The 2011 G20 Cannes Summit was the sixth meeting of the G20 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 ma ...

s and the

world economy The world economy or global economy is the economy of all humans of the world, referring to the global economic system, which includes all economic activities which are conducted both within and between nations, including production, consumptio ...

. 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 The Agricultural Market Information System (AMIS) is an inter-agency platform to enhance food market transparency and encourage international policy coordination in times of crisis. It was established at the request of the Group of Twenty (G20) in ...

(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. # Strengthen

financial regulation Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handle ...

, 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 (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. The term ''globalization'' first appeared in the early 20t ...

. # Fight corruption, for example by ensuring that the Anti-Corruption Action Plan adopted in the

2010 G20 Seoul summit The 2010 G20 Seoul Summit was the fifth meeting of the G20 heads of government/heads of state, to discuss the global financial system and the world economy,Cho Jin-seo "Seoul unveils G20 summit's symbol," ''Korea Times'' (ROK). July 8, 2010; r ...

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

. 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

(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 ...

Attendance

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 union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...

which is represented by its two governing bodies, the

European Council The European Council (informally EUCO) is a collegiate body that defines the overall political direction and priorities of the European Union. It is composed of the heads of state or government of the EU member states, the President of the ...

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 Greenpeace is an independent global campaigning network, founded in Canada in 1971 by Irving Stowe and Dorothy Stowe, immigrant environmental activists from the United States. Greenpeace states its goal is to "ensure the ability of the Earth t ...

and

Oxfam Oxfam is a British-founded confederation of 21 independent charitable organizations focusing on the alleviation of global poverty, founded in 1942 and led by Oxfam International. History Founded at 17 Broad Street, Oxford, as the Oxford Co ...

. 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.

References

External links

Official websiteG20 website of the OECD

G20 Information Centre

Graphic: G20 is not simply the 20 largest economies
{{DEFAULTSORT:G20 summit, 2011, Cannes

2011 File:2011 Events Collage.png, From top left, clockwise: a protester partaking in Occupy Wall Street heralds the beginning of the Occupy movement; protests against Libyan dictator Muammar Gaddafi, who was killed that October; a young man celebrates ...