G20 Finance Ministers Focus on Global Economic Risks, Reaffirm Commitment to Global Standards

The G20 Finance Ministers and Central Bank Governors met in Paris, France on 14-15 October 2011. The meeting was focused on "heightened tensions and significant downside risks for the global economy that need to be addressed decisively to restore confidence, financial stability and growth".

The communiqué released outlines various responses and reforms in the financial sector, including in relation to over the counter (OTC) derivatives, Basel reforms on banking regulation and reducing over-reliance on external credit ratings. The communiqué also notes the reaffirming of the "objective to achieve a single set of high quality global accounting standards", without providing any documented deadlines for achieving the objective.

The full communiqué is available on the G20 website.