G20 lays stress on economic resilience, financial stability

Updated: 2014-11-16 16:01


Comments Print Mail Large Medium Small

BRISBANE - Strengthening the resilience of the global economy and stability of the financial system are crucial to sustaining growth and development, agreed G20 leaders on Sunday.

Wrapping up a two-day summit here, the leaders noted in a communique that reforms to improve banks' capital and liquidity positions and to make derivatives markets safer will reduce risks in the financial system.

According to the communique, progress has been made in delivering the shadow banking framework, and an updated roadmap for further work has been endorsed.

"We have agreed to measures to dampen risk channels between banks and non-banks. But critical work remains to build a stronger, more resilient financial system," said the leaders.

They pointed out the task now is to finalize remaining elements of the G20 policy framework and fully implement agreed financial regulatory reforms, while remaining alert to new risks.

Meanwhile, the leaders pledged further work to stop tax avoidance and evasion activities, including measures to modernize international tax rules, prevent cross-border tax evasion, and exchange information automatically with each other and with other countries.

"We are taking actions to ensure the fairness of the international tax system and to secure countries' revenue bases," said the communique.

The leaders also have endorsed a G20 Anti-Corruption Action Plan in a bid to support growth and resilience, which includes actions to enhance mutual legal assistance, recovery of the proceeds of corruption and denial of safe heaven to corrupt officials.