In a communiqué following the two-day Group of 20 nations’ (G-20) summit, the G-20 leaders divulged their common resolve to begin their transition from spending to saving – a move that would essentially require them to restrain their budgets and the noticeably-inflating debt levels, while also ensuring that the global revival is not affected.

By walking the Canadian Prime Minister Stephen Harper’s so-termed “tightrope” between government stimulus and debt reduction, the leaders of the wealthiest G-20 nations also vowed to abide by the 2012 schedule set for the implementation of tougher capital and liquidity standards for banks, with standards finally converging after initial disparity.

The G-20 leaders said in the communiqué: “Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016.”

In spite of the “uneven and fragile” global recovery, growth remained the top priority for the G-20 nations, which also committed to delivering on existing stimulus plans. But while the existing stimulus plans run their course this year, fiscal discipline has notably - in comparison to the last year’s summit - become the other focus area of the leaders.

With the sovereign debt crisis in Europe, leaders particularly focused on “sustainable public finances” as well as on developing “credible, properly phased and growth-friendly” plans for tightening the fiscal belt; however, in such a way that neither the present nor the future growth is muted.