2009 G-20 London summit

2009 G-20 London summit

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The 2009 G-20 London Summit is the second meeting of the G-20
G-20 major economies
The Group of Twenty Finance Ministers and Central Bank Governors is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank...

 heads of state in discussion of financial market
Financial market
In economics, a financial market is a mechanism that allows people and entities to buy and sell financial securities , commodities , and other fungible items of value at low transaction costs and at prices that reflect supply and demand.Both general markets and...

s and the world economy
World economy
The world economy, or global economy, generally refers to the economy, which is based on economies of all of the world's countries, national economies. Also global economy can be seen as the economy of global society and national economies – as economies of local societies, making the global one....

, which was held in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...

 on 2 April 2009 at the ExCeL Exhibition Centre
ExCeL Exhibition Centre
ExCeL London is an exhibitions and conference centre in the London Borough of Newham, England. It is located on a site on the northern quay of the Royal Victoria Dock in London Docklands, between Canary Wharf and London City Airport.- History :The centre was built by Sir Robert McAlpine, opened...

. It followed the first G-20 Leaders Summit on Financial Markets and the World Economy
2008 G-20 Washington summit
The 2008 G-20 Washington Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C., United States. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial...

, which was held in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....

 on 14–15 November 2008. Heads of government or heads of state from the Group of Twenty Finance Ministers and Central Bank Governors
G-20 major economies
The Group of Twenty Finance Ministers and Central Bank Governors is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank...

 (G-20), plus some regional and international organisations attended. Due to the extended membership it has been referred to as the London Summit.

The policing tactics at the event raised some controversy
2009 G-20 London summit protests
The 2009 G-20 London summit protests occurred in the days around the G-20 summit on 2 April 2009, which was the focus of protests from a number of groups over various long-standing and topical issues...

, particularly over the death of Ian Tomlinson
Death of Ian Tomlinson
Ian Tomlinson was an English newspaper vendor who collapsed and died in the City of London after coming into contact with the police while on his way home from work during the 2009 G-20 summit protests. A first postmortem examination indicated he had suffered a heart attack and had died of natural...

.

Agenda


As hosts, the British Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...

 produced an extended agenda pamphlet proposing the issues to be addressed at the London Summit. The explicit goals was "to start the process of reform so as to manage globalisation as a force for good in the medium term."
  1. Engaging concerted action to counter falling demand and fragile confidence (although different countries have different room for manoeuvre on monetary policy)
  2. Developing joint actions to prevent further contagion and support vulnerable emerging and developing markets
  3. Working together to address the flaws in the financial and supervisory architecture that crisis has exposed
  4. Strengthening cross-border co-ordination of financial regulation and international financial institutions like the Financial Stability Forum
    Financial Stability Forum
    The Financial Stability Forum was a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies. The Forum was founded in 1999 to promote international financial stability...

     (FSF) and the International Monetary Fund
    International Monetary Fund
    The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

     (IMF)
  5. Agreeing to boost world trade and reject protectionism as a way of moving towards more stable and secure global commodities markets
  6. Reaffirming our shared commitment to meet the Millennium Development Goals

Preparation


Leaders of the member countries began to prepare for the London Summit months before the effective date, notably with two official meetings dedicated to that preparation, one held in Berlin
Berlin
Berlin is the capital city of Germany and is one of the 16 states of Germany. With a population of 3.45 million people, Berlin is Germany's largest city. It is the second most populous city proper and the seventh most populous urban area in the European Union...

, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...

, on 22 February 2009 for Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...

an leaders, and another in Horsham
Horsham
Horsham is a market town with a population of 55,657 on the upper reaches of the River Arun in the centre of the Weald, West Sussex, in the historic County of Sussex, England. The town is south south-west of London, north-west of Brighton and north-east of the county town of Chichester...

, Sussex
Sussex
Sussex , from the Old English Sūþsēaxe , is an historic county in South East England corresponding roughly in area to the ancient Kingdom of Sussex. It is bounded on the north by Surrey, east by Kent, south by the English Channel, and west by Hampshire, and is divided for local government into West...

, United Kingdom, on 14 March 2009 for Finance Minister
Finance minister
The finance minister is a cabinet position in a government.A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances...

s.

European leaders summit


Leaders of the four European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...

 member countries of the G-20, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...

, Germany, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...

 and the U.K. along with the two largest European non-members, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...

 and the Netherlands, met in Berlin on 22 February 2009 to prepare for the London Summit and to coordinate their actions. The meeting was organized at the initiative of German Chancellor
Chancellor
Chancellor is the title of various official positions in the governments of many nations. The original chancellors were the Cancellarii of Roman courts of justice—ushers who sat at the cancelli or lattice work screens of a basilica or law court, which separated the judge and counsel from the...

