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French G20 and G8 Presidency priorities

French G20 and G8 Presidency priorities

Published on January 25, 2011
Communiqué issued by the Presidency of the Republic

Paris, January 24, 2011

Since its creation at the level of heads of State and government at the end of 2008, the G20 has enabled effective responses to be provided collectively to the most serious crisis since that of the 1930s.

In 2011, the G20 will have to complete the work already started to tackle the root causes of the crisis, but also broaden its agenda to include new actions aimed at sustainably improving global stability and prosperity.

Only the G20 has the power, authority and decision-making capacity to provide the crucial impetus to further today’s major economic projects. France, as G20 President in 2011, has identified five priorities:

1. Reforming the international monetary system (IMS)

The recent past has witnessed high exchange-rate volatility, growing imbalances and ever-increasing stockpiling of foreign exchange reserves by emerging countries which may be confronted by the sudden, large-scale flight of international capital. The French Presidency wishes to reform the international monetary system in order to establish collective responses to these deficiencies and adapt to the profound changes the global economy is experiencing, particularly with the increasing power of the large emerging countries. Building a more stable and robust IMS also involves reducing imbalances and increasing cooperation between economic policies within the Framework, with a view to strong, lasting and balanced growth in the G20.

2. Strengthening financial regulation

To strengthen financial sector oversight on a lasting basis, the French Presidency will ensure that the rules agreed to by the G20 are thoroughly implemented. She will also work to strengthen financial regulation in the areas where it remains insufficient – for example, in commodities markets.

3. Combating commodity price volatility

The French Presidency wishes to find collective solutions in order to reduce excessive commodity price volatility – particularly in energy and agriculture – which undermines world growth and threatens food security. In particular, the agriculture ministers will meet in June to propose solutions to strengthen food security and develop agricultural output.

4. Supporting employment and strengthening the social dimension of globalization

The French G20 Presidency will promote four priority goals in this field: employment, particularly for young people and the most vulnerable; the consolidation of the social protection floor; respect for social and labour rights; and more coherent strategies by international organizations. The labour and employment ministers will meet to discuss this agenda at the end of September.

5. Fighting corruption

The G20’s action on fighting corruption is part of a long-term, global strategy to clean up the business climate, combat tax evasion and strengthen the rule of law. The French Presidency will ensure that the Anti-Corruption Action Plan adopted in Seoul is translated into concrete results and effective progress from 2011 onwards.

6. Acting for development

The G20, which represents two thirds of the planet’s population, has a duty to provide practical solutions to the problems of development, which was included on the G20’s agenda in Seoul with the adoption of the G20’s first Multi-Year Action Plan on Development. The French Presidency will be particularly committed to supporting the development of infrastructures and ensuring food security in the most vulnerable countries. The French Presidency will take to the G20 the debate on development funding through innovative financing, particularly the financial transaction tax./.

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