G20 finance ministers reach consensus on stabilizing the banking system Finance ministers and central bankers from the Group of 20 (G20) leading advanced and emerging economies issued a communiqué on October 15 after a meetingin Paris,theirlast meeting before the G20 Summit in Cannes.
Thefinancialleaders stressedthatthe world economy faces growing downward risks, and more measures should betaken to maintain the stability of the banking sys-tem andfinancial marketsto boost world economic recovery. Althoughthey agreed to strengthen supervision over the financial industry, differences on otherissues such as international monetary system reform re-mained.