Leading Multilateral Development Banks and the International Monetary Fund met at the European Investment Bank in Luxembourg on April 9 to map out their support for a sustainable global recovery and agreed the Copenhagen Accord is an opportunity for action to finance measures to combat climate change. On the global economy, they noted signs of recovery and agreed enhanced cooperation among the MDBs and the IMF played an important role in preventing a wider systemic crisis.

They concluded the global economy remains fragile and MDBs will need to continue to play a counter-cyclical role in 2010. The MDBs also discussed issues related to the G20 process, including the fight against non-cooperative tax jurisdictions and strengthening international prudential regulation.