G-20 3

Establishing the G-20 as the Premier Global Economic
Forum, Obama called on the world's leaders to reform global
economic institutions to meet the needs of an interconnected
world economy.

"Today, leaders endorsed the G-20 as the premier forum
for their international economic cooperation. This decision
brings to the table the countries needed to build a stronger,
more balanced global economy, reform the financial system, and
lift the lives of the poorest," the White House said.

This builds on the decision made in April in London to
expand the Financial Stability Board to include all G-20
countries and to add all the G-20 members to the Global Forum
on Transparency and Exchange of Information.

"The Financial Stability Board is central to our
efforts to develop and implement sweeping reforms to
transform the system of global regulation.

The Global Forum is the primary vehicle in the G-20's
effort to promote greater tax transparency," it said. (MORE)
PTI