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Officials of the Group of 20 nations have announced they are close to agreeing on improving global coordination of economic policies, a move that would allow member countries to monitor each others’ commitments to improve the global economy.

According to a report by The Wall Street Journal, the proposed agreement envisions a "peer review" system, with G20 countries assessing whether each others' policies are working, and the International Monetary Fund likely providing technical help. Not included in the agreement are enforcement mechanisms such as sanctions or other financial penalties.

An official involved in the G20 negotiations told the Journal that the reviews will assess how the policies contribute to the "strong and balanced growth" of the world economy.

Quoting a draft of the communiqué the group will present today, the Journal reveals that the summit is also gearing up to announce a tough approach to dealing with tax havens, and is poised to crack down on bonuses paid to bankers.

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