G8 Summit:
communique on global economy working session
https://www.gov.uk/government/news/g8-summit-communique-on-global-economy-working-session
G8 leaders today held a discussion on the global economy.
Read their conclusions.
Following their discussion on the global economy this
afternoon, G8 leaders at Lough Erne, Northern Ireland, have concluded:
Promoting growth and jobs is our top priority. We agreed to
nurture the global recovery by supporting demand, securing our public finances
and exploiting all sources of growth. The fight against unemployment,
particularly long-term and youth unemployment remains critical in our domestic
and collective agendas.
Global economic prospects remain weak, though downside risks
have reduced thanks in part to significant policy actions taken in the US, euro
area and Japan,
and to the resilience of major developing and emerging market economies. Most
financial markets have seen marked gains as a result. However, this optimism is
yet to be translated fully into broader improvements in economic activity and
employment in most advanced economies. In fact, prospects for growth in some
regions have weakened since the Camp David
summit. While countries have taken steps to avoid the worst of the tail risks
that faced the world economy in 2012, vulnerabilities remain in 2013,
highlighting the need for countries to press ahead with the necessary reforms
to restore sustainable growth and jobs.
Downside risks in the euro area have abated over the past year,
but it remains in recession. Additional strengthening of the architecture of
the European Economic and Monetary Union, including through the development of
the agreed elements of a banking union, is strongly needed to contribute to
further reducing financial fragmentation, and continued strengthening of banks’
balance sheets. Fiscal sustainability and restoring financial stability need to
go hand in hand with well-designed growth strategies, including growth-oriented
structural reforms. The US
recovery is continuing and the deficit is declining rapidly in the context of a
continuing need for further progress towards balanced medium-term fiscal
sustainability and targeted investments to enhance growth. Japan’s growth
will be supported by its near-term fiscal stimulus, bold monetary policy and
recently announced strategy for promoting private investment. However it will
need to address the challenge of defining a credible medium-term fiscal plan.
Some of our central banks have continued to use highly accommodative monetary
policy to support their domestic economies, including through unconventional
means such as quantitative easing. Russia is experiencing low
unemployment and a favourable fiscal position, but more moderate global growth
and volatile commodity prices will be a challenge.
In light of this background we are committed to taking
further action now to restore confidence, encourage investment and job
creation, support the recovery and reduce global imbalances. We agreed today
that:
Decisive action is needed to nurture a sustainable recovery
and restore the resilience of the global economy. Advanced economies need to
balance supporting domestic demand with reforms to tackle structural weaknesses
that weigh on growth, while implementing credible fiscal plans. We reaffirm our
commitment to cooperate to achieve a lasting reduction in global imbalances,
which surplus and deficit countries must address.
Monetary policy should continue to support the recovery and
be directed towards domestic price stability, according to the respective
mandates of central banks.
Restoring medium-term fiscal sustainability remains a
priority. Fiscal policy should allow for near-term flexibility to accommodate
economic conditions including through focusing on the structural deficit as
appropriate. The pace of fiscal consolidation should be differentiated for our
different national economic circumstances.
Structural reforms are key to improving sustainable growth
and long-term living standards, enhancing competitiveness, providing
well-functioning credit channels for investment including by small and medium
sized enterprises (SMEs) and strengthening confidence. Urgent and specific
measures are needed to create quality jobs, particularly for the young and the
long-term unemployed. We are all committed to make the necessary reforms in our
own economies to support stronger financial systems, healthy labour markets,
jobs and growth, and bolster world trade.
In January 2013 the UK assumed the one-year Presidency
of the G8. Leaders from Canada,
France, Germany, Italy,
Japan, Russia, USA and…
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News story
G8 Summit
Live
https://www.gov.uk/government/news/g8-summit-live
Video agenda for 17 June (times in BST)
From 07.00 - 13.00: VIP arrivals into Aldergrove airport
(Live)
15.45 - 16.45: UK PM welcomes leaders into Lough
Erne (Live)
From 16.45: Highlights from welcome event
From 19.00: Bilateral meetings with leaders
Video agenda for 18 June (times in BST)
From 0915: Working session
1000 - 1030: Leaders Family Photo
1200 - 1215: Leaders lunch event (Live)
1530 - 1615: UK
Prime Minister Press Conference
1545 - 1615: French Press Conference
1630 - 1700: Canadian Press Conference
1630 - 1700: Italian Press Conference
From 1700: Russian Press Conference
What is the G8?
https://www.gov.uk/government/news/what-is-the-g8
G8 is a forum that brings together 8 global leaders to
address international issues and tackle the most pressing global challenges.
The G8 (Group of 8) is made up of Canada,
France, Germany, Italy,
Japan, Russia, the USA
and the UK.
The EU is represented by Jose Manuel Barroso, the President of the European
Commission, and Herman Van Rompuy, the President of the European Council.
The Presidency of the G8 rotates each calendar year and the
country holding the G8 Presidency is responsible for hosting and organising the
annual summit, with a number of preparatory meetings leading up to it.
The summit is an opportunity for G8 leaders to have frank
and open discussions about the important global issues of the day. In 2013 it
will be the UK’s
turn to shape the G8’s approach to these discussions with G8 leaders holding
each other to account and agreeing concrete steps to advance growth and
prosperity across the world.
History of the G8
In 1973 the world experienced its worst economic crisis
since the Great Depression. The finance ministers of the USA, UK,
France and West Germany
met informally to talk about how they could solve the economic problems linked
with the oil price shock. In 1974 Japan was invited to the meetings
and in 1975 the French President brought these informal discussions to the
leaders. He also invited Italy
to what was the first G6 in Rambouillet,
France. There
was no army of political advisers in tow, just the leaders in a relaxed and
private setting. This low-key formula was very successful and the leaders
agreed to meet annually. A year later Canada
joined and after the collapse of the Soviet Union, Russia became a full member in
1998. The EU has been part of the group since 1977, but does not hold a
Presidency. Almost 40 years on, the G8 countries can provide guidance and
stability in an unpredictable world.
What does the Presidency involve?
The G8 Presidency runs for 1 calendar year and rotates among
the 8 member countries. The country chairing the Presidency is responsible for
shaping the issues that leaders discuss at the G8 Summit and hosts a number of
preparatory meetings leading up to the summit. It also acts as the spokesperson
for the G8.
The UK Presidency is an opportunity for the UK to influence
the international debate on our global priorities, which include tax, trade and
transparency. At the end of this year, the UK
will hand over the Presidency to Russia for 2014. The Presidency
will continue in its rotation to Germany
in 2015, Japan in 2016, Italy in 2017, Canada
in 2018, France in 2019, and
the USA in 2020 before it
returns to the UK.
What does the G8 do?
The G8 is a forum that provides the opportunity for its
members to co-operate in addressing global challenges. The standards it sets,
commitments it makes and steps it takes aim to drive prosperity and economic
growth all over the world. Prime Minister David Cameron has said that this year
the G8 will return to its roots, creating the right environment for frank and
open discussions to promote growth and address global economic problems. There
will be a short declaration aimed at holding G8 leaders to account and ensuring
that good intentions become vital actions to advance growth and prosperity
across the world.
At the end of this year, the UK
will hand over the Presidency to Russia for 2014. The Presidency
will continue in its rotation to Germany
in 2015, Japan in 2016, Italy in 2017, Canada
in 2018, France in 2019, and
the USA in 2020 before it
returns to the UK.