plans. This would place the burden on those companies and executives who created the crisis in the first place, rather than on workers – the inno- cent victims. Measures should include the design of a global tax on finan- cial short-term transactions.
Finall , G20 leaders must ensure that there is no return to ‘business as usual’. While this crisis was precipitated by the collapse of the housing bubble in the U.S. and propagated by reckless financial speculation, the underlying causes lie in fundamental economic and governance imbal- ances that are the direct result of three decades of neo-liberal economic policies, with the effect that the fruits of growth have not been distributed to workers. Now is the time to learn the lessons of this crisis and build a more sustainable and just future.
The Pittsburgh G20 Summit must, first and foremost, be a ‘Jobs Summit’ to tackle the deepening global jobs crisis. The global trade unions are calling on leaders to introduce a coordinated and jobs-orientated interna- tional recovery and meet the following policy challenges:
Jobs – the First Priority: The G20 members must take immediate action to implement their London commitments to taking further fiscal stimulus action, ensuring that greater focus is placed on maintaining and creating jobs, providing adequate social protection and investing in the green economy. They should convene a G20 Labour Ministers’ meeting to address the employment impact, which should involve the social partners. G20 leaders must establish a Working Group on Employment and endorse and implement nationally the Global Jobs Pact negotiated by the ILO. They must take urgent steps to address the growing crisis in youth unemployment; (§8-18)
Rebuilding Momentum to Reform the Financial System: The G20 must use their position as major investors in the banks to fully imple- ment the commitments made at the London Summit to re-regulate the financial system. They must take urgent action to resolve the problem of insolvent banks in the U.S. and Europe, cap executive pay and crack down on indefensible bonuses. G20 governments should also imple- ment tax reforms, moving beyond tax havens, including progressive tax reform, stopping regulatory arbitrage and creating a global tax on financial transactions, which should be used to finance the public debt incurred in fighting the crisis; (§19-24)
Tackling the Impact of the Crisis on Development: Support is needed for expansionary recovery programmes in developing countries in line with the commitments made at the G20 London Summit. The International Financial Institutions (IFIs) must end their misguided structural adjustment conditionality and allow developing countries the policy space to pursue effective stimulus programmes. The G20 countries should engage in reform at an international level so as to reduce developing country vulnerability to instability and crisis, in cooperation with the Ad Hoc Open-ended Working Group of the UN General Assembly on the World Economic and Financial Crisis and its Impact on Development; (§25-29)
Climate Change: G20 leaders must pave the way for an ambitious agreement at the Conference of the States Parties (COP) in Copen-