 Angela Merkel
Angela Merkel
Angela Dorothea Merkel is the current Chancellor of Germany . Merkel, elected to the Bundestag from Mecklenburg-Vorpommern, has been the chairwoman of the Christian Democratic Union since 2000, and chairwoman of the CDU-CSU parliamentary coalition from 2002 to 2005.From 2005 to 2009 she led a...

.

The leaders agreed that markets, financial institutions and the wide range of financial assets they create, and hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...

s should be subject to appropriate control. In addition, they have called for effective sanctions against tax haven
Tax haven
A tax haven is a state or a country or territory where certain taxes are levied at a low rate or not at all while offering due process, good governance and a low corruption rate....

s. They also agreed to impose sanctions against countries that intend to undermine their work. Finally, they advocated the doubling of funds available to the IMF.

Finance ministers summit


Finance ministers and central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...

ers of the G-20 met in Horsham on 14 March 2009 to prepare for the London Summit. To restore global growth as quickly as possible, the participants decided to approve coordinated and decisive actions to stimulate demand and employment. They also pledged to fight against all forms of protectionism and to maintain trade and foreign investments.

The members also committed themselves to maintain the supply of credit by providing more liquidity and recapitalising the banking system, and to implement rapidly the stimulus plans. As for central bankers, they pledged to maintain low-rates policies as long as necessary. Finally, the leaders decided to help emerging and developing countries, through a strengthening of the IMF.

To strengthen the financial system, the participants proposed to regulate appropriately all important financial institutions, to register all hedge funds or their managers and to force them to provide appropriate information as to the risks they take. They proposed to implement regulation to prevent the systemic risk
Systemic risk
In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to risk associated with any one individual entity, group or component of a system. It can be defined as "financial system instability, potentially catastrophic, caused or exacerbated by...

s and to curb business cycles, including the limitation of the leverage effect, which amplifies cycles. They announced new measures to prevent and resolve crises, through the strengthening of the IMF and the FSF. They agreed to control credit-rating agencies
Credit rating agency
A Credit rating agency is a company that assigns credit ratings for issuers of certain types of debt obligations as well as the debt instruments themselves...

 and their compliance with the Code of Conduct of the International Organization of Securities Commissions
International Organization of Securities Commissions
The International Organization of Securities Commissions is an association of organisations that regulate the world’s securities and futures markets....

; off-balance-sheet
Off-balance-sheet
Off-balance sheet usually means an asset or debt or financing activity not on the company's balance sheet.Some companies may have significant amounts of off-balance sheet assets and liabilities. For example, financial institutions often offer asset management or brokerage services to their clients...

 vehicles; credit-derivatives
Credit derivative
In finance, a credit derivative is a securitized derivative whose value is derived from the credit risk on an underlying bond, loan or any other financial asset. In this way, the credit risk is on an entity other than the counterparties to the transaction itself...

 market; and non-cooperative territories
FATF Blacklist
The FATF blacklist was the common shorthand description for the Financial Action Task Force list of "Non-Cooperative Countries or Territories" ; that is, countries which it perceived to be non-cooperative in the global fight against money laundering and terrorist financing...

.

Gordon Brown's pre-summit meetings


In the weeks before the London Summit, U.K. Prime Minister
Prime minister
A prime minister is the most senior minister of cabinet in the executive branch of government in a parliamentary system. In many systems, the prime minister selects and may dismiss other members of the cabinet, and allocates posts to members within the government. In most systems, the prime...

 Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...

 visited several countries on three continents to try to secure backing for his goals at the London Summit. During the trip Brown was forced to re-clarify his position on fiscal stimulus after criticism from the Governor
Governor of the Bank of England
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, with the incumbent grooming his or her successor...

 of the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

. While speaking at the European Parliament
European Parliament
The European Parliament is the directly elected parliamentary institution of the European Union . Together with the Council of the European Union and the Commission, it exercises the legislative function of the EU and it has been described as one of the most powerful legislatures in the world...

 in Strasbourg
Strasbourg
Strasbourg is the capital and principal city of the Alsace region in eastern France and is the official seat of the European Parliament. Located close to the border with Germany, it is the capital of the Bas-Rhin département. The city and the region of Alsace are historically German-speaking,...

