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G-5 counties in 1985:didn't include Brazil, China, India, Mexico, or South Africa: reducing the value of the dollar

1985 G-5 Countries: Britian,France, Japan, West Germany, the United States

The Group of Five (G5) is a country grouping that includes Brazil, China, India, Mexico, and South Africa.

The Group of Seven (G7) is an international intergovernmental economic organization consisting of the seven largest IMF- advanced economies in the world: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

The Group of Eight (G8) refers to the group of eight highly industrialized nations—France, Germany, Italy, the United Kingdom, Japan, the United States, Canada, and Russia—that hold an annual meeting to foster consensus on global issues like economic growth and crisis management, global security, energy, and terrorism.

The member countries of the G-15 are Algeria, Argentina, Brazil, Chile, Egypt, India, Indonesia, Jamaica, Kenya, Malaysia, Mexico, Nigeria, Peru, Senegal, Sri Lanka, Venezuela and Zimbabwe.

The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union.

The Group of Twenty (also known as the G-20 or G20) is an international forum for the governments and ***central bank governors from 20 major economies. The members, shown highlighted on the map at right, include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States—along with the European Union (EU). The EU is represented by the European Commission and by the European Central Bank.


Below you will find list of the central banks of the world with links to the banks' websites.

Afghanistan Central Bank Bank of Afghanistan

Albania Central Bank Bank of Albania
Algeria Central Bank Bank of Algeria
Argentina Central Bank Central Bank of Argentina
Armenia Central Bank Central Bank of Armenia
Aruba Central Bank Central Bank of Aruba
Australia Central Bank Reserve Bank of Australia
Austria Central Bank Austrian National Bank
Azerbaijan Central Bank National Bank of Azerbaijan
Bahamas Central Bank Central Bank of The Bahamas
Bahrain Central Bank Central Bank of Bahrain
Bangladesh Central Bank Bangladesh Bank
Barbados Central Bank Central Bank of Barbados
Belarus Central Bank National Bank of the Republic of Belarus
Belgium Central Bank National Bank of Belgium
Belize Central Bank Central Bank of Belize
Benin Central Bank Central Bank of West African States (BCEAO)
Bermuda Central Bank Bermuda Monetary Authority
Bhutan Central Bank Royal Monetary Authority of Bhutan
Bolivia Central Bank Central Bank of Bolivia
Bosnia Central Bank Central Bank of Bosnia and Herzegovina
Botswana Central Bank Bank of Botswana
Brazil Central Bank Central Bank of Brazil
Bulgaria Central Bank Bulgarian National Bank
Burkina Faso Central Bank Central Bank of West African States (BCEAO)
Cambodia Central Bank National Bank of Cambodia
Cameroon Central Bank Bank of Central African States
Canada Central Bank Bank of Canada - Banque du Canada
Cayman Islands Central Bank Cayman Islands Monetary Authority
Central African Republic Central Bank Bank of Central African States
Chad Central Bank Bank of Central African States
Chile Central Bank Central Bank of Chile
China Central Bank The People's Bank of China
Colombia Central Bank Bank of the Republic
Comoros Central Bank Central Bank of Comoros
Congo Central Bank Bank of Central African States
Costa Rica Central Bank Central Bank of Costa Rica
Côte d'Ivoire Central Bank Central Bank of West African States (BCEAO)
Croatia Central Bank Croatian National Bank
Cuba Central Bank Central Bank of Cuba
Cyprus Central Bank Central Bank of Cyprus
Czech Republic Central Bank Czech National Bank
Denmark Central Bank National Bank of Denmark
Dominican Republic Central Bank Central Bank of the Dominican Republic
East Caribbean area Central Bank Eastern Caribbean Central Bank
Ecuador Central Bank Central Bank of Ecuador
Egypt Central Bank Central Bank of Egypt
El Salvador Central Bank Central Reserve Bank of El Salvador
Equatorial Guinea Central Bank Bank of Central African States
Estonia Central Bank Bank of Estonia
Ethiopia Central Bank National Bank of Ethiopia
European Union Central Bank European Central Bank
Fiji Central Bank Reserve Bank of Fiji
Finland Central Bank Bank of Finland
France Central Bank Bank of France
Gabon Central Bank Bank of Central African States
The Gambia Central Bank Central Bank of The Gambia
Georgia Central Bank National Bank of Georgia
Germany Central Bank Deutsche Bundesbank
Ghana Central Bank Bank of Ghana
Greece Central Bank Bank of Greece
Guatemala Central Bank Bank of Guatemala
Guinea Bissau Central Bank Central Bank of West African States (BCEAO)
Guyana Central Bank Bank of Guyana
Haiti Central Bank Central Bank of Haiti
Honduras Central Bank Central Bank of Honduras
Hong Kong Central Bank Hong Kong Monetary Authority
Hungary Central Bank Magyar Nemzeti Bank
Iceland Central Bank Central Bank of Iceland
India Central Bank Reserve Bank of India
Indonesia Central Bank Bank Indonesia

