Context

The financial crisis of last autumn, affecting banking systems, is now a global economic crisis, affecting jobs and livelihoods. No one country can resolve this crisis alone. International co-operation is essential.

The London Summit on 2 April will bring together leaders of the world’s major economies and key international institutions to review progress on the Action Plan to stabilise and strengthen the international financial system agreed at the Washington Summit in November.

But with the global economic situation continuing to deteriorate, the London Summit must go beyond the financial focus of the Washington Summit. Leaders have the opportunity to demonstrate their collective commitment to addressing the crisis through international co-operation and co-ordination, reiterating their commitment to resist protectionist pressures.

Our goal for the London Summit is for Leaders to:

• take whatever action is necessary to stabilise financial markets and enable families and business to get through the recession,
• reform and strengthen the global financial and economic system to restore confidence and trust,
• put the global economy on track for sustainable growth

The Summit should also take measures to protect the poorest, and agree that actions taken to secure economic recovery should be consistent with our shared aspirations for a low-carbon future.

Participation

All those countries that were present in Washington have been invited to London: the leaders of G20 countries, Spain, the Netherlands and the European Commission.  To ensure the London Summit is more representative and hears the voice of all the world’s regions, we have invited additional representatives from Africa (Ethiopia’s President Meles as Chair of NEPAD) and Asia (Thailand’s Prime Minister Abhisit as Chair of ASEAN).

Agenda

The detailed agenda is being finalised, but the Summit should, in concert with the preceding G20 Finance Ministers meeting, focus on:

- Washington Summit follow-up: delivering results on the 47 points in the Action Plan to stabilise and strengthen the international financial system. The Summit will consider the recommendations of the G20 Working Groups:

• Enhancing sound regulation and international transparency;
• Reinforcing international co-operation and promoting integrity in financial markets;
• Reforming the International Monetary Fund; 
• Reforming the World Bank and Multilateral Development Banks;
  Co-ordinating economic recovery.

- Global macro-economic co-operation: agreeing and co-ordinating domestic and international measures to stimulate economic growth and rebalance the global economy, while building the basis for a low carbon future. Specific attention will be paid to the needs of developing countries.

- Resisting protectionist policies: promoting and monitoring trade and investment; promoting a resumption of the Doha Round; resisting discriminatory action in all policy areas;

- Agreeing the principles and priorities for the reform of the International Financial Institutions: to increase their capacity to assist countries affected by the crisis, to reduce the impact of the crisis on developing countries, and to review their governance arrangements.

Preparation

We value the views of Argentina and other partners on these proposals.  Visits to Argentina for pre-Summit consultations include those by Foreign Office Minister Lord Malloch Brown and Treasury Financial Secretary Stephen Timms.