, France, he was challenged by a Member of the European Parliament
Member of the European Parliament
A Member of the European Parliament is a person who has been elected to the European Parliament. The name of MEPs differ in different languages, with terms such as europarliamentarian or eurodeputy being common in Romance language-speaking areas.When the European Parliament was first established,...

 over his spending plans. He also visited the U.S., Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...

, Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...

 and Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...

. He strongly attacked protectionism
Protectionism
Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically.This...

 saying "One of the messages that must come from next week's summit is that we will reject protectionist countries, we will monitor those countries and name and shame if necessary countries that are not following free trade practices".

In the weeks leading up to the London Summit, there had been a growing difference of opinions on the question of implementing further fiscal stimulus. The British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 and the American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 leaderships were in favour of another round of stimulus packages to try to stimulate the global economy, while the French and German leaderships remained strongly opposed to such measures because of the increased levels of debt which this would cause. On 26 March 2009 the Czech
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....

 Prime Minister Mirek Topolanek
Mirek Topolánek
Mirek Topolánek is a former prime minister of the Czech Republic and former President of the European Council. A member of the Civic Democratic Party, he was chairman of the center-right party between November 2002 and March 2010, succeeding Václav Klaus, who was elected President in 2003.On 24...

 strongly criticised the economic expansion policies of U.S. President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...

.

Attendance



G-20 leaders began gathering in London on 1 April 2009. Before leaving for the London Summit, French President Nicolas Sarkozy
Nicolas Sarkozy
Nicolas Sarkozy is the 23rd and current President of the French Republic and ex officio Co-Prince of Andorra. He assumed the office on 16 May 2007 after defeating the Socialist Party candidate Ségolène Royal 10 days earlier....

 suggested that if a meaningful deal was not agreed France would walk out of the summit echoing the "empty chair" gesture of then-French President Charles de Gaulle
Charles de Gaulle
Charles André Joseph Marie de Gaulle was a French general and statesman who led the Free French Forces during World War II. He later founded the French Fifth Republic in 1958 and served as its first President from 1959 to 1969....

 in 1965. At a joint press conference in London, Brown and Obama said that suggestions of a rift were exaggerated. Sarkozy attended a separate press conference with Merkel in which both repeated calls for the summit to agree on more stringent regulation of financial markets and restated their firm opposition to further financial stimulus packages.

On the evening of 1 April the leaders attended a reception at Buckingham Palace
Buckingham Palace
Buckingham Palace, in London, is the principal residence and office of the British monarch. Located in the City of Westminster, the palace is a setting for state occasions and royal hospitality...

 hosted by Queen Elizabeth II. During a photograph she lightly rebuked the Italian Prime Minister Silvio Berlusconi
Silvio Berlusconi
Silvio Berlusconi , also known as Il Cavaliere – from knighthood to the Order of Merit for Labour which he received in 1977 – is an Italian politician and businessman who served three terms as Prime Minister of Italy, from 1994 to 1995, 2001 to 2006, and 2008 to 2011. Berlusconi is also the...

 for shouting too loudly in an effort to attract the attention of President Obama. The story was featured heavily in the Italian media, and was used by opponents to lambast Berlusconi. After the palace reception, the leaders dined at 10 Downing Street
10 Downing Street
10 Downing Street, colloquially known in the United Kingdom as "Number 10", is the headquarters of Her Majesty's Government and the official residence and office of the First Lord of the Treasury, who is now always the Prime Minister....

 where the food was cooked by Jamie Oliver
Jamie Oliver
James "Jamie" Trevor Oliver, MBE , sometimes known as The Naked Chef, is an English chef, restaurateur and media personality, known for his food-focused television shows, cookbooks and more recently his campaign against the use of processed foods in national schools...

.

The summit proper began on the morning of 2 April and took place at the Excel Centre
ExCeL Exhibition Centre
ExCeL London is an exhibitions and conference centre in the London Borough of Newham, England. It is located on a site on the northern quay of the Royal Victoria Dock in London Docklands, between Canary Wharf and London City Airport.- History :The centre was built by Sir Robert McAlpine, opened...

 in Custom House
Custom House, London
Custom House is an area in the London Borough of Newham in London, England.The area is named after the custom house of Royal Victoria Dock.The first Custom House in London was built in 1275 and was located near Billingsgate Market in the City of London....

, east London.

Core participants


The following participants of the London summit include the core members of the G-20 major economies
G-20 major economies
The Group of Twenty Finance Ministers and Central Bank Governors is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank...

, which comprises 19 countries and the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...

 which is represented by its two governing bodies, the European Council
European Council
The European Council is an institution of the European Union. It comprises the heads of state or government of the EU member states, along with the President of the European Commission and the President of the European Council, currently Herman Van Rompuy...

 and the European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....