Iran Central Bank The Central Bank of the Islamic Republic of Iran
Iraq Central Bank Central Bank of Iraq
Ireland Central Bank Central Bank and Financial Services Authority of Ireland
Israel Central Bank Bank of Israel
Italy Central Bank Bank of Italy
Jamaica Central Bank Bank of Jamaica
Japan Central Bank Bank of Japan
Jordan Central Bank Central Bank of Jordan
Kazakhstan Central Bank National Bank of Kazakhstan
Kenya Central Bank Central Bank of Kenya
Korea Central Bank Bank of Korea
Kuwait Central Bank Central Bank of Kuwait
Kyrgyzstan Central Bank National Bank of the Kyrgyz Republic
Latvia Central Bank Bank of Latvia
Lebanon Central Bank Central Bank of Lebanon
Lesotho Central Bank Central Bank of Lesotho
Libya Central Bank Central Bank of Libya
Lithuania Central Bank Bank of Lithuania
Luxembourg Central Bank Central Bank of Luxembourg
Macao Central Bank Monetary Authority of Macao
Macedonia Central Bank National Bank of the Republic of Macedonia
Madagascar Central Bank Central Bank of Madagascar
Malawi Central Bank Reserve Bank of Malawi
Malaysia Central Bank Central Bank of Malaysia
Mali Central Bank Central Bank of West African States (BCEAO)
Malta Central Bank Central Bank of Malta
Mauritius Central Bank Bank of Mauritius
Mexico Central Bank Bank of Mexico
Moldova Central Bank National Bank of Moldova
Mongolia Central Bank Bank of Mongolia
Morocco Central Bank Bank of Morocco
Mozambique Central Bank Bank of Mozambique
Namibia Central Bank Bank of Namibia
Nepal Central Bank Central Bank of Nepal
Netherlands Central Bank Netherlands Bank
Netherlands Antilles Central Bank Bank of the Netherlands Antilles
New Zealand Central Bank Reserve Bank of New Zealand
Nicaragua Central Bank Central Bank of Nicaragua
Niger Central Bank Central Bank of West African States (BCEAO)
Nigeria Central Bank Central Bank of Nigeria
Norway Central Bank Central Bank of Norway
Oman Central Bank Central Bank of Oman
Pakistan Central Bank State Bank of Pakistan
Papua New Guinea Central Bank Bank of Papua New Guinea
Paraguay Central Bank Central Bank of Paraguay
Peru Central Bank Central Reserve Bank of Peru
Philippines Central Bank Bangko Sentral ng Pilipinas
Poland Central Bank National Bank of Poland
Portugal Central Bank Bank of Portugal
Qatar Central Bank Qatar Central Bank
Romania Central Bank National Bank of Romania
Russia Central Bank Central Bank of Russia  Andrei Kozlov
Rwanda Central Bank National Bank of Rwanda
San Marino Central Bank Central Bank of the Republic of San Marino
Samoa Central Bank Central Bank of Samoa
Saudi Arabia Central Bank Saudi Arabian Monetary Agency
Senegal Central Bank Central Bank of West African States (BCEAO)
Serbia Central Bank National Bank of Serbia
Seychelles Central Bank Central Bank of Seychelles
Sierra Leone Central Bank Bank of Sierra Leone
Singapore Central Bank Monetary Authority of Singapore
Slovakia Central Bank National Bank of Slovakia
Slovenia Central Bank Bank of Slovenia Solomon Islands Central Bank Central Bank
of Solomon Islands South Africa Central Bank South
African Reserve Bank Spain Central Bank Bank of Spain
Sri Lanka Central Bank Central Bank of Sri Lanka
Sudan Central Bank Bank of Sudan
Surinam Central Bank Central Bank of Suriname
Swaziland Central Bank The Central Bank of Swaziland
Sweden Central Bank Sveriges Riksbank
Switzerland Central Bank Swiss National Bank
Tajikistan Central Bank National Bank of the Republic of Tajikistan
Tanzania Central Bank Bank of Tanzania
Thailand Central Bank Bank of Thailand
Togo Central Bank Central Bank of West African States (BCEAO)
Tonga Central Bank National Reserve Bank of Tonga
Trinidad and Tobago Central Bank Central Bank of Trinidad and Tobago
Tunisia Central Bank Central Bank of Tunisia
Turkey Central Bank Central Bank of the Republic of Turkey
Uganda Central Bank Bank of Uganda

