G20 takes office G8

At the summit the leaders of 20 most developed countries and major developing countries (G20) in Pittsburgh, on the initiative of U.S. President Barack Obama, it was decided that the G20 is "Steering Committee" for global economic cooperation. This role is more than three decades played the first part of the G7 U.S., Japan, Britain, Germany, France, Italy and Canada, and later after the G8 associated and Russia.

Group 8 will, however, continue to meet, but their limited themselves to questions of common interest such as security issues, while the world economy moves to the level of G20.

Limited bank bonuses

Leading developing countries expect to obtain the right to vote in the Governing Board of the International Monetary Fund (IMF), because they feel that are underrepresented in comparison to European countries. China is so far considered the state that is least represented in the G20 with only 3.7 percent of the voting rights when, for example, France has 4.9 percent of the voting rights.

The Pittsburgh is agreed on the proposal to limit the compensation of banking, but by the end of this year. These actions G20 would later oversee the financial committee composed of representatives of central banks.

- Parallel to the continuation of the recovery, we are committed to adopt measures necessary to create a foundation for strong, sustainable and uniform growth in the 21 century. We understand that we have to act strongly in order to overcome the profound legacy of the recent global economic crisis and to help people cope with the consequences of the crisis. We want growth without cycles of expansion and decline of the markets that encourage responsibility, and not negligence - it was stated the draft summit conclusions.

Help the poor

Within the Group of 20, however, there is no agreement when the country should begin to abolish the stimulation of the economy and how much control should the international community have over the financial markets of individual countries.

In addition, the leaders agreed on the fact that the World Bank's request to develop a new Guardianship Fund to support the new Initiative for the food security of poor countries.

- Increase, on a voluntary basis, funding for programs bringing clean energy to the poorest. We also agreed to gradually abolish subsidies to fossil fuel production that encourages wasteful spending and undermines efforts to combat climate change - have pointed to the leaders of G20.