The 2011 G20 Cannes Summit was the
sixth meeting of the
G20
The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigatio ...
heads of government/heads of state in a series of on-going discussions about
financial market
A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial market ...
s and the
world economy.
The G20 forum is the avenue for the G20 economies to discuss, plan and monitor international economic
cooperation. While the summit achieved little progress on resolving the
Eurozone crisis
The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies ...
and providing concrete measures to addressing global financial imbalances, it did produce some tangible results, including the adoption of the Cannes Action Plan for Growth and Jobs, the launch of the
Agricultural Market Information System (AMIS) and the endorsement of an Action Plan on Food Price Volatility and Agriculture.
Priorities
France put agriculture and food security at the heart of the G20 priorities. Around this broad theme, it divided the priorities of the Summit into six areas:
# Reform the
International Monetary System
An international monetary system is a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between states that have d ...
.
# Strengthen
financial regulation, especially in
non-banking financial institutions as well as regulation concerning financial market integrity and transparency.
# Reduce excessive commodity price volatility and enhance
food security
Food security speaks to the availability of food in a country (or geography) and the ability of individuals within that country (geography) to access, afford, and source adequate foodstuffs. According to the United Nations' Committee on World ...
.
# Support employment and strengthen the social dimension of
globalization
Globalization, or globalisation (English in the Commonwealth of Nations, Commonwealth English; American and British English spelling differences#-ise, -ize (-isation, -ization), see spelling differences), is the process of foreign relation ...
.
# Fight corruption, for example by ensuring that the Anti-Corruption Action Plan adopted in the
2010 G20 Seoul summit will produce concrete results and real progress starting in 2011.
# Support infrastructure development and enhance food security in the most vulnerable countries.
Outcomes
The Summit took place in the aftermath of the
2007-08 financial crisis and in the midst of the evolving
Eurozone crisis
The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies ...
. Against this background, the outcomes of the Summit can be considered as insufficient in providing clear solutions for restoring and strengthening the global economy.
However, the Summit did result in a number of initiatives, most notably in the area of agriculture and food security. Especially the launch of the
Agricultural Market Information System (AMIS) and the endorsement of an Action Plan on Food Price Volatility and Agriculture are tangible steps to addressing the world agriculture and food challenge. The G20 Summit also tasked the GEO Global Agricultural Monitoring (
GEOGLAM) initiative to produce and disseminate improved forecasts of agricultural production through the use of
earth observation
Earth observation (EO) is the gathering of information about the physical, chemical, and biological systems of the planet Earth. It can be performed via remote-sensing technologies (Earth observation satellites) or through direct-contact sensors ...
s.
Attendance
![G20 Cannes 2011](https://upload.wikimedia.org/wikipedia/commons/2/27/G20_Cannes_2011.jpg)
Attendance at the Cannes summit included leaders and representatives of the core members of the G20, which comprises 19 countries and the
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been de ...
which is represented by its two governing bodies, the
European Council and the
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...
. Representatives of other nations and regional organizations were also invited to take part in the summit.
Protests
At the summit protesters donned
Robin Hood
Robin Hood is a legendary heroic outlaw originally depicted in English folklore and subsequently featured in literature and film. According to legend, he was a highly skilled archer and swordsman. In some versions of the legend, he is dep ...
caps and demanded a
tax on international financial transactions in order to provide aid to poor countries instead of catering to banking and other financial institutions. They also chanted slogans in opposition to "corporate greed" and supported a counter-G20 summit, "People First, Not Finance", organised by
labour union
A trade union (labor union in American English), often simply referred to as a union, is an organization of workers intent on "maintaining or improving the conditions of their employment", ch. I such as attaining better wages and benefits (su ...
s and NGOs such as
Greenpeace and
Oxfam. Though police reported 5,500 were part of the protests, the organisers estimated the number of protesters at 12,000. The riot police and helicopters limited the scope of the protests to a neighbourhood in the east of Nice, which was to host the alternative summit as well as the protests. Both Cannes and Nice also tightened security, with 12,000 police personnel being deployed.
See also
*
37th G8 summit
The 37th G8 summit was held on May 26–27, 2011, in Deauville, France.
Previous G8 summits have been hosted by France in locations which include Rambouillet (1975); Versailles (1982); Grande Arche, Paris (1989); Lyon (1996); and Évian-les-Bain ...
References
External links
Official websiteG20 website of the OECDG20 Information CentreGraphic: G20 is not simply the 20 largest economies
{{DEFAULTSORT:G20 summit, 2011, Cannes
2011
2011 conferences
2011 in France
2011 in international relations
21st-century diplomatic conferences
Diplomatic conferences in France
Cannes
November 2011 events in France