Gordon Brown has said the G20 has 'reached a new consensus that we take global action together to deal with the problems we face.'
The UK Prime Minister, who chaired the London summit of the G20 today, said the summit had concluded 'that global problems require global solutions.'
Trade must become again an engine of growth, he said, and the G20 was agreed that action must be taken to complete the Doha Round of WTO negotiations.
He announced that by 2010, $5 trillion will have been injected into the world's economies.
Summarising the conclusions of the summit, he said they had agreed to set new international accounting standards.
They agreed that banking secrecy must come to an end, and information must be made available on request. Tax havens not compliant to the new standards will be sanctioned, though details of the sanctions were not given.
The G20 also agreed 'new rules on pay and bonuses' in the banking sector, and that an international regime of regulation needs to be set up.
Mr Brown announced an additional $500bn for the IMF, plus $250bn in IMF Special Drawing Rights and $250bn to boost trade.
Romania, Hungary, Iceland, Latvia, Serbia and Ukraine in Europe, and Pakistan, Mexico and others elsewhere have sought emergency IMF cash in recent weeks.
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Gordon Brown earlier said there was a high degree of consensus among G20 leaders at their London summit.
The British prime minister was speaking at the opening session of the summit this morning, which has been called to chart a way out of the global recession.
It is already clear that one of the legacies of the London G20 will be that the era of unrestricted capitalism is over.
However France's President Sarkozy and German Chancellor Angela Merkel would probably like even stricter global financial regulation than was being contemplated.
Most large developing economies here like China, Brazil and India will be keen to see a firm commitment to anti-protectionist measures.
They have huge export markets and rely on free trade.
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