<p>This would be based on the principle of common but differentiated responsibilities and respective capabilities at the United Nations Framework Convention on Climate Change Conference in Copenhagen in December.<br /><br />The wording “differentiated responsibilities”in the declaration is significant for the fact that the document accepts the contention of countries India and China which contended that the industrialised countries had “historical responsibilities” on containing greenhouse gases emission because of their role in polluting the globe since industrial revolutiion.<br /><br />India and countries in the G-5 feel that they were still developing and emission control standards could not be applied equally on them.<br /><br />The summit also agreed that they would encourage and facilitate the development, dissemination and mutually agreed transfer of clean, low-carbon technologies, reducing consumption, thereby improving energy security and access, again a strong demand by the developing countries that industrialised nations come upfront on financing clean development technologies for the poor nations. <br /><br />Italy — the host, Canada, France, Germany, Japan, Russia, the United Kingdom and the US are the members of the G-8 while Brazil, Mexico, China and South Africa besides India form the G-5. <br /><br />The summit was also attended by leaders of Egypt and Sweden as President of the European Council.<br /><br />Global challenges<br /><br />The leaders committed themselves to work together on global challenges and to improve international governance and to foster a genuine partnership in the context of a strengthened multilaterism.<br /><br />“We will cooperate to ensure that the global economy resumes growth along a balanced, equitable and sustainable path for the benefit of all, especially the most vulnerable. We will resist protectionism and promote open markets for trade and investment. “We will contribute to ensuring food security and energy security. We will support developing countries in withstanding the impact of the crisis and restoring conditions for their future progress,” the declaration said.<br /><br />The summit noted that the economic and financial crisis has clearly reinforced the need for enhanced international multilateral cooperation and said it was important to ensure that developing economies, in particular low income countries, are able to cope with the effect of the economic crisis. <br /><br />Discussing the global recovery agenda for balanced, inclusive and sustainable growth, the Summit committed the leaders to work together for ensuring a green global recovery based on firm and lasting foundations for sustainable, balanced, innovative and inclusive growth in the medium term. “We will foster a macro-environment that supports a robust and balanced resumption of domestic private spending to promote the revival of demand. Such an environment will require rehabilitating banking sectors in some countries and the resumption of lending on a sound basis,” it said.<br /><br />Exit strategies<br /><br />The declaration said while continuing to support economies with every necessary measure to overcome the crisis, the nations would also begin to prepare exit strategies, from the extraordinary policy measures taken to respond to the crisis, to be adopted once the recovery is assured and to ensure monetary and fiscal sustainability in the medium term.<br /><br />The nations would cooperate in efforts to support domestic demand and achieve a robust, balanced, inclusive and sustainable global recovery. “We will foster and work together to ensure an appropriate adjustment of savings and investments, according to respective national circumstances.”<br /><br />The leaders decided to refrain from competitive devaluations of currencies and promote a stable well-functioning international monetary system.<br /><br />The Summit resolved to continue reforming financial system regulation and supervision to prevent boom and bust cycles and to work to ensure propriety, integrity and transparency of international economic and financial activity.<br /><br />“We support an international financial system which fosters global economic and financial stability.”</p>
<p>This would be based on the principle of common but differentiated responsibilities and respective capabilities at the United Nations Framework Convention on Climate Change Conference in Copenhagen in December.<br /><br />The wording “differentiated responsibilities”in the declaration is significant for the fact that the document accepts the contention of countries India and China which contended that the industrialised countries had “historical responsibilities” on containing greenhouse gases emission because of their role in polluting the globe since industrial revolutiion.<br /><br />India and countries in the G-5 feel that they were still developing and emission control standards could not be applied equally on them.<br /><br />The summit also agreed that they would encourage and facilitate the development, dissemination and mutually agreed transfer of clean, low-carbon technologies, reducing consumption, thereby improving energy security and access, again a strong demand by the developing countries that industrialised nations come upfront on financing clean development technologies for the poor nations. <br /><br />Italy — the host, Canada, France, Germany, Japan, Russia, the United Kingdom and the US are the members of the G-8 while Brazil, Mexico, China and South Africa besides India form the G-5. <br /><br />The summit was also attended by leaders of Egypt and Sweden as President of the European Council.<br /><br />Global challenges<br /><br />The leaders committed themselves to work together on global challenges and to improve international governance and to foster a genuine partnership in the context of a strengthened multilaterism.<br /><br />“We will cooperate to ensure that the global economy resumes growth along a balanced, equitable and sustainable path for the benefit of all, especially the most vulnerable. We will resist protectionism and promote open markets for trade and investment. “We will contribute to ensuring food security and energy security. We will support developing countries in withstanding the impact of the crisis and restoring conditions for their future progress,” the declaration said.<br /><br />The summit noted that the economic and financial crisis has clearly reinforced the need for enhanced international multilateral cooperation and said it was important to ensure that developing economies, in particular low income countries, are able to cope with the effect of the economic crisis. <br /><br />Discussing the global recovery agenda for balanced, inclusive and sustainable growth, the Summit committed the leaders to work together for ensuring a green global recovery based on firm and lasting foundations for sustainable, balanced, innovative and inclusive growth in the medium term. “We will foster a macro-environment that supports a robust and balanced resumption of domestic private spending to promote the revival of demand. Such an environment will require rehabilitating banking sectors in some countries and the resumption of lending on a sound basis,” it said.<br /><br />Exit strategies<br /><br />The declaration said while continuing to support economies with every necessary measure to overcome the crisis, the nations would also begin to prepare exit strategies, from the extraordinary policy measures taken to respond to the crisis, to be adopted once the recovery is assured and to ensure monetary and fiscal sustainability in the medium term.<br /><br />The nations would cooperate in efforts to support domestic demand and achieve a robust, balanced, inclusive and sustainable global recovery. “We will foster and work together to ensure an appropriate adjustment of savings and investments, according to respective national circumstances.”<br /><br />The leaders decided to refrain from competitive devaluations of currencies and promote a stable well-functioning international monetary system.<br /><br />The Summit resolved to continue reforming financial system regulation and supervision to prevent boom and bust cycles and to work to ensure propriety, integrity and transparency of international economic and financial activity.<br /><br />“We support an international financial system which fosters global economic and financial stability.”</p>
