CAFOD response to final G20 communiqué

Press Release   •   Nov 07, 2011 09:22 GMT

CAFOD response to final G20 communiqué

Following two days of discussions, the leaders of the world’s major economies have published their final ‘communiqué ’.

The meeting in Cannes, France hosted by French President, Nicolas Sarkozy saw talks on global growth, an International Monetary System and possible financial sector reform.

In the run-up to G20, CAFOD called on Prime Minister David Cameron to back a financial transaction tax .

Responding to the final communiqué, CAFOD’s Lead Economics Analyst, Christina Weller said:

"The kindest interpretation of the results of the Cannes summit is that it’s a work in progress; a more realistic one is that when it came to critical global issues the richest nations on Earth decided to decide later.

"The communiqué is short on substance, ideas and commitments – saved, in part, only by the ambitious agenda of the French presidency which meant some critical issues at least got an airing at the G20 table.

"As a result, the G20 discussed two important reports on innovative financing – the World Bank and International Monetary Fund report on climate finance and the Gates’ report on innovative finance, but the only real commitment is to return to them again later.

"We are thankful that the door on these issues is still ajar, and perhaps pushed a little wider open, but it isn’t the firm commitment that many were hoping for."

See the press release for Christina Weller’s response in full.