Major achievements of previous G20 summits

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Amid the global financial crisis, the G-20 leaders held two summits seeking cooperation with the international world. Let's look at what the two previous summits accomplished in dealing with the financial turmoil.

Cooperation, reform and change were the key words during the G20's very first summit in Washington D.C. last November.

Leaders agreed to take rapid action to reverse the global financial crisis.

Leaders embarked on an action plan of immediate and medium-term measures to cope with the financial and economic woes gripping the world. They promised to do whatever needed to protect the global financial system from collapsing under the weight of a massive economic downturn.

The Washington summit was the beginning for joint international effort to deal with world economy.

A second G20 Summit took place in London in April. The November's meeting failed to deliver the groundbreaking reforms, high expectation had built up in the lead up to the London summit.

The most headline-grabbing agreement was the G20 leaders' commitment of 1.1 trillion US dollars, with 750 billion US dollars of it for the International Monetary Fund, to help countries in crisis.

The G20 leaders also agreed to enhance supervision, and against protectionism. The IMF and World Bank also promised reform and agreed to give more say to emerging economies and developing countries.

The London Summit played a positive role for economic recovery. Since the second quarter, recession slowed in the biggest world's economies, including the US and the UK. Economic development recovered in Japan, Germany and France, and sped up in some emerging economies. The Organization for Economic Cooperation and Development forecasts the world economic recovery will happen faster than predicted.