SCORECARD: How is the G20 faring on its Washington pledges?
(Reuters) - At a summit in Washington in November, G20 leaders agreed to take rapid action, including fiscal stimulus measures as needed, to stabilize financial markets and restore growth in worsening global economy.
They also supported giving emerging markets more say in the global financial order and set goals on global trade.
With next year's G20 chair Britain still intent on ambitious reforms of the global financial system, how are they faring?
* FISCAL MEASURES TO BOOST DEMAND RAPIDLY
- Most economies have introduced stimulus measures to boost demand although there have been disagreements on how big such packages should be
* MONETARY POLICY STEPS AS APPROPRIATE
- Central banks across the world have reduced interest rates but, with many rates approaching zero, are now looking to other weapons in their armory to bolster the economy
* MORE FUNDS FOR THE IMF TO SUPPORT EMERGING ECONOMIES
- Following the Washington summit, there was no fresh money for the IMF beyond a unilateral Japanese offer for a $100 billion loan. Saudi Arabia, intensely lobbied by British Prime Minister Gordon Brown to use its oil wealth to augment the Fund, said that it had not come to Washington to pay the bill
* STRIVE FOR BREAKTHROUGH THIS YEAR ON WORLD TRADE TALKS
- World Trade Organization Director-General Pascal Lamy decided earlier this month against calling trade ministers for talks because countries were not showing enough will to narrow their differences
* NO RAISING OF TRADE BARRIERS OVER THE NEXT 12 MONTHS
- Since November 15 many countries inside and outside the WTO have done just the opposite: the European Union approved new import duties on Chinese screws and bolts; Russia has announced plans to introduce new duties on imported cars; and India raised import tariffs on steel
* REFORM OF BRETTON WOODS INSTITUTIONS
This would give emerging economies more of a voice in line with their changing economic weight
- Nothing yet, although France, which currently has the EU Presidency, and Brazil have said they will come to the next G20 summit in London in April with a common EU-Brazil position on dealing with the global financial crisis
* COLLEGE OF SUPERVISORS TO REVIEW MAJOR GLOBAL BANKS
- Nothing yet
* REGULATORY OVERHAUL
The Washington meeting called for a review of accountancy standards, CEO pay, bankruptcy rules, credit rating agencies and moving credit default swaps to exchange trading
- Individual countries have made some moves in this direction but no coordinated response
