The G20 Summit in Cannes, France closed on Friday after participants issued a joint communiqué.

In the joint communiqué, the G20 leaders agreed in principle on the need to expand the resources of the International Monetary Fund (IMF) at an appropriate time to boost the global financial safety network.

However, the G20 leaders failed to reach agreements on how to expand such IMF resources and the amount each G20 member country will bear in boosting the IMF’s firepower. The leaders agreed that those details should be discussed again during a G20 finance ministers’ meeting next February.

French President Nicolas Sarkozy, who presided over the G20 Summit, and European Commission President Jose Manuel Barroso said the summit gathering was a display of world leaders showing determination toward resolving the debt crisis in Europe.

However, responses in global financial markets toward the results of the G20 Summit were frigid as markets had hoped that the G20 countries would provide substantial ways to tackle the euro zone debt crisis.