Ukraine Central Bank National Bank of Ukraine
United Arab Emirates Central Bank Central Bank of United Arab Emirates
United Kingdom Central Bank Bank of England
United States of America Central Bank Federal Reserve  Yes, the U.S. Government Ought to Own the Banks Now    Meeting between Federal Banking Agency Staffs and Representatives of The Clearing House    Losses House Votes To Audit The Fed... And Deregulate Wall Street    Mike Dueker
Uruguay Central Bank Central Bank of Uruguay
Vanuatu Central Bank Reserve Bank of Vanuatu
Venezuela Central Bank Central Bank of Venezuela
Yemen Central Bank Central Bank of Yemen
Zambia Central Bank Bank of Zambia
Zimbabwe Central Bank Reserve Bank of Zimbabwe


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 Martin and Summers conceived of the G20 in response to the series of massive debt crises that had spread across emerging markets in the late 1990s, beginning with the Mexican peso crisis and followed by the 1997 Asian financial crisis, the 1998 Russian financial crisis, and eventually impacting the United States, most prominently in the form of the collapse of the prominent hedge fund Long-Term Capital Management in the autumn of 1998.[16][17][18] It illustrated to them that in a rapidly globalizing world, the G7, G8, and the Bretton Woods system would be unable to provide financial stability, and they conceived of a new, broader permanent group of major world economies that would give a voice and new responsibilities in providing it.[16][18]

The G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's deputy Timothy Geithner. According to the political economist Robert Wade:

"Geithner and Koch-Weser went down the list of countries saying, Canada in, Portugal out, South Africa in, Nigeria and Egypt out, and so on; they sent their list to the other G7 finance ministries; and the invitations to the first meeting went out."[20]

Early topics
The G20's primary focus has been governance of the global economy. Summit themes have varied from year to year. The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity". The issues discussed included domestic reforms to achieve "sustained growth", global energy and resource commodity markets, reform of the World Bank and IMF, and the impact of demographic changes due to an aging world population.

The G-20 was founded in 1999 with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization.

Collectively, the G-20 economies account for around 85% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population.[2]

A 2004 report by Colin I. Bradford and Johannes F. Linn of the Brookings Institution asserted the group was founded primarily at the initiative of Eichel, the concurrent chair of the G7.[14] However, Bradford later described then-Finance Minister of Canada (and future Prime Minister of Canada) Paul Martin as "the crucial architect of the formation of the G-20 at finance minister level", and as the one who later "proposed that the G-20 countries move to leaders level summits".[15] Canadian academic and journalistic sources have also identified the G20 a project initiated by Martin and then-US Treasury Secretary Larry Summers.[16][17][18][19] All acknowledge, however, that Germany and the United States played a key role in bringing their vision into reality.


Andrei Andreyevich Kozlov (Russian: Андре́й Андре́евич Козло́в; January 6, 1965 – September 14, 2006) was the first deputy chairman of the Central Bank of the Russian Federation from 1997 to 1999 and again in 2002 to 2006.

Kozlov was fluent in Russian, German, and English.He was married, and had three children.Kozlov died on September 14, 2006, in Hospital No. 33 in Moscow from gunshot wounds.Kozlov was born in Moscow and served in the Soviet Army from 1983 to 1985. He then attended the faculty of international economics at Moscow Institute of Finance, where he graduated in 1989.[4] He began working at the Soviet Union's central bank in the same year as a senior economist. He left the Bank of Russia in 1999 to work in the private sector, before returning to the Bank of Russia in April 2002.[4]

Kozlov introduced a deposit insurance system and founded the Deposit Insurance Agency to restore public faith in the banking system after the 1998 Russian financial crisis. Kozlov prevented other banks from continuing operation by denying them access to the deposit insurance system. As head of bank supervision, Kozlov withdrew licences from banks suspected of money laundering and other crimes. In 2004, Kozlov took control of Sodbiznesbank, accusing the bank of engaging in laundering ransom money from hostage-taking.[1] In 2006 he revoked the license of Neftyanoi Bank.[3]

In 2005, Kommersant reported that Kozlov is "valued as a top-of-the-line professional. He is also given due credit as one of those who started the formation of the stock market in Russia."[1] After his death, Kommersant credited Kozlov with combating "gray schemes," illegal importing practices that minimize customs duties and value-added tax payments.[3]

On September 8, 2006, the Friday before his murder, Kozlov gave a speech at a banking conference in Sochi, saying, "Those who have been found out laundering criminal money should probably be barred from staying in the banking profession for life. Such people disgrace the banking system."

