20 jurisdictions. We renew our commitment to deny safe haven to the proceeds of corruption and to the recovery and restitution of stolen assets.

80. We extend the mandate of the Anti-Corruption Working Group for two years to the end of 2014 and request the Working Group to prepare a comprehensive action plan, as well as a second Working Group Monitoring Report, both to be presented for consideration and adoption by Sherpas by the end of 2012.

Other paragraphs

81. In light of the interconnectedness of the world economy, the G20 has led to a new paradigm of multilateral co-operation that is necessary in order to tackle current and future challenges effectively. The informal and flexible character of the G20 enables it to facilitate international economic and financial cooperation, and address the challenges confronting the global economy. It is important that we continue to further improve the transparency and effectiveness of the G20, and ensure that it is able to respond to pressing needs. As a contribution to this, in line with the commitment made in Cannes, Sherpas have developed a set of evolving G20 working practices.

82. An informal meeting of G20 Ministers of Foreign Affairs was held in Los Cabos in February, which explored the ways in which G20 member countries could contribute more effectively to address key challenges in global governance.

83. Recognizing the far-reaching impact of G20 decisions, we welcome the extensive outreach efforts undertaken by the Mexican Presidency, including the meetings of Business-20, Labor-20, Youth-20, and Think-20. We will continue developing efforts with non-members, regional and international organizations, including the UN and other actors. In line with the Cannes mandate, in order to ensure our outreach remains consistent and effective, we welcome a set of principles in this area, developed by Sherpas.

84. We thank international organizations, including the UN, IMF, World Bank, WTO, FSB, ILO, FAO, and OECD, as well as civil society, for their input into the G20 process. Their reports and recommendations have provided valuable inputs to G20 discussions, in areas ranging from sustainable development to financial regulation.

Conclusion

85. We look forward to the rest of the work that will take place during Mexico’s Presidency until November 30. On 1 December, 2012, Russia will start chairing the G20. We will convene in St. Petersburg, under the Chairmanship of Russia. We thank Mexico for hosting a successful Los Cabos Summit.