In the four months between the Washington and London Summits, international events such as the World Economic Forum in Davos provided forums for discussion of possible solutions to the global economic crisis. Countries and regional groups from around the world also worked closely together to find practical policies contributing to the aims of both the Washington and London Summits. Several governments – including Spain and Russia – have set out their own agendas following publication by the UK of its plan for recovery – The Road to the London Summit.

In the run-up to the London Summit, several preparatory meetings made considerable progress in reaching agreement on some of the key issues.

On 14 March G20 Finance Ministers and Central Bank Governors, made a series of commitments to form the starting point for discussion at the London Summit.

Ahead of the G20 preparatory meeting, the Financial Stability Forumagreed to increase its membership to include all the G20 countries, inorder to enhance its ability to contribute to improving theinternational financial system.  At the same meeting in London, the FSF also agreed on action to improve banking regulation, get rid of bankers' bonuses that encourage excessive risk-taking and strengthen cross-border crisis management.

A number of countries also took independent policy steps that helped to deliver London Summit aims. These actions include:

• banking recapitalisation - for example the US injected $236bn into banks
  
• fiscal stimulus policies - among many others, China implemented discretionary measures which the IMF estimated to amount to 2 per cent of GDP this year
• expansionary monetary policy - for example, the ECB significantly lowered the benchmark interest rate to 1.5 per cent, a record low.  

Japan agreed to lend the IMF $100bn, even before agreement was reached on a figure for the increase in itsresources. Europe’s leaders agreed to provide an extra €75bn to the IMFat the meeting of the European Council on 19 and 20 March. The IMF has approved an overhaul of its lending framework that should make it easier and more attractive for emerging market economies to seek the Fund’s support during the global crisis. Switzerland, Austria and Luxembourg have followed Hong Kong, Singapore, Andorra and Liechtenstein in taking steps to improve the exchange oftax information with other countries in line with international standards drawn up by the Organisation for Economic Cooperation and Development.