Raiffeisen Zentralbank in Austria and Diskont Bank in Russia have been accused of money laundering. In September 2006, Andrey Kozlov revoked Diskont's license. Just days later Kozlov was murdered.

According to Svetlana Petrenko, spokeswoman for the Moscow prosecutor's office, two gunmen shot Kozlov in the head and neck at 8:50 PM,[4] but other law enforcement officials claim Kozlov was shot at 8:30 PM. Inna Sergeyeva, deputy head doctor at the Hospital No. 33 in Moscow, said Kozlov later died of his injuries.

Prime Minister Mikhail Fradkov ordered Prosecutor General Yury Chaika, who is personally prosecuting the case,to provide regular reports on the investigation.

Kozlov was near the Spartak sports center with his driver, Alexander Semyonov, when they were shot.

Semyonov died at the scene and Kozlov died after doctors unsuccessfully performed emergency surgery.

The police later found weapons they suspect were used in the attacks: a "handmade pistol and a modified Baikal pistol... in tall grass near the Spartak sports center, 250-300 meters away from the site of the incident, during the investigation of the crime scene."

Boris Gryzlov, speaker of the State Duma, the lower chamber of parliament, said, "The central bank revoked licenses of a number of banks, and it's quite possible that the gangsters linked to them might have put out a contract on him."

 In 2007, South Africa hosted the secretariat with Trevor A. Manuel, South African Minister of Finance as chairperson of the G20.

In 2008, Guido Mantega, Brazil's Minister of Finance, was the G20 chairperson and proposed dialogue on competition in financial markets, clean energy, economic development and fiscal elements of growth and development.

On 11 October 2008 after a meeting of G7 finance ministers, US President George W. Bush stated that the next meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008.

 The G-20 heads of government or heads of state have periodically conferred at summits since their initial meeting in 2008.

With the G-20 growing in stature after the 2008 Washington summit, its leaders announced on 25 September 2009, that the group would replace the G8 as the main economic council of wealthy nations.[3] Since its inception, the G-20's membership policies have been criticized by numerous intellectuals,[4][5] and its summits have been a focus for major protests by anti-globalists, nationalists and others.[6]

The heads of the G-20 nations met semi-annually at G-20 summits between 2008 and 2011. Since the November 2011 Cannes summit, all G-20 summits have been held annually.[2]

In December 2014, Turkey took over the presidency of the G-20 from Australia, and will host the group's 2015 summit in Antalya.In 2012, the G20 Ministers of Tourism and Heads of Delegation of G20 member countries and other invited States, as well as representatives from the World Travel and Tourism Council (WTTC), World Tourism Organization (UNWTO) and other organisations in the Travel & Tourism sector met in Merida, Mexico, on May 16 at the 4th T20 meeting and focused on 'Tourism as a means to Job Creation'. As a result of this meeting and The World Travel & Tourism Council’s Visa Impact Research, later on the Leaders of the G20, convened in Los Cabos on 18–19 June, would recognise the impact of Travel & Tourism for the first time. That year, the G20 Leaders Declaration added the following statement: "We recognise the role of travel and tourism as a vehicle for job creation, economic growth and development, and, while recognizing the sovereign right of States to control the entry of foreign nationals, we will work towards developing travel facilitation initiatives in support of job creation, quality work, poverty reduction and global growth."[26]

In March 2014, the former Australian foreign minister Julie Bishop, when Australia was hosting the 2014 G20 summit in Brisbane, proposed to ban Russia from the summit over its role in the 2014 Crimean crisis.[27] The BRICS foreign ministers subsequently reminded Bishop that "the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character."

Japan hosted the 2019 summit.[28] 2020 summit will be in Saudi Arabia.[29] The Leaders’ Summit will be held on 21–22 November 2020 in Riyadh. In the run-up to the Summit, the Presidency will host more than 100 meetings and conferences, including ministerial meetings, as well as meetings of officials and representatives from civil society.[30]



Interesting Article:


Mark Evans - Global Financial Institutions

The "big five" prime banks of Wall Street, the owners of the "Class A" stock of the NewYork Federal Reserve Bank, are:



 Guaranty Trust,

 Chemical/Manufacturers-Hannover, http://en.wikipedia.org/wiki/Manufacturers_Hanover_Corporation

and Bankers' Trust. http://en.wikipedia.org/wiki/Bankers_Trust

The Class A stock of the Federal Reserve has not been sold or traded on the open market since it was hermetically sealed from the public at the end of the summer of 1914.