, as well as other nations and regional organizations invited to take part.
{| class="wikitable"
|-
! colspan="4" style="background: LightSteelBlue;"|G-20 members
G-20 major economies
The Group of Twenty Finance Ministers and Central Bank Governors is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank...


Host nation and leader are indicated in bold text.
|- style="background:#ccc; text-align:center;"
! colspan=2 | Member
! Represented by
! Title
|-
!  
| Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...


| Cristina Fernández de Kirchner
Cristina Fernández de Kirchner
Cristina Elisabet Fernández de Kirchner , commonly known as Cristina Fernández or Cristina Kirchner is the 55th and current President of Argentina and the widow of former President Néstor Kirchner. She is Argentina's first elected female president, and the second female president ever to serve...


| President
President of Argentina
The President of the Argentine Nation , usually known as the President of Argentina, is the head of state of Argentina. Under the national Constitution, the President is also the chief executive of the federal government and Commander-in-Chief of the armed forces.Through Argentine history, the...


|-
!  
| Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...


| Kevin Rudd
Kevin Rudd
Kevin Michael Rudd is an Australian politician who was the 26th Prime Minister of Australia from 2007 to 2010. He has been Minister for Foreign Affairs since 2010...


| Prime Minister
Prime Minister of Australia
The Prime Minister of the Commonwealth of Australia is the highest minister of the Crown, leader of the Cabinet and Head of Her Majesty's Australian Government, holding office on commission from the Governor-General of Australia. The office of Prime Minister is, in practice, the most powerful...


|-
!  
| Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...


| Luiz Inácio Lula da Silva
Luiz Inácio Lula da Silva
Luiz Inácio Lula da Silva , known popularly as Lula, served as the 35th President of Brazil from 2003 to 2010.A founding member of the Workers' Party , he ran for President three times unsuccessfully, first in the 1989 election. Lula achieved victory in the 2002 election, and was inaugurated as...


| President
President of Brazil
The president of Brazil is both the head of state and head of government of the Federative Republic of Brazil. The president leads the executive branch of the federal government and is the commander-in-chief of the Brazilian Armed Forces...


|-
!  
| Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...


| Stephen Harper
Stephen Harper
Stephen Joseph Harper is the 22nd and current Prime Minister of Canada and leader of the Conservative Party. Harper became prime minister when his party formed a minority government after the 2006 federal election...


| Prime Minister
Prime Minister of Canada
The Prime Minister of Canada is the primary minister of the Crown, chairman of the Cabinet, and thus head of government for Canada, charged with advising the Canadian monarch or viceroy on the exercise of the executive powers vested in them by the constitution...


|-
!  
| China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...


| Hu Jintao
Hu Jintao
Hu Jintao is the current Paramount Leader of the People's Republic of China. He has held the titles of General Secretary of the Communist Party of China since 2002, President of the People's Republic of China since 2003, and Chairman of the Central Military Commission since 2004, succeeding Jiang...


| President
President of the People's Republic of China
The President of the People's Republic of China is a ceremonial office and a part of State organs under the National People's Congress and it is the head of state of the People's Republic of China . The office was created by the 1982 Constitution...


|-
!  
| France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...


| Nicolas Sarkozy
Nicolas Sarkozy
Nicolas Sarkozy is the 23rd and current President of the French Republic and ex officio Co-Prince of Andorra. He assumed the office on 16 May 2007 after defeating the Socialist Party candidate Ségolène Royal 10 days earlier....


| President
|-
!  
| Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...


| Angela Merkel
Angela Merkel
Angela Dorothea Merkel is the current Chancellor of Germany . Merkel, elected to the Bundestag from Mecklenburg-Vorpommern, has been the chairwoman of the Christian Democratic Union since 2000, and chairwoman of the CDU-CSU parliamentary coalition from 2002 to 2005.From 2005 to 2009 she led a...


| Chancellor
|-
!  
| India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...


| Manmohan Singh
Manmohan Singh
Manmohan Singh is the 13th and current Prime Minister of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. A Sikh, he is the first non-Hindu to occupy the office. Singh is also the 7th Prime Minister belonging to the Indian...


| Prime Minister
Prime Minister of India
The Prime Minister of India , as addressed to in the Constitution of India — Prime Minister for the Union, is the chief of government, head of the Council of Ministers and the leader of the majority party in parliament...


|-
!  
| Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...


