British Treasury Financial Secretary Stephen Timms, Brazilian Finance Minister Guido Mantega and Finance Minister of South Africa Trevor Manuel (from L to R) attend a press conference in Sao Paulo, Brazil, Nov. 9, 2008. The G-20 Finance Ministers and Central Bank Governers' Meeting closed on Sunday. (Xinhua/Zhang Chuanqi)
Finance ministers and central bank governors from the Group of 20 (G20) major industrial and emerging economies closed their annual meeting here Sunday, vowing to jointly tackle the global financial crisis.
The G20 has "a critical role to play in ensuring global financial and economic stability," said a joint statement released at the end of the two-day meeting.
Brazilian Finance Minister Guido Mantega, who chaired the meeting, said the participants agreed that "joint and coordinated action," "greater regulation of financial markets" and "total agreement" on policies are required to regain financial stability.
Other actions agreed upon at the meeting include fiscal incentives to enterprises, and more international cooperation to identify and rapidly respond to signs of national and international crisis.
The officials agreed that tax cuts and increased government spending are necessary to avoid a recession. They also pledged increased communication and coordination in the face of the crisis.
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