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SAO PAULO: The G20, representing the biggest developed and emerging nations, pledged "all necessary steps" to boost sagging market confidence and to give a bigger voice to developing countries in global economic affairs. Although no specific proposals emerged, the G20 said in a statement, "We agreed that we must draw policy lessons from the current crisis and take all necessary steps to restore market confidence and stability and to minimize the risk of a future crisis." The statement said "the global crisis requires global solutions and common set of principles," and added that "we stand ready to urgently take forward work and actions agreed by our leaders." John Kirton, director of the G20 Research Group at the University of Toronto, said the G20 "substantially delivered" on its promise to play a role in battling the global economic maelstrom. "The G20 is emerging as an effective center of global financial and economic governance," he said.
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