FOR IMMEDIATE RELEASE
G20 compliance increases for third year in a row
Cannes, France – The G20 summit continues to enhance its position as the premier forum for global financial governance by complying with its commitments at a 76% level, according to a report released by the G20 Research Group based at the Munk School of Global Affairs at Canada’s University of Toronto and the International Organisations Research Institute based at Russia’s National Research University Higher School of Economics. “These results show that these summits are well worth doing, as promises made are largely promises kept,” says John Kirton, co-director of the G20 Research Group.
The report assesses the G20’s performance in meeting the key pledges it made at the Seoul Summit in November 2010, covering a selection of commitments on over-the-counter derivatives, systemically important financial institutions and exchange rates, among other issues. In light of recent speculation about the economic robustness of the eurozone and the United States, strong compliance can inspire confidence in the global financial system, at a time when it is sorely needed. Australia’s position as the highest complying G20 member could place new countries in a leadership role, broadening the conversation and contribution to make them more global.
The commitments with the highest compliance, at an extremely high 95%, were those on fiscal consolidation and on improving infrastructure. The lowest scores were on the commitments and international cooperation at 53% and trade at 48%.
Australia holds first place with a score of 93%. It is followed by the European Union at 92%, and France, the United Kingdom and Italy at 89%. The lowest scoring members are Turkey and Saudi Arabia, with a score of 59%, and, last, Argentina, with a score of 46%.
The report analyzes 13 commitments selected from the total 153 commitments made at the Seoul Summit, assessing G20 members’ actions from the end of the Seoul Summit on November 12, 2010, up to October 19, 2011, on the eve of the Cannes Summit hosted by France on November 3-4, 2011.
The full report is available at http://www.g20.utoronto.ca/compliance.
The G20 Research Group is a network of scholars, professionals and students with the mission to serve as the world’s leading independent source of information and analysis on the G20. Based at the University of Toronto, it has been assessing G20 compliance with the International Organisations Research Institute at the National Research University Higher School of Economics in Moscow since 2008.
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