The G20 Hamburg Summit Declaration highlights a resolution to address common challenges to the global community and to take concrete actions towards building resilience, improving sustainability and assuming responsibility, as defined in the Hamburg Action Plan. Although there was a roll-back on the G20 commitment to free trade and climate change, the commitments to post-crisis financial services regulatory reforms survived the change in US sentiment.
The Hamburg Declaration includes new policy actions intended ”to tackle challenges in our economies, focusing on initiatives that foster inclusive growth, enhance resilience and further our efforts to implement structural reforms".
In terms of financial services, emphasis has been placed on safeguarding an open and resilient financial system, based on agreed international standards and regarded as crucial in supporting sustainable growth. Overall, the G20 leaders have re-affirmed their commitment towards:
- the finalisation and timely, full and consistent implementation of the agreed G20 financial sector reform agenda
- finalising the Basel III framework without further significantly increasing overall capital requirements across the banking sector, while promoting a level playing field
- continuing to monitor closely and if necessary, address emerging risks and vulnerabilities in the financial system
- supporting the Financial Stability Board’s (FSB) work to analyse the effects of financial regulatory reforms and the structured framework for post-implementation regulatory evaluation
- endorsing the FSB’s assessment of the monitoring and policy tools available to address risks from shadow banking, acknowledging the considerable progress made towards transforming shadow banking into resilient market based finance in the years since the financial crisis (see shadow banking article)
- acknowledging that malicious use of ICT can endanger financial stability and valuing the progress of the FSB’s work - with a stock-taking report expected in October 2017
- supporting the operation of strong, effective and representative global economic and financial institutions as vital for growth and sustainable development
- continuing to improve the system underpinning international capital flows in promoting sound and sustainable financing practices
- enhancing the international financial architecture and the global financial safety net, with a strong quota-based and adequately resourced International Monetary Fund (IMF) at its centre
- pursuing international economic and financial cooperation in order to further strengthen growth and safeguard against downside risks
- continuing to use all policy tools – monetary, fiscal and structural – individually and collectively towards achieving strong, sustainable, balanced and inclusive growth and enhancing economic and financial resilience.
A comprehensive list of agreed G20 Hamburg Summit documents is available here and includes the Annual Progress Report on G20 development commitments and the 2030 Agenda for Sustainable Development.