It is the exclusive property of Wall Street and European prime banks, whose major stockholders are the trans-Atlantic Ruling Class.

 This pattern holds true of Central Banks throughout the nations of the advanced capitalist sector.

The Big Five have interlocking directorates with the "Seven Sisters," the Anglo-Dutch-American oil cartels:


BP (British Petroleum)

Dutch-Royal Shell




and Standard Oil of California (SOCAL)

Several of these trans-Atlantic money and commodity cartels financed Mussolini and Hitler and actively maintained their connections with the Reich throughout World War II.

They were also all actively involved in Stalin's Russia by the beginning of the first Five Year Plan in 1928.

 None of this is really secret-anyone can discover the facts by doing a little research. Nor should it be considered a "conspiracy" (either by those who promote or deny the essential facts of the matter) - bankers and businessmen have been "trading with the enemy" for centuries. It is just one more example of "the wise investment policy" of cartels like J.P. Morgan and Co. and Standard Oil of New Jersey.

Global Financial Centre - B.I.S.

The seat of first world finance capital is Basel, Switzerland, where the Central Banks of the Group of Seven (G-7) form the directorate of the Bank for International Settlements (BIS).

The G-7 include:








The G-7 are called the "Hard Currency Countries" because their Central banks, corporations privately owned by the Prime Banks of these nations, have acquired most of the mined, milled, and ingotted gold of the world.

 Approximately 80 percent of this is in the vaults of Credit Suisse, under the Berghoff, the airport in Zurich.

A somewhat larger formation, called the G-10, include:




The U.S. has become the greatest debtor nation on earth because the Prime Banks of the other nations of the G-10 (especially Britain, Holland, and Japan) have purchased the U.S. government debt in the form of semi-annual and tax-exempt U.S. Treasury Securities through the operations of the Federal Open Market Committee, the Fed's window on Wall Street.

Of these U.S. Treasury Securities, 95% have been floated since the end of World War II to finance the Cold War against the "Evil Empire."

Now Communism has been deflated as an enemy; nativist fascist movements are being pumped up all around the globe and the aggregate Debt is approaching the net worth of all the real estate and movables on the planet.

Now, also, the U.S. and Russia are joining their military and space programs, the U.S. is becoming by degrees a full-blown totalitarian state, and the bankers are beginning to foreclose upon the bankrupted minions and dupes within their new global condominium.

The World Central Bankers' Bank

The Bank for International Settlements (BIS), the "first beast", was founded in 1930 and was the first entity to be called a "World Bank."

 Monetarist and gold-based, it functions as a clearing house for the balance of payments between nations.

It operated throughout WWII as an interlocking directorate and a clearinghouse for joint Allied and Axis high finance.

The World Bank/International Monetary Fund (IMF), the "Second Beast," was founded in 1946, after being drafted at Bretton Woods, New Hampshire, during the war in 1944.

The IMF functions as the collection agency for the World Bank, much as the IRS functions as the collection agency for the Federal Reserve Bank.

 The Wall Street branch of the Federal Reserve is the "fiscal agent" for the IMF in the USA.

 The capital pool of the IMF consists of the Prime Banks of the First World, which interlock with the First World (G-7) military-industrial complexes and the oil conglomerates.

The IMF functions under the aegis of the United Nations, as a Keynesian paper credit-mill, extending credit in the form of Special Drawing Rights (SDRs) to the Second and Third World debtor nations, requiring that they purchase specified amounts of the currency of the G-7 nations, imposing "austerity terms" upon their internal economies, and looting them by means of "repayment schedules" of their natural resources and minerals.

 These are channeled through the General Agreement on Tariffs and Trade (GATT) to the multinational cartels, also headquartered in Geneva, Switzerland.

With the implementation of NAFTA and the Uruguay Round of GATT, the real wages of blue and white collar workers in the U.S. will be leveled in time to near parity with the Third World.

The last "Superpower," the United States, is not the primary head of the G-7 Beast, but is, owing to its debtor status, the last head, appropriately close to the horned tail, engaging disproportionately in UN Security Council "police actions" around the globe.

