Pittsburgh Summit

Pittsburgh Summit
Name	Pittsburgh Summit
Date	September 24–25, 2009
Location	Pittsburgh, Pennsylvania, United States
Venue	David L. Lawrence Convention Center
Participants	G20 leaders, heads of state, heads of government
Coordinates	40.4445°N 79.9536°W

Pittsburgh Summit The Pittsburgh Summit was the third meeting of the Group of Twenty leaders convened in Pittsburgh on September 24–25, 2009, at the David L. Lawrence Convention Center. The summit followed earlier sessions in Washington, D.C. and London and focused on responses to the 2007–2008 financial crisis, global financial reform, and strategies for restoring global economic growth after the Great Recession. Leaders from advanced and emerging economies sought coordinated measures involving institutions such as the International Monetary Fund, the World Bank, and the Financial Stability Board.

Background and lead-up

In the aftermath of the 2007–2008 financial crisis and the 2008–2009 global recession, the G20 finance ministers and central bank governors meetings in London Conference (2009) and at St. Andrews, Fife set preparatory agendas for the Pittsburgh meeting. The summit built on policy coordination from the Leaders' Summit on Financial Markets and the World Economy and proposals from the Group of Seven and the G8 Summit (2009). International institutions including the International Monetary Fund, the World Bank Group, and the Financial Stability Board produced reports that framed discussions on bank capital requirements, systemically important financial institutions, and regulatory reform. Preparatory engagement involved bilateral summits such as Russia–United States relations talks, China–United States relations consultations, and meetings involving the European Union presidency and the Organization for Economic Co-operation and Development.

Participation and attendees

The summit brought together leaders from the full G20 membership: heads from United States, China, India, Japan, Germany, United Kingdom, France, Italy, Canada, Brazil, Russia, South Africa, Mexico, Australia, South Korea, Turkey, Argentina, Indonesia, Saudi Arabia, and representatives for the European Union. Prominent attendees included Barack Obama representing the United States, Hu Jintao for China, Manmohan Singh for India, Yasuo Fukuda and Taro Aso linked to Japan's leadership transition, Angela Merkel for Germany, Gordon Brown for United Kingdom, Nicolas Sarkozy for France, Silvio Berlusconi for Italy, Stephen Harper for Canada, Luiz Inácio Lula da Silva for Brazil, Dmitry Medvedev for Russia, Jacob Zuma for South Africa, Felipe Calderón for Mexico, Kevin Rudd for Australia, Lee Myung-bak for South Korea, Recep Tayyip Erdoğan for Turkey, Cristina Fernández de Kirchner for Argentina, Susilo Bambang Yudhoyono for Indonesia, and Abdullah of Saudi Arabia for Saudi Arabia. Intergovernmental institutions were present through officials from the International Monetary Fund, the World Bank, the Financial Stability Board, and the United Nations.

Key issues and agreements

Delegates addressed reform of international financial architecture, including proposals from the Financial Stability Board and the Basel Committee on Banking Supervision for stronger bank capital and liquidity standards. Leaders discussed expanding the quota and governance reform of the International Monetary Fund and the World Bank Group, as well as debt relief measures connected to Heavily Indebted Poor Countries Initiative approaches and resources for the United Nations Framework Convention on Climate Change financing. Trade policies and protectionism were countered with commitments echoing earlier language from the G20 London Summit (2009) and the World Trade Organization’s norms. Commitments included support for demand-stimulus coordination inspired by models from the United States, China, and Germany and frameworks for addressing systemically important financial institutions proposed by the Financial Stability Board and discussed at the Group of Ten meetings.

Summit proceedings and timeline

Preparatory sessions occurred in the weeks leading up to the summit, including meetings of G20 sherpas, finance ministers and central bank governors, and working groups convened by the International Monetary Fund and the Organisation for Economic Co-operation and Development. On September 24, leaders convened plenary sessions, bilaterals, and working groups addressing financial regulation, trade, and development; on September 25, leaders approved a final communiqué and a comprehensive growth and reform plan drafted with inputs from the Financial Stability Board, the IMF, and the World Bank. Side meetings included bilateral talks between United States–China relations representatives, European Union–Russia engagements, and trilateral discussions involving Brazil–India–China coordination. Security and logistics involved cooperation among the Pittsburgh Bureau of Police, the United States Secret Service, and the Pennsylvania National Guard.

Outcomes and impact

The summit produced a leaders' communiqué endorsing a framework for reforming financial regulation, strengthening the International Monetary Fund's resources, and pledging to resist protectionism. It set targets for improved bank capital under principles aligned with the Basel III concepts advocated by the Basel Committee on Banking Supervision and mandated expanded roles for the Financial Stability Board and the International Monetary Fund in surveillance. The summit approved a package to boost global demand and coordinated fiscal measures drawing on precedents from United States and China stimulus programs and called for increased voice for emerging economies in institutions such as the World Bank Group and the International Monetary Fund. Longer-term impacts included momentum for regulatory reforms implemented in jurisdictions influenced by decisions at European Union lawmaking bodies, United States Congress legislation debates, and policy changes in China, India, and Brazil.

Reactions and criticism

Reactions ranged from praise in statements by officials from the International Monetary Fund, the World Bank, and the Financial Stability Board for coordinated action to criticism from commentators associated with Occupy movement precursors and labor organizations who decried a perceived lack of enforceable commitments. Think tanks such as the Brookings Institution, the Peterson Institute for International Economics, and the Cato Institute provided divergent assessments of the summit's adequacy on issues of global governance and financial regulation. Civil society groups including Public Citizen and Oxfam criticized the summit for insufficient attention to development finance and climate finance mechanisms referenced in United Nations fora. Some leaders and officials from Germany, France, and United Kingdom emphasized the summit's diplomatic success, while commentators in Russia and Argentina questioned the balance of reforms for emerging-market representation in international institutions.

Category:G20 summits