Canada wants the Group of 20 summit in Toronto to be about accountability - holding the world's leaders to the promises made in previous meetings over the past two years, and measuring progress toward the goals. As Prime Minister Stephen Harper puts it, "when the G20 resumes in Toronto, the discussion should be less about new agreements than accountability for existing ones. Less about lofty promises than real results."
The result is a summit that doesn't aim to make news. But that doesn't mean there isn't plenty of potential drama as the leaders sit down to hash out how they are doing on the major goals the G20 set down at its gathering in Pittsburgh last September. Here's a look at some of the key agenda items.
CO-ORDINATE POLICIES FOR ECONOMIC GROWTH
This one is a lot more complicated than it looked as the G20 bosses packed up to leave Pittsburgh. Then, the main issue was how to manage the delicate withdrawal of government stimulus policies that were supporting economic growth out of the recession, while sticking to a pledge to support growth.
That was going to be tough enough, given that many economists predicted the world economy would tank when stimulus was reined in because governments were doing all the buying and consumers were still cutting back.
Now, bond markets are making it even more difficult. A crisis in Greece spooked investors, who have demanded austerity measures there and elsewhere, and suddenly governments around the world are looking at cutting back spending much more quickly than planned. Balancing that against the promise to support growth is going to be difficult. "No doubt the G20 will be sounding austere and very focused to make sure they address concern about fiscal situations," said Simon Ballard, senior credit strategist at Royal Bank of Canada securities arm.
BANKING REGULATIONS
The well-known split here is over the idea of taxing banks to finance future bailouts, an idea that Europe and the U.S. are pushing hard and Canada is fighting. This issue may be a flashpoint because France and Germany refuse to let the idea drop.
Aside from the bank-tax battle, there is progress. Global banking regulators have moved on raising capital and liquidity standards for banks, and made efforts to make derivative trading easier to follow and understand for investors and regulators. Rule makers are also pushing ahead with a plan to create "living wills" that would lay out how to wind down some of the biggest financial institutions in an orderly fashion if they run into insurmountable trouble.
Still, there are many hurdles. There are few details on most of the proposals. Banks are fighting back on many rules, arguing they are too punitive. Global co-ordination is hit-and-miss, with the U.S. pushing ahead while other countries, especially in Europe, move more slowly.
"It's amazing since Pittsburgh how far apart the two parts of the world have moved," said Arturo Bris, a professor at IMD Business School in Switzerland. "Europe has really disappointed."
REFORM GLOBAL INSTITUTIONS
G20 leaders are seeking to make the World Bank and International Monetary Fund more responsive to the needs of smaller countries. The goal in Toronto is to "take stock of the steps taken at these institutions to enhance their governance and strengthen their lending capacities in order to remain credible and effective," according to the Canadian government.
This is symbolic for the emerging-market nations of the G20, which want to see their increasing influence recognized with concrete reforms, and progress has been slow. At a meeting in South Korea earlier this month, G20 finance ministers said work on this must "accelerate." But this issue may struggle for attention at the Toronto meeting.
LIBERALIZE GLOBAL TRADE
The G20 has pledged to fight protectionist measures arising from the global financial crisis. So far, the tide of such protectionism has been less than feared, though there have been examples such as the "Buy America" provisions in the U.S. stimulus program. The goal is to push G29 countries to continue to reduce barriers to trade.
PHASE OUT FOSSIL FUEL SUBSIDIES
This is a wild card. It's on the to-do list from Pittsburgh, but until recently had appeared low priority. With the oil spill in the Gulf of Mexico, U.S. President Barack Obama now seems more focused on energy policy than anything else; he used his first televised Oval Office speech to push for a move toward clean energy and away from fossil fuels.