At a glance: G20 agreement

G20 world leaders have revealed their communiqué to tackle the global economic crisis. UK Prime Minister Gordon Brown announced the $1.1 trillion deal as he closed the G20 summit. Here is a summary of the key points: FINANCIAL REGULATION A new Financial Stability Board, with a strengthened mandate, will replace the Financial Stability Forum Financial regulation and oversight will be extended to all financial institutions, instruments and markets This includes bringing hedge funds within the global regulatory net for the first time Members are committed to implementing tough new rules on pay and bonuses at a global level International accounting standards will be set Credit rating agencies will be regulated in order to remove their conflicts of interest A common approach to cleaning up banks' toxic assets has been agreed TAX HAVENS There will be sanctions against tax havens that do not transfer information on request The Organisation for Economic Co-operation and Development has published a list of countries assessed by the Global Forum against the international standard for exchange of tax information IMF Resources available to the International Monetary Fund will be trebled to $750bn This includes a new overdraft facility, or special drawing rights allocation, of $250bn Additional resources of $6bn from agreed IMF gold sales will be made available for lending to the poorest countries The G20 also supports increased lending to the world's poorest countries of at least $100bn by the multilateral development banks GLOBAL TRADE There will be a commitment of $250bn of support for trade finance made over the next two years This will be made available through export credit and investment agencies, as well as through multilateral development banks National regulators will be asked to make use of available flexibility in capital requirements for trade finance PROTECTIONISM The G20 has pledged to resist protectionism There will be a commitment to naming and shaming countries that breach free trade rules The G20 will notify the World Trade Organization (WTO) of any measures that constrain worldwide capital flows The G20 has called on the WTO to monitor and report publicly on these undertakings on a quarterly basis FISCAL STIMULUS Although there is no new fiscal stimulus, Gordon Brown said G20 countries are already implementing "the biggest macroeconomic stimulus the world has ever seen" - an injection of $5tn by the end of next year

source:BBC