2011 G20 Cannes summit

2011 G20 Cannes summit

G20

G20 Summit on Financial Markets and the World Economy Sommet du G20 2011
Host country	France
Date	3-4 November 2011
Motto	Building our Common Future: Renewed Collective Action for the Benefit of All
Venue(s)	Palais des Festivals Cannes, France
Participants	G20 Invited Guests: Ethiopia Singapore Spain United Arab Emirates Equatorial Guinea
Follows	2010 G20 Seoul Summit
Precedes	2012 G20 Los Cabos Summit
Website	g20.org

The G20 heads of government and heads of state met for the sixth time in 2011 at the Cannes Summit. They have been meeting regularly to talk about the world economy and financial markets.

The G20 meeting is where the economies of the G20 talk about, plan, and keep an eye on how they work together to boost global trade. The summit did not make much progress in solving the Eurozone crisis or addressing global financial imbalances, but it did produce some real results, such as the approval of the Cannes Action Plan for Growth and Jobs, the launch of the Agricultural Market Information System (AMIS), and the support of an Action Plan on Food Price Volatility and Agriculture.

Priorities

France made agriculture and food security the most important things for the G20. [5] It grouped the summit’s main goals into six areas based on this broad theme:

1. Change how the international money system works.
2. Increase the strictness of financial rules, especially those that apply to non-banking financial organizations and those that protect the honesty and integrity of the financial markets.
3. Lessen the unpredictability of product prices and improve food security.
4. Back jobs and make the social side of globalization stronger.
5. To fight corruption, make sure that the Anti-Corruption Action Plan that was approved at the G20 summit in Seoul in 2010 will start to show real results and growth in 2011.
6. Help the most vulnerable countries build up their facilities and make sure they have enough food.

Outcomes

The Summit was held following the Great Recession of 2007–2008 and during the ongoing crisis in the Eurozone. In light of this, it’s fair to say that the summit’s final product fell short of expectations, failing to offer any concrete steps toward repairing and fortifying the global economy.

However, other projects were launched as a direct result of the summit, especially in the fields of agriculture and food security. There have been concrete efforts to address the global agriculture and food dilemma, most notably the introduction of the Agricultural Market Information System (AMIS) and the approval of an Action Plan on Food Price Volatility and Agriculture. The G20 Summit also mandated the GEO Global Agricultural Monitoring (GEOGLAM) effort to employ earth observation data to generate more accurate agricultural output estimates, which were to be widely disseminated.

Attendance

Leaders and representatives from the core members of the G20 [6], which is made up of 19 countries, as well as the European Union’s two governing bodies, the European Council and the European Commission, were at the Cannes meeting.
At the summit, people from other countries and regional groups were also asked to take part.

Protests

People at the summit wore Robin Hood hats and called for a tax on foreign financial transactions so that money could go to helping poor countries instead of banks and other financial institutions. They also chanted slogans against “corporate greed” and backed a counter-G20 summit called “People First, Not Finance,” which was put together by labor groups and NGOs like Oxfam and Greenpeace. The cops said 5,500 people were protesting, but the organizers said 12,000 people were there. Helicopters and riot police took the protests to a neighborhood in the east of Nice. This neighborhood was also going to be the site of the alternative meeting. 12,000 police officers were sent to both Cannes and Nice to make things safer.

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