| Susilo Bambang Yudhoyono
Susilo Bambang Yudhoyono
Susilo Bambang Yudhoyono AC , is an Indonesian politician and retired Army general officer who has been President of Indonesia since 2004....


| President
President of Indonesia
The President of the Republic of Indonesia is the head of state and the head of government of the Republic of Indonesia.The first president was Sukarno and the current president is Susilo Bambang Yudhoyono.- Sukarno era :...


|-
!  
| Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...


| Silvio Berlusconi
Silvio Berlusconi
Silvio Berlusconi , also known as Il Cavaliere – from knighthood to the Order of Merit for Labour which he received in 1977 – is an Italian politician and businessman who served three terms as Prime Minister of Italy, from 1994 to 1995, 2001 to 2006, and 2008 to 2011. Berlusconi is also the...


| Prime Minister
Prime minister of Italy
The Prime Minister of Italy is the head of government of the Italian Republic...


|-
!  
| Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...


| Taro Aso
Taro Aso
was the 92nd Prime Minister of Japan serving from September 2008 to September 2009, and was defeated in the August 2009 election.He has served in the House of Representatives since 1979. He was Minister for Foreign Affairs from 2005 to 2007, and was Secretary-General of the LDP briefly in 2007 and...


| Prime Minister
Prime Minister of Japan
The is the head of government of Japan. He is appointed by the Emperor of Japan after being designated by the Diet from among its members, and must enjoy the confidence of the House of Representatives to remain in office...


|-
!  
| Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...


| Felipe Calderón
Felipe Calderón
Felipe de Jesús Calderón Hinojosa is the current President of Mexico. He assumed office on December 1, 2006, and was elected for a single six-year term through 2012...


| President
President of Mexico
The President of the United Mexican States is the head of state and government of Mexico. Under the Constitution, the president is also the Supreme Commander of the Mexican armed forces...


|-
!  
| Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...


| Dmitry Medvedev
Dmitry Medvedev
Dmitry Anatolyevich Medvedev is the third President of the Russian Federation.Born to a family of academics, Medvedev graduated from the Law Department of Leningrad State University in 1987. He defended his dissertation in 1990 and worked as a docent at his alma mater, now renamed to Saint...


| President
|-
!  
| Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...


| Abdullah bin Abdul Aziz
Abdullah of Saudi Arabia
Abdullah bin Abdul-Aziz Al Saud, Custodian of the Two Holy Mosques, is the King of Saudi Arabia. He succeeded to the throne on 1 August 2005 upon the death of his half-brother, King Fahd. When Crown Prince, he governed Saudi Arabia as regent from 1998 to 2005...


| King
|-
!  
| South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...


| Kgalema Motlanthe
| President
President of South Africa
The President of the Republic of South Africa is the head of state and head of government under South Africa's Constitution. From 1961 to 1994, the head of state was called the State President....


|-
!  
| South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...


| Lee Myung-bak
Lee Myung-bak
Lee Myung-bak is the President of South Korea. Prior to his presidency, he was the CEO of Hyundai Engineering and Construction and the mayor of Seoul. He is married to Kim Yoon-ok and has three daughters and one son. His older brother is Lee Sang-deuk, a South Korean politician. He attends the...


| President
President of South Korea
The President of the Republic of Korea is, according to the Constitution of the Republic of Korea, chief executive of the government, commander-in-chief of the armed forces, and the head of state of the Republic of Korea...


|-
!  
| Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...


| Recep Tayyip Erdoğan
Recep Tayyip Erdogan
Recep Tayyip Erdoğan has been Prime Minister of Turkey since 2003 and is chairman of the ruling Justice and Development Party , which holds a majority of the seats in the Grand National Assembly of Turkey. Erdoğan served as Mayor of Istanbul from 1994 to 1998. He graduated in 1981 from Marmara...


| Prime Minister
Prime Minister of Turkey
The Prime Minister of the Turkey is the head of government in Turkish politics. The prime minister is the leader of a political coalition in the Turkish parliament and the leader of the cabinet....


|-
!
| United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...


| Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...


| Prime Minister
Prime Minister of the United Kingdom
The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the Head of Her Majesty's Government in the United Kingdom. The Prime Minister and Cabinet are collectively accountable for their policies and actions to the Sovereign, to Parliament, to their political party and...


|-
!  
| United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...


| Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...


| President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....


|-
! rowspan="2" |  
| European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....


| Jose Manuel Barroso
| President
President of the European Commission
The President of the European Commission is the head of the European Commission ― the executive branch of the :European Union ― the most powerful officeholder in the EU. The President is responsible for allocating portfolios to members of the Commission and can reshuffle or dismiss them if needed...


