G-20 Finance Chiefs Back Tax Deal, Pledge to Sustain Recovery, Watch Inflation

Flags of G20 countries are seen outside the G20 venue before the start of the G20 Summit of major world economies in Cannes, on Nov. 3, 2011. Dylan Martinez/Reuters

WASHINGTON—Finance leaders from the Group of 20 major economies on Wednesday endorsed a global deal to revamp corporate taxation and pledged to sustain fiscal support for their economies while keeping a close eye on inflation.

The G-20 finance ministers and central bank governors also said in a communique issued after a meeting in Washington that the International Monetary Fund should establish a new trust fund to channel a $650 billion issuance of IMF monetary reserves to a broader range of vulnerable countries.