Ten point agenda to revive global economy from G20

G20 meeting of finance ministers and central bank governors has chalked out a strong 10-point agenda to revive global economy, ensure exchange of information on tax matters and obtain orderly roll back of the monetary stimuluses by the big economies. These will be endorsed by G20 leadership in Brisbane in November. ET explains:

1. STRONGER GROWTH BUT DOWNSIDE RISK

Global economy faces weak demand and supply side constraints.

Donside risks, including in financial markets and from geopolitical risks.

2. LIFT GLOBAL GROWTH OVER 2% BY 2018

Set of measures identified, more to be added by the time of Brisbane summit.

G20 members will be held accountable for their deliverables.

3. ORDERLY ROLLBACK OF MONETARY STIMULUS

Clearly communicate monetary actions in a timely way.

Moniter build up of financial risks because of lose monetary policy.

4. GROWTH ENHANCING FISCAL POLICIES

Foscal policy to support economic growth and job creation.

Improve composition and quality of government expenditure to achieve this.

5. GLOBAL INFRASTRUCTURE FACILITY

Global infra initiative to increase quality investment, particularly in infrastructure.

Seek to implement multi-year infra agenda.

Provide a platform for tie-ups between development banks and private sector.

6. FOCUS ON TOO-BIG-TO-FAIL INSTITUTIONS

Plan for consistent implementation of Basel-III capital rules.

Too-big-to-fail institutions identified and stronger capital requirement rules to be announced at Brisbane.

7. FINANCIAL AND REGULATORY REFORMS

Remaining elements to be finalised and rolled out after 2014 FSB to report on implementation of reforms and their effect.

8. SHARING OF INFORMATION ON TAX EVASION

Elements of base erosion and profit Shifting action plan to be finalised by 2015.

Exchange information automatically between each other and with other countries by 2017 or end-2018.

9. IMF QUOTA REFORMS

Reitereated commitment to IMF quota and governance reform.

Urges the US to ratify the reforms agreed to in 2010 by year-end.

10. CONCERN OVER EBOLA

Concerned about the human cost of the Ebola epidemic.

Urges a coordinated global response.