|-
| European Council
European Council
The European Council is an institution of the European Union. It comprises the heads of state or government of the EU member states, along with the President of the European Commission and the President of the European Council, currently Herman Van Rompuy...


| Mirek Topolánek
Mirek Topolánek
Mirek Topolánek is a former prime minister of the Czech Republic and former President of the European Council. A member of the Civic Democratic Party, he was chairman of the center-right party between November 2002 and March 2010, succeeding Václav Klaus, who was elected President in 2003.On 24...


| President
President of the European Council
The President of the European Council is a principal representative of the European Union on the world stage, and the person presiding over and driving forward the work of the European Council...


|-
{| class="wikitable"
|-
| colspan="4" style="text-align:center; background:Gainsboro;"|Invited states
|- style="background:LightSteelBlue; text-align:center;"
! colspan=2 | State
! Represented by
! Title
|-
!  
| Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...


| Jan Peter Balkenende
Jan Peter Balkenende
Jan Pieter "Jan Peter" Balkenende is a Dutch politician of the party Christian Democratic Appeal .He was the Prime Minister of the Netherlands from 22 July 2002 until 14 October 2010, having led four coalition governments, cabinets Balkenende I, II, III and IV, none of which served a full...


| Prime Minister
Prime Minister of the Netherlands
The Prime Minister of the Netherlands is the chairman of the Council of Ministers of the Netherlands. He is the de facto head of government of the Netherlands and coordinates the policy of the government...


|-
!  
| Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...


| José Luis Rodríguez Zapatero
José Luis Rodríguez Zapatero
José Luis Rodríguez Zapatero is a member of the Spanish Socialist Workers' Party . He was elected for two terms as Prime Minister of Spain, in the 2004 and 2008 general elections. On 2 April 2011 he announced he will not stand for re-election in 2012...


| Prime Minister
Prime Minister of Spain
The President of the Government of Spain , sometimes known in English as the Prime Minister of Spain, is the head of Government of Spain. The current office is established under the Constitution of 1978...


|-
{| class="wikitable"
|-
| colspan="4" style="text-align:center; background:Gainsboro;"|International organisations
|- style="background:LightSteelBlue; text-align:center;"
! colspan=2 | Organisation
! Represented by
! Title
|-
!
| ASEAN
| Surin Pitsuwan
Surin Pitsuwan
Surin Pitsuwan is a longtime Thai politician. He was born in Nakhon Si Thammarat, into an assimilated Thai family of Malay descent.-Early life:...

 
| Secretary General
|-
!
| Financial Stability Forum
Financial Stability Forum
The Financial Stability Forum was a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies. The Forum was founded in 1999 to promote international financial stability...


| Mario Draghi
Mario Draghi
Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as President of the European Central Bank on 1 November 2011...


| Chairman
|-
!
| International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...


| Dominique Strauss-Kahn
Dominique Strauss-Kahn
Dominique Gaston André Strauss-Kahn , often referred to in the media, and by himself, as DSK, is a French economist, lawyer, politician, and member of the French Socialist Party...

 
| Managing Director
|-
!
| New Partnership for Africa's Development
New Partnership for Africa's Development
The New Partnership for Africa's Development is an economic development program of the African Union. NEPAD was adopted at the 37th session of the Assembly of Heads of State and Government in July 2001 in Lusaka, Zambia...

 (NEPAD)
| Meles Zenawi
Meles Zenawi
Meles Zenawi Asres is the Prime Minister of Ethiopia. Since 1985, he has been chairman of the Tigrayan Peoples' Liberation Front , and is currently head of the ruling Ethiopian People's Revolutionary Democratic Front .Meles was born in Adwa, Tigray in Northern Ethiopia, to an Ethiopian father from...


| Chairman
|-
!  
| United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...


| Ban Ki-moon
Ban Ki-moon
Ban Ki-moon is the eighth and current Secretary-General of the United Nations, after succeeding Kofi Annan in 2007. Before going on to be Secretary-General, Ban was a career diplomat in South Korea's Ministry of Foreign Affairs and in the United Nations. He entered diplomatic service the year he...

 
| Secretary General
|-
!
| World Bank Group
World Bank Group
The World Bank Group is a family of five international organizations that makes leveraged loans, generally to poor countries.The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary...


| Robert Zoellick
Robert Zoellick
Robert Bruce Zoellick is the eleventh president of the World Bank, a position he has held since July 1, 2007. He was previously a managing director of Goldman Sachs, United States Deputy Secretary of State and U.S. Trade Representative, from February 7, 2001 until February 22, 2005.President...


| President
|-
!
| World Trade Organization
World Trade Organization
The World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...


| Pascal Lamy
Pascal Lamy
Pascal Lamy is the Director-General of the World Trade Organization, a French political advisor, a businessman, and a former European Commissioner for Trade...


| Director-General
|}

Security operation


The security operation, Operation Glencoe headed by Commander Bob Broadhurst
Bob Broadhurst
Commander Bob Broadhurst, QPM is the 2012 Olympics Gold Command for the Metropolitan Police Service. He was formerly Commander for Public Order and Pan London Operational Support of London's Metropolitan Police Service.-Police career:...

