"We have agreed and are implementing a broad range of financial reforms to address the major fault lines that caused the crisis. We are building more resilient financial institutions, making substantial progress towards ending too-big-to-fail, increasing transparency and market integrity, filling regulatory gaps and addressing the risks from shadow banking. We will pursue our work to build a safe, reliable financial system responsive to the needs of our citizens," said the G20 declaration.
Leaders noted that the G20 countries have a responsibility to ensure that all people have an opportunity to gain from strong, sustainable and balanced growth.
"We endorse the St Petersburg Development Outlook to focus our efforts on concrete steps to improve food security, financial inclusion, infrastructure, human resource development and domestic resource mobilization," the declaration said.
The G20 leaders said that corruption impedes sustainable economic growth and poverty reduction, threatening financial stability and economy as a whole.
"We will hold ourselves to our commitment to implement the G20 Anti-Corruption Action Plan, combating domestic and foreign bribery, tackling corruption in high-risk sectors, strengthening international cooperation and promoting public integrity and transparency in the fight against corruption. Recognizing the need for sustained and concerted efforts we endorse the St Petersburg Strategic Framework," the declaration said.
The G20 leaders said that they share a common interest in developing cleaner, more efficient and reliable energy supplies, as well as more transparent physical and financial commodity markets.
"We commit to enhance energy cooperation, to make energy market data more accurate and available and to take steps to support the development of cleaner and more efficient energy technologies to enhance the efficiency of markets and shift towards a more sustainable energy future. We underscore our commitment to work together to address climate change and environment protection, which is a global problem that requires a global solution," the declaration said.
"We will continue to develop comprehensive growth strategies to achieve stronger, more sustainable and balanced growth in the context of fiscal sustainability," the declaration adds.
The G20 leaders noted that too many of their citizens have yet to participate in the economic global recovery that is underway.
"The G20 must strive not only for strong, sustainable and balanced growth but also for a more inclusive pattern of growth that will better mobilize the talents of our entire populations," the declaration said.
"Cooperation, Coordination and Confidence is what we will continue to strive for," the declaration adds.
--ANI (Posted on 06-09-2013)