Sept 3 (Reuters) - Almost a year after the world's financial system narrowly averted collapse, finance ministers and central bankers from the Group of 20 rich and developing nations will gather in London on Sept. 4-5 to discuss what happens next.
Here is a summary of progress reported so far on pledges the leaders made in London in April on measures to avert a repeat of the Great Depression of the 1930s and to reduce the risk of future crises.
* FISCAL MEASURES TO BOOST DEMAND RAPIDLY
G20 leaders' communique from the April London summit says total fiscal expansion will amount to $5 trillion by end of 2010, raising output by 4 percent. IMF staff estimate discretionary fiscal stimulus from the G20 is close to the desired 2.0 percent of GDP in 2009 and 1.6 percent in 2010.
* REFORM OF BRETTON WOODS INSTITUTIONS
G20 leaders in April agreed to accelerate reforms including increasing IMF surveillance of the global economy and giving major emerging economies more voting power. Not much progress.
United States seeking an agreement at the G20 meeting in Pittsburgh on moving the voting issue forward and has kicked off the talks by proposing a 5 percent shift in voting power of underrepresented emerging markets.
* MONETARY POLICY STEPS AS APPROPRIATE
Central banks around the world have begun to debate how and when to phase out emergency steps taken to contain the damage wrought by the financial crisis, although most are not expected to withdraw support until well into next year.
Major central bank interest rates remain at record or historic lows, many of them close to zero, and policymakers are cautious about a recent pick-up in economic data suggesting a recovery could start sooner than earlier expected.
The Bank of England unexpectedly extended its quantitative easing program by 50 billion pounds ($82 billion) last month, and the U.S. Federal Reserve is also buying debt to inject money into the economy. The European Central Bank's smaller programme of buying 60 billion euros in covered bonds is on track for completion by the middle of next year.
Central banks have also cooperated in setting up swap lines to help each other's banks and those in emerging market economies get the foreign currency they need to avert crises.
* RESISTING PROTECTIONISM AND PROMOTING TRADE
The G20 leaders in April repeated their pledge of November to refrain from raising new barriers to trade, imposing new export restrictions or taking measures to stimulate exports inconsistent with international trade rules.
World Trade Organisation director-general Pascal Lamy said in July there had been no outbreak of "high-intensity protectionism" but countries had not dismantled economic barriers raised in the downturn, which was far from over, and there was a risk of a rash of trade disputes as a result.
The United States is still under scrutiny by its trading partners about elements of its "Buy American" clause as a condition for some of the government's support packages despite President Barack Obama forcing Congress to water it down.
China has come under attack for a similar "Buy China" policy in its stimulus package. The European Union and United States also launched a WTO case over Chinese export restrictions on key industrial raw materials.
An increasingly assertive China has launched a case against the EU over measures against imports of Chinese screws and bolts and a dispute with the United States over a U.S. ban in Chinese poultry imports.
But some people argue this and other new cases show the global trade system is working well to handle disputes despite the crisis. In past weeks the WTO has laid out the sanctions Brazil can impose over U.S. cotton subsidies, cleared the way for Japanese sanctions against the United States over anti-dumping measures, and ruled against China's regime for importing and distributing audivisual material.
The April summit also promised to aim for a deal in the WTO's long-running Doha round, but did not set a deadline. The G8+ summit in L'Aquila in July called for a Doha deal in 2010.
Trade ministers at last month's OECD meeting in Paris said they wanted to make concrete progress on Doha before September's G20 in Pittsburgh.
The G20 in April also promised at least $250 billion over the next two years to support trade finance.
* REGULATORY OVERHAUL
BANK CAPITAL: Still working on proposals for banks to build up extra buffers of capital during good times to tap in troubled markets and thus lessen the need for taxpayer bailouts.
HEDGE FUNDS: The G20 agreed hedge funds above a certain size should be authorised and obliged to report data to supervisors. There are national differences over how this can be done without giving unfair advantages to financial institutions in some countries.
DERIVATIVES: Central clearing of credit default swaps traded in the EU began at the end of July. The United States wants all standardised credit derivatives traded on an exchange, going beyond what the EU is currently proposing.
ACCOUNTING: The International Accounting Standards Board (IASB) is fast tracking revision to the scope of the fair value rule -- blamed for amplifying the credit crunch -- to get key parts in force by the G20 deadline of end-2009.
SECURITISATION: EU has adopted a law mandating banks to retain 5 percent of the securitised products they sell, with United States considering a similar move.
CREDIT RATING AGENCIES: G20 wants them registered and supervised by the end of 2009. EU has adopted a law mandating registration and direct supervision.
FINANCIAL SUPERVISION: EU leaders have agreed to set up a European Systemic Risk Board in 2010. New American framework for monitoring systemic risk still under debate.
PAY: EU working on plans to give supervisors powers to intervene in bank pay policies if they encourage too much risk taking. Basel Committee of central bankers and supervisors is working on guidance for supervisors on remuneration.
* FUNDS FOR THE IMF TO SUPPORT EMERGING ECONOMIES
G20 leaders pledged in April to boost IMF resources by another $500 billion and sell about 400 tonnes of IMF gold to raise money for the poorest countries. Most of the money has been raised, with Russia, China and Brazil agreeing to contribute through IMF note purchases -- the first time the IMF has issued bonds to central banks to raise money.
European Union member countries said on Wednesday they had agreed to increase the bloc's contribution to IMF funds to 125 billion euros ($178 billion) from 75 billion pledged in March.
The U.S. Congress has endorsed the gold sale, allowing the Fund to move ahead with plans to sell it within a new European central bank gold agreement struck in August.
The G20 agreed in April to provide $250 billion worth of IMF Special Drawing Rights to all 186 member countries to boost global liquidity. The allocation became effective on Aug. 28. Emerging and developing countries received almost $100 billion in SDRs, of which close to $18 billion went to poor countries.
* REMAIN COMMITTED TO COMBATING CLIMATE CHANGE
U.S. President Barack Obama said a major emitters forum (MEF) meeting in Italy had agreed finance ministers should report back on climate finance at the G20 summit in Pittsburgh in September -- raising expectations that the issue will be discussed in London this week.
In July, G8 countries committed to cut their emissions by 80 percent by 2050. All major emitters -- including emerging economies such as China and India -- referred to a target to limit global warming to no more than 2 degrees centigrade, recognising a scientific view that this was a safety limit.
G8 countries have agreed an ambition to halve global greenhouse gas emissions by 2050. Developing countries continue to resist that target. No deal yet on their demand for developed countries to help pay their costs in fighting climate change. (Reporting by Reuters G20 bureaux; Compiled by Ruth Pitchford; Editing by Patrick Graham)