, was projected to cost £7.2 million.
Six police forces were used during the operation: the Metropolitan Police
Metropolitan police
Metropolitan Police is a generic title for the municipal police force for a major metropolitan area, and it may be part of the official title of the force...

, the City of London Police
City of London Police
The City of London Police is the territorial police force responsible for law enforcement within the City of London, England, including the Middle and Inner Temple. The service responsible for law enforcement within the rest of Greater London is the Metropolitan Police Service, a separate...

, British Transport Police
British Transport Police
The British Transport Police is a special police force that polices those railways and light-rail systems in Great Britain for which it has entered into an agreement to provide such services...

 and the forces of Essex Police
Essex Police
Essex Police is a territorial police force responsible for policing the county of Essex in the east of England.It is one of the largest non-metropolitan police forces in the United Kingdom, employing approximately 3,600 police officers and operating across an area of over and with a population of...

, Sussex Police
Sussex Police
Sussex Police is the territorial police force responsible for policing East Sussex, West Sussex and City of Brighton and Hove in southern England. Its head office is in Lewes, Lewes District, East Sussex.-History:...

 and Bedfordshire Police
Bedfordshire Police
Bedfordshire Police, is the territorial police force responsible for policing the ceremonial county of Bedfordshire in England, which includes the unitary authorities of Bedford, Central Bedfordshire and Luton. Its headquarters are in Kempston. The county had an estimated population of 602,500 in...

. Furthermore some units from the Ministry of Defence Police
Ministry of Defence Police
The Ministry of Defence Police is a civilian police force which is part of the United Kingdom's Ministry of Defence. The force is part of the larger government agency, the Ministry of Defence Police and Guarding Agency , together with the Ministry of Defence Guard Service...

 have been used. It is the highest security expenditure in British history.

Protests



The summit became the focus of protests from a number of disparate groups over various long standing and topical issues. These ranged from disquiet over economic policy, anger at the banking system and bankers remuneration and bonuses, the continued war on terror and concerns over climate change. Although the majority of the protests and protestors were peaceful, instances of violence and criminal damage led to the use of kettling
Kettling
Kettling is a police tactic for controlling large crowds during demonstrations or protests. It involves the formation of large cordons of police officers who then move to contain a crowd within a limited area. Protesters are left only one choice of exit, determined by the police, or are completely...

 to contain protestors.

Death of Ian Tomlinson


Ian Tomlinson, a newsagent in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...

, died within a police cordon of the G-20 Meltdown protest near the Bank of England. Initially the City of London Police
City of London Police
The City of London Police is the territorial police force responsible for law enforcement within the City of London, England, including the Middle and Inner Temple. The service responsible for law enforcement within the rest of Greater London is the Metropolitan Police Service, a separate...

 denied that any incident with the police had occurred. However video, photographic and eyewitness evidence was published in the media, and the Independent Police Complaints Commission
Independent Police Complaints Commission
The Independent Police Complaints Commission is a non-departmental public body in England and Wales responsible for overseeing the system for handling complaints made against police forces in England and Wales.-Role:...

 (IPCC) confirmed that Tomlinson had been pushed back by police officers minutes before he collapsed and died of a heart attack. Further allegations that Tomlinson had been hit with a baton were supported when additional video footage became public. The IPCC then later ordered a second post mortem and an independent criminal inquiry, with the second post mortem finding that although "there is evidence of coronary atherosclerosis
Atherosclerosis
Atherosclerosis is a condition in which an artery wall thickens as a result of the accumulation of fatty materials such as cholesterol...

" it was "unlikely to have contributed to the cause of death" and that "the cause of death was abdominal haemorrhage".

Outcome


The London summit was a preliminary step in the process through which the G-20 evolved to become "the premier forum for discussing, planning and monitoring international economic
cooperation".

