British Treasury Financial Secretary Stephen Timms, Brazilian Finance Minister Guido Mantega and Finance Minister of South Africa Trevor Manuel (from L to R) attend a press conference in Sao Paulo, Brazil, Nov. 9, 2008. The G-20 Finance Ministers and Central Bank Governers' Meeting closed on Sunday.
The G20, group of the 20 largest economies of the world, on Sunday agreed that the economic institutions must be strengthened with a more significant role for emerging countries to face the world financial crisis.
Finance ministers and central bankers from the G20 member states, as well as the presidents of the World Bank and International Monetary Fund (IMF), met in Sao Paulo to discuss solutions for the challenges created by the world crisis.
They stressed that fiscal measures to stimulate the economy could be an important tool in the current situation, and agreed to take anti cyclic measures to promote sustainable growth.
The meeting produced a series of suggestions in terms of economic policies and principles to guide the talks in the coming weeks, but did not result in a formal compromise by the countries.
At a press conference, Brazil's Minister of Finance Guido Mantega said the agreements established the necessity of "combined coordinated action," a "larger regulation of the financial markets," and a "total agreement" in creating anti cyclic policies.
In a communique released at the meeting, the G20 attributed the financial crisis to "the excessive exposure to risk and mistakes in risk managing in the financial markets, and inconsistent macroeconomic policies," as well as "the deficiency in regulations and financial supervision in some developed nations."
The countries agreed they must control the risks associated to the excessive leverage, adjust their regulatory and supervising systems, and improve the transparency and accountability of financial markets.
They also agreed to strengthen their international cooperation "to identify and respond rapidlyto local and international systematic risks."
This weekend's meeting will continue in the first meeting of the heads of state of the G20 countries, called by U.S. President George W. Bush, on November. 15 in Washington.
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