24 September 2009

Creating a 21st Century International Economic Architecture

Leaders establish G20 as forum for international economic cooperation

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THE WHITE HOUSE
Office of the Press Secretary
September 24, 2009

FACT SHEET: CREATING A 21ST CENTURY INTERNATIONAL ECONOMIC ARCHITECTURE

Dramatic changes in the world economy have not always been reflected in the global architecture for economic cooperation.

This all started to change today. The G-20 leaders reached a historic agreement to put the G-20 at the center of their efforts to work together to build a durable recovery while avoiding the financial fragilities that led to the crisis.

Establishing the G-20 as the Premier Global Economic Forum: Leading up the Pittsburgh Summit, President Obama called on the world’s leaders to reform global economic institutions to meet the needs of an interconnected global economy. Today, leaders endorsed the G-20 as the premier forum for their international economic cooperation. This decision brings to the table the countries needed to build a stronger, more balanced global economy, reform the financial system, and lift the lives of the poorest.

Stronger and More Effective Institutions: This builds on the decision made in April to expand the Financial Stability Board to include all G-20 countries and to add all the G-20 members to the Global Forum on Transparency and Exchange of Information. The Financial Stability Board is central to our efforts to develop and implement sweeping reforms to transform the system of global regulation. The Global Forum is the primary vehicle in the G-20’s effort to promote greater tax transparency.

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