The G20 has announced a raft of measures to combat to what is described as "the greatest challenge to the world economy in modern times", including a $1.1 trillion (€817m) fiscal stimulus programme, a stronger successor to the Financial Stability Forum and an extension of oversight on hedge funds and credit rating agencies.

The communiqué was published following a press conference at London's Excel Arena this afternoon and provides guidelines on how domestic regulators should be organised, while it announced the creation of a Financial Stability Board with an enhanced mandate to replace the Financial Stability Forum.