As the G20 summit in Brisbane draws to a close, David Cameron issued a message that ‘red warning lights are flashing’ on the global economy.

Writing in the Guardian, his warning comes as International Monetary Fund managing director, Christine Lagarde said that she fears high debt, unemployment and low growth might become “the new normal in Europe”.

Mr Cameron added that with high unemployment and falling prices, the Eurozone is on the edge of a possible third recession against a “dangerous backdrop of instability and uncertainty”.

Leaders at the conference agreed to pledge 800 action points designed to lift combined economic growth by a further 2.1% by 2018. Mr Cameron added that if the pledges were kept then it would be the equivalent of an extra Australia and New Zealand added to the global economy.