A world mired in economic crisis and instability is the setting for the meeting of the Group of 20, which includes leaders of industrial and developing countries as well as the European Union, taking place in London on 2 April.

The three aims of this G20 Summit -stabilising financial markets, strengthening the global and economic systems and setting a path for sustainable growth- are not possible without addressing a key root cause of the current meltdown, namely a severe lack of basic governance measures, transparency and accountability. From preventing excessive short-term risk taking to exposing potential conflicts of interest, transparency is key to ensuring that confidence is restored.

While G20 leaders have publicly recognised transparency measures as essential to overcome the current crisis and avoid future ones, the London summit must produce concrete and credible next steps. Leaders of G20 countries should not allow the derailing of what is truly a unifying solution: stability, trust and development on the basis of transparency and accountability.

From the use of public funds in ‘bail-out’ programmes to strengthening the role of development banks and regulatory authorities, Transparency International has made specific recommendations to the G20 to restore public trust in the global economy and give back hope to the millions of people facing an unstable future.

While the initial effects of the global financial crisis were largely restrained to the US and European countries, it has spread and poses serious implications for millions of people, in more vulnerable developing countries.

Experts warn that if appropriate action is not taken and decisively implemented, then the crisis could lead to disastrous humanitarian consequences. The UN Millennium Campaign reports that the fight against poverty has been pushed back by up to three years, while the UK’s Department for International Development has likened the credit crunch to a tsunami, warning that 90 million people will be forced into poverty by the end of next year. The International Labour Organization estimates unemployment could rise by 50 million.

Such forecasts spell a potentially devastating blow for the world’s poorest, already hard hit by the oil and food price crises in 2008. Experts predict that foreign investment in developing countries in 2009 will be 80 per cent down on 2007 figures and there is widespread concern that donor countries will cut back on their aid commitments.

Stabilising and reviving the global economy must be the short-term priority, but the bigger agenda – with broader opportunities – requires ensuring that the new regulatory order be rooted in transparency and accountability. The global financial crisis demands coordinated, bold and decisive action with long-term impact that must be carefully formulated and properly implemented.

A reformed governance architecture would be key to the successful implementation of programmes and funds intended to address the environment and to meet people’s basic subsistence rights; food, education, shelter, health, decent jobs and sustainable livelihoods. The global economy must be built back better than it was before and a stimulus which galvanises not just economies but also politics, promoting basic freedoms and ensuring the solid global integrity of governments and business.

Similarly, as public outcry over corporate bonuses has recently shown, rescue initiatives must include effective safeguards, with transparency and accountability at the forefront, in all aspects of public management of taxpayers’ funds.

Contributions from civil society can only accelerate the successful implementation of solutions as leaders seek to inject hope, confidence and re-store growth.