G20 leaders agree to secure sustainable growth

G20 leaders have agreed to secure sustainable growth through coordinated efforts at the conclusion of their two day summit. They added that different countries should take different approaches to achieve growth. Despite a Greek referendum drama which threatened to derail EU efforts to defuse the eurozone debt crisis, G20 leaders who met in the French resort city of Cannes adopted a final communique. In the declaration, G20 leaders agreed to play their part to spur job growth. Advanced countries with tight budgets will adopt policies to build confidence and support growth" and "to achieve fiscal consolidation," while countries with surpluses will "boost domestic demand." The leaders also agreed to increase the International Monetary Fund’s resources to enable it to play a key role in defending growth and preparing for unexpected shocks. In the meantime, G20 leaders made a step in strengthening financial regulations by calling for reaping benefits from financial integration, but failed to stay on the same page over specific measures. Aside from agreeing to task several international organizations to assess credit default swaps, functions and enhance management against speculation, G20 leaders also failed to iron out differences over the introduction of a financial transaction tax, which has been eagerly promoted by France, this year’s G20 summit host.