Financial commitments


The G-20 leaders reached an agreement which, in principle, provides US$1.1 trillion to various programs designed to improve international finance, credit, trade, and overall economic stability and recovery. There was some dispute about how best to move forward. On one hand, the U.K. and the U.S.wanted a large financial stimulus. On the other hand, France and Germany wanted stricter financial regulation. Programs include:
  • US$500 billion increase in the resources pledged by members to the New Arrangements to Borrow, a facility for the IMF to lend money to struggling economies,
  • US$250 billion in pledges to increase trade finance,
  • US$250 billion allocation of Special Drawing Rights (SDR)
    Special Drawing Rights
    Special Drawing Rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund . Not a currency, SDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged...

     which give IMF members the right to drawn down foreign currency in a crisis,
  • US$100 billion in commitments for the multilateral development banks to lend to poor countries.

Regulation


An agreement was also reached to attempt to bring wider global regulation of hedge funds and credit-rating agencies, a common approach to cleaning up bank toxic asset
Toxic asset
Toxic asset is a popular term for certain financial assets whose value has fallen significantly and for which there is no longer a functioning market, so that such assets cannot be sold at a price satisfactory to the holder...

s. The G-20 leaders also agreed to establish a financial stability forum working with the IMF to ensure wider global co-operation and to provide an early-warning system for future financial crises.

No green policies


Despite calls for a green new deal
Green New Deal
A Green New Deal is a report released on July 21, 2008 by the Green New Deal Group and published by the New Economics Foundation, which outlines a series of policy proposals to tackle global warming, the current financial crisis, and peak oil. The report calls for the re-regulation of finance and...

 from Greenpeace
Greenpeace
Greenpeace is a non-governmental environmental organization with offices in over forty countries and with an international coordinating body in Amsterdam, The Netherlands...

 and others and general political hype regarding environmental concerns, none of the US$1.1 trillion stimulus package was allocated for envirnomental investment, and no other environmental agreements were made.

Decreased influence of the United States


One of the general agreements at the London Summit is that there needs to be more government regulations over businesses, and there was a perception that the U.S. would no longer be as dominant as it has been previously. Commenting on the summit, Robert Hormats
Robert Hormats
Robert D. 'Bob' Hormats was sworn in as Under Secretary of State for Economic, Business, and Agricultural Affairs on September 23, 2009. Hormats was formerly Vice Chairman of Goldman Sachs . He joined Goldman Sachs in 1982...

, vice chairman of Goldman Sachs International, said "The U.S. is becoming less dominant while other nations are gaining influence."

Influence of China


The influence of China was very apparent during the G20 with some commentators saying that the G20 was more like a G2
Group of Two
The Group of Two is a proposed informal special relationship between the United States and the People's Republic of China. Originally initiated by C...

.

See also


  • G-20 major economies
    G-20 major economies
    The Group of Twenty Finance Ministers and Central Bank Governors is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank...

  • List of G-20 summits
  • G2
    Group of Two
    The Group of Two is a proposed informal special relationship between the United States and the People's Republic of China. Originally initiated by C...


External links



  • News coverage from the BBC
    BBC
    The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...

    , news.bbc.co.uk
  • News coverage from the Financial Times
    Financial Times
    The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

    , ft.com
  • News coverage from The Guardian
    The Guardian
    The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...

    , guardian.co.uk
  • News coverage from Radio France Internationale
    Radio France Internationale
    Radio France Internationale was created in 1975 as part of Radio France by the Government of France, and replaced the Poste Colonial , Paris Mondial , Radio Paris , RTF Radio Paris and ORTF Radio Paris...

    , rfi.fr
  • News coverage from The Daily Telegraph
    The Daily Telegraph
    The Daily Telegraph is a daily morning broadsheet newspaper distributed throughout the United Kingdom and internationally. The newspaper was founded by Arthur B...

    , telegraph.co.uk
  • Tracking the London Summit 2009 blog
    Blog
    A blog is a type of website or part of a website supposed to be updated with new content from time to time. Blogs are usually maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics or video. Entries are commonly displayed in...

     from The Centre for International Governance Innovation
    Centre for International Governance Innovation
    The Centre for International Governance Innovation is an independent, non-partisan think tank on global governance. Led by experienced practitioners and academics, CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements...

     and Chatham House
    Chatham House
    Chatham House, formally known as The Royal Institute of International Affairs, is a non-profit, non-governmental organization based in London whose mission is to analyse and promote the understanding of major international issues and current affairs. It is regarded as one of the world's leading...

    , g20london.wordpress.com
  • The G-20: A City Survival Guide by Parmy Olson, Forbes, 30 March 2009. forbes.com