The G-20 members reaffirm the central role of the IMF as a critical forum for multilateral consultation and cooperation on monetary and financial issues as well as in promoting international financial and monetary stability.
The G-20 members recognise that the global financial crisis has highlighted the urgency of accelerating changes to the IMF so that it can more effectively fulfil its mandate. Such changes should address any underlying deficits in resources, lending instruments, and governance structures, with a view to enhancing legitimacy, ownership and efficiency, and clarifying the roles and responsibilities of the Fund.
G-20 members reaffirm the Fund’s leading role in this ongoing work, and the need for close coordination with other bodies, such as the expanded FSF.
G-20 members welcome the steps taken by the IMF and FSF to strengthen their collaboration and to conduct regular early warning exercises to identify and prioritise systemic macro-financial risks, propose policy responses, and report to policymakers. We expect that the process of expansion of the FSF will be completed by the Leaders’ Summit of April 2009.
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