By 2012, the European banking and sovereign debt crisis received much attention, with the spillover effects to other member countries in a globally interconnected world and the need for policymakers in Europe to take decisive and credible action featuring strongly.
With this in mind, and with the potential for increased instability, the G-20 leaders pledged over $ billion in financial resources to boost the IMF firewall at the June 2012 Los Cabos Summit. In 2014, the G-20 adopted the 2-in-5 objective, committing to collectively raise G-20 output by an additional 2 per cent over a five-year period, by 2018.