The G-20 Framework for Strong, Sustainable, and Balanced Growth was launched in September 2009 as a process for G-20 countries to identify vulnerabilities in the global economy and agree on policies to address them. The Framework Working Group was set up to manage the Framework process and facilitate policy coordination. It is composed of senior officials from G-20 Finance Ministries and Central Banks. The International Monetary Fund, the World Bank, the Organization for Economic Cooperation and Development, along with other international organisations, provide technical assistance and advice to the Working Group. Canada has co-chaired the G-20 Framework Working Group with India since its inception at the 2009 G-20 Summit in Pittsburgh. India will also continue to co-chair the Working Group.
As co-chairs, Canada and India facilitate negotiations among G-20 members on the collective and individual policy actions that members need to take to enhance global economic growth and create jobs. This ongoing work has led to important commitments from G-20 Leaders at annual Summits.
The Toronto Summit Declaration and the Seoul Action Plan in 2010 established the broad range of fiscal, exchange rate, and structural policy reforms that G-20 countries are taking to address national and global economic vulnerabilities. These commitments included the Toronto Commitments for advanced economies to halve their fiscal deficits by 2013 relative to their 2010 levels, and to stabilize or reduce government debt-to-GDP ratios by 2016.
Most recently, the Cannes and Los Cabos Action Plans released at the Leaders’ Summits in November 2011 and June 2012 made further advancements by setting out country-specific commitments from G-20 members. In particular, these Action Plans included measures that Euro Area countries are taking to address the sovereign debt and banking crisis as well as important commitments from China to enhance the flexibility of its exchange rate and reduce its pace of accumulation of foreign reserves.