Press Statement by the Global Governance Group (3G) on the G-20 Summit in Cannes, 3-4 November 2011

The Global Governance Group (3G)[1] looks forward to a constructive outcome from the upcoming G-20 Summit, which will be held in Cannes, France from 3 - 4 November 2011. The Cannes Summit will have to address serious risks to the global economy that are on the rise for the first time since the crisis of 2008[2]. Continued decisive action at the highest levels is required over sovereign debt, including in the Eurozone, and the potential impact on the global banking sector. In this regard, the 3G affirms the G-20's decision to tackle the world's resurgent economic and financial challenges as a top priority.

2 The 3G notes with concern that the public finances, particularly of the mature economies, are increasingly constrained, thereby generating significant market anxiety. Urgent action needs to be taken to prevent the impact of these problems from spreading, potentially stifling growth and increasing the difficulties we already face in creating new jobs and combating unemployment. The 3G urges the G-20 to discuss, agree upon and implement concrete measures to counter these challenges. The 3G looks forward to a strong and coordinated response from the G-20 that will help restore confidence in the global marketplace.

3 The 3G commends the G-20's continued efforts to advance the longer-term agenda of development, and looks forward to further progress in this regard at the Cannes Summit. Food and energy security, debt sustainability, labour, employment opportunities and liveable cities are issues that are important in facilitating the further development of middle and low-income countries. The 3G has presented its views on several of these issues to the G-20. We note that these views are being considered by the G-20 and hope that the G-20 will continue to take the 3G's perspectives into account.

4 At the same time, the 3G stresses that sustained progress on the development agenda is only possible when underpinned by a strong global economy. The 3G welcomes the G-20's continued efforts to foster greater regulatory coherence in the global financial system, to put in place stronger safety nets to guard against future shocks and to mitigate the impact of any excessive speculation on price volatility. The international monetary system should be made more stable, resilient, and reflective of the growing influence of emerging and developing economies. The G-20 should also work towards the establishment of a sound and equitable framework for global trade. The 3G remains concerned that the Doha Development Agenda has yet to reach a successful conclusion. Greater trade and investment flows would provide a much-needed boost to growth, development and employment for both developed and developing countries. The G-20 should therefore hold firm to its commitment to refrain from imposing or raising any barriers in this regard.

5 The 3G notes that the topic of global governance will be discussed at the Cannes Summit. It is timely to reflect on this topic, in light of General Assembly resolution 65/94, entitled "The United Nations in global governance". The 3G has shared its views on global governance with the G-20, and emphasises that tackling global challenges requires the involvement of all stakeholders. While the G-20 has a key contribution to make in enhancing global economic governance, the UN system must remain the cornerstone of global governance, in recognition of the universality and unquestioned legitimacy of the UN.

6 The 3G applauds France's efforts to build on the practice of previous G-20 Chairs in strengthening the G-20's engagement of the UN and non-G-20 countries. The 3G welcomes France's invitation to the UN Secretary-General to attend and actively participate in the Cannes Summit, and highlights the importance of maintaining this practice. The 3G supports the continued efforts of the G-20 to reflect regional representation and other relevant constituencies via its invitation of non-G-20 members to participate in the G-20 process. The 3G hopes that Mexico, as the next G-20 chair, will continue to exercise similar "variable geometry" and reflect regional representation in its meetings in order to include the views of non-member countries. The 3G also commends France for its consultations with the wider UN membership, including the 3G, in the run-up to the Cannes Summit. The 3G looks forward to France updating the UN membership on the outcome of the Summit.
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31 OCTOBER 2011

[1] The 3G comprises the following Member States of the United Nations: Bahamas, Kingdom of Bahrain, Barbados, Botswana, Brunei Darussalam, Chile, Costa Rica, Republic of Finland, Guatemala, Jamaica, Kuwait, Principality of Liechtenstein, Malaysia, Principality of Monaco, Montenegro, New Zealand, Panama, Peru, Republic of the Philippines, State of Qatar, Republic of Rwanda, Republic of San Marino, Republic of Senegal, Republic of Singapore, Republic of Slovenia, Switzerland, United Arab Emirates, Uruguay and Socialist Republic of Viet Nam.

[2] International Monetary Fund's Global Financial Stability Report of September 2011.