International Capital, having gone "global," will increasingly employ the blue-helmeted troops of the UN to enforce the hegemony of Capital in the future.

Source of information:

The stewards of the world’s largest economies have agreed to an ambitious plan that aims to boost global output in the Group of 20 countries by an additional $2-trillion (U.S.) over the course of the next five years, an unprecedented agreement that Canada played a key role in brokering.

Finance ministers and central bankers that together control around 85 per cent of the world economy vowed at the economic conference in Sydney to implement concrete policies and structural reforms in their own countries that would grow global gross domestic product by an additional 2 per cent on average. It’s a soft target that would come in increments of 0.4 per cent a year above current trajectories; if achieved, it could generate tens of millions of extra jobs.

Finance Minister Jim Flaherty told a news conference on Sunday that Canada would outperform even those growth targets in the future.

“Canada played a key role as the co-chair of the working group on sustainable growth, and this was one of our recommendations,” Mr. Flaherty said. “I’m quite confident that Canada will overperform in terms of the average of 2 per cent.”

An International Monetary Fund report released shortly before the summit started laid the foundation for the 2-per-cent growth target and outlined numerous structural reforms necessary to achieve it. The IMF said China should stick to implementing its ambitious economic reform plan, pushed for advanced economies such as Germany to boost investment through tax and financial system reform, and stressed that Brazil and India needed to eliminate infrastructure and regulatory bottlenecks in order to continue powering the world economy.

The G20 communiqué underscores the sluggish nature of the current global economy, which has recovered from the depths of the financial crisis but remains fragile and vulnerable to shocks, such as the turmoil that recently devastated emerging market currencies as the U.S. Federal Reserve Board began paring back its bond-buying stimulus.

Mr. Flaherty and Bank of Canada Governor Stephen Poloz both said they were heartened by the economic recovery in the U.S., but Mr. Poloz stressed that the recession’s scars are still visible and that volatility would remain in emerging markets that haven’t implemented key structural reforms.

“We remain concerned about the damage that has been wrought by that cycle and are only seeing slightly encouraging signs of a rebuilding,” Mr. Poloz said in an interview on Saturday.

The conference also revealed the limitations of a group that observers point out no longer has the unifying effect of the global financial crisis behind it – a gathering that has expanded greatly to include developing-country behemoths in a way that better reflects the true makeup of the modern, global economy but with wide gaps between members’ common interests. India’s central bank chief has previously complained about the devastating effect of the Fed’s tapering, and there were suggestions early in the summit that there were extensive conversations on central bank information-sharing. But items high on the agenda for developing nations – such as securing better knowledge of looming monetary measures and gaining traction for reforms from 2010 that would give poorer countries a greater say at the International Monetary Fund – received only vague, non-binding assurances.

Still, Mr. Flaherty said developing nations “did not feel put upon” by the results of the meeting.

“Some of the emerging economies have been relatively hard hit by currency trends, and they voiced that concern,” Mr. Flaherty said. “And I understand it. I look at our own currency, and I see the bit of a hit we’ve taken with the Canadian dollar – it’s both positive and otherwise, given exports and manufacturing. But it matters a lot to the emerging economies.”

The communiqué did note that the G20 member states “deeply regret” that the 2010 reforms remain unimplemented and urged the United States, where the reforms are stalled in Congress, to act. But as with much else at multilateral gatherings, the heavy lifting will come down to political will within political borders.

“We need reliable long-term resources in order to face potential risks and potential crises, and there will be such crises in the future,” IMF managing director Christine Lagarde said. “We need an institution that is representative of the evolution of the economy, which requires that the 2010 reforms be actually delivered on.”

Yves Tiberghien, a University of British Columbia professor who studies the G20, said the results of the summit are “very limited” and that the only words that were not “bland and general” were in the communiqué’s language putting pressure on the U.S. to ratify IMF reforms in Congress.

“All in all, this is a meek interim summit that keeps the process going, but does not reveal new ideas,” Prof. Tiberghien said.

There was a good deal of optimism about the strengthening U.S. economy and on China, where economic activity is slowing but GDP growth is still on track for more than 7 per cent this year. There was also broad agreement across areas such as international tax reform to clamp down on tax-base erosion and tax evasion. But there was a strong sense, particularly from Australian Treasurer Joe Hockey, that governments have worn out their monetary and fiscal firepower combatting the recession and now have to do more to enable businesses to create jobs and invest in infrastructure.

“There is no room for complacency,” Mr. Hockey told a packed crowd as the conference ended.