At the Toronto Summit (Canada) in 2010, the G20 adopted directives to reduce sovereign debt. The advanced industrial States pledged a reduction in their budget deficits and external borrowing. G20 Leaders met again in 2010 in Seoul (Republic of Korea), where they adopted stricter regulations for banks (Basel III Norms), as well as agreed on the reform of the financial stakes and voting shares in the IMF. Seoul was also a milestone in the history of the G20. For the first time, development policy issues were on the summit’s agenda, which came to be known as the “Seoul Consensus”. Development has since been a standard part of the agenda of every subsequent summit. At the heart of the work programme of the G20 Summit in Cannes (France) in 2011, was the reform of the international monetary system. G20 Leaders also agreed to establish the Agricultural Market Information System, an inter-agency platform to enhance food market transparency and encourage international policy coordination in times of crisis.
