Relaunching the Group of 20 as the world's top economic forum, member states' leaders on Friday laid out bold plans to oversee global finance as growth returns after last year's economic crisis. At a Pittsburgh, Pennsylvania summit, the Group's leaders worked to craft a deal to reshape economic governance. The draft text of a document to be agreed by leaders of the G20 industrial and developing countries envisions greater power for the emerging economies and multilateral thinking on financial regulation. “We recognize that the process to ensure more balanced global growth must be undertaken in an orderly manner. All G20 members agree to address the respective weaknesses of their economies,” the draft resolution said. he final G20 statement said that members agreed “to launch a framework that lays out the policies and the way we act together to generate strong, sustainable, and balanced global growth.” The participants agreed to “make sure our regulatory system for banks and other financial firms reins in the excesses that led to the crisis,” and to make new moves to “increase access to food, fuel, and finance among the world's poorest while clamping down on illicit outflows.” At the urging of the Obama administration, G20 members agreed to “phase out and rationalize over the medium term inefficient fossil-fuel subsidies while providing targeted support for the poorest,” as well as to maintain “our openness and move toward greener, more sustainable growth,” the statement said.
