G20 leaders released this "Growth and Jobs Action Plan" at the summit in Los Cabos, Mexico on June 19, 2012.
It states in part, "Risks and uncertainty in the global economy have increased substantially. Our collective focus now is to strengthen demand, growth, confidence and financial stability in order to improve employment prospects for all of our citizens. We have agreed today on a globally coordinated economic plan to achieve those goals through our Framework for Strong, Sustainable and Balanced Growth. This plan, which incorporates and extends the Cannes Action Plan, significantly intensifies our efforts to achieve a stronger, more durable recovery. The Los Cabos Growth and Jobs Action Plan starts from the premise that cooperation and coordination will result in better economic outcomes. We are united in our commitment to take strong and decisive action to deliver on the commitments set out below.
We have agreed that, in light of what are perceived to be the most significant risks, our policy actions should focus on:
- Addressing decisively the sovereign debt and banking crisis in the Euro Area. The Euro Area authorities have taken a number of relevant and critical actions that have helped to stabilise the situation, however, significant risks remain and further action is required.
- Ensuring financial stability, including dealing with the potential impacts of deleveraging.
Boosting demand and economic growth, and reducing persistently high and rising unemployment in many advanced economies, especially among young people.
- Ensuring the pace of fiscal consolidation in advanced economies is appropriate to support the recovery, taking country-specific circumstances into account and, in line with the Toronto Commitments, addressing concerns about medium-term fiscal sustainability.Dealing with the possibility that geopolitical risks might lead to a supply-induced sustained spike in oil prices, in an environment of limited spare capacity and modest inventories.
- Ensuring emerging markets maintain a strong and sustainable growth path that contributes to the global recovery and quality job creation.
- Resisting protectionism and keeping markets open."