The Group of 20 nations have declared their crisis-fighting efforts a success, and have promised to give rising powers such as China more say in rebuilding and guiding the global economy.
In a final statement released at the conclusion of the two-day meeting in Pittsburgh, the G20 pledged to keep emergency economic supports in place until sustainable recovery is assured, launch a framework for acting together to re-balance economic growth, and establish tougher rules governing banks by 2012.
US President Barack Obama's first turn hosting a major summit ended on an upbeat note, with leaders claiming victory in stopping the recession from turning into a depression.
'It worked, they said in the final communique. 'Our forceful response helped stop the dangerous, sharp decline in global activity and stabilise financial markets.'
The Pittsburgh gathering was the third summit in a year for the G20, which said it would now be the 'premier forum' for economic co-operation, supplanting the Western-dominated G7 and G8.
The move was a clear acknowledgment that fast-growing countries such as China and India now play a much more important part in world growth.
But the G20 said tough economic tasks remained. The leaders vowed not to return to the 'reckless behaviour' blamed for triggering the financial crisis, which exploded two years ago when failing US mortgage loans caused catastrophic losses at financial firms around the world.
'A sense of normalcy should not lead to complacency,' the G20 leaders said in the communique.
In addition to the regulatory reforms, which are supposed to be developed by the end of 2010, the G20 took aim at lavish pay packages for bankers, although it was unclear whether the agreed measures would establish a firm cap on compensation. The communiqué referred to a plan to impose 'strong international compensation standards'.
The G20 leaders also agreed to shift some voting power at the International Monetary Fund to under-represented countries such as China and India.
In the statement, the G20 endorsed a plan to phase out fossil fuel subsidies as a way to combat global warming, and to step up efforts to complete the Doha round of trade talks.
