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8 August 2017

G20 Sum­mit: Re­sults in the Fi­nance Track

Financial issues were high on the agenda of the G20 summit of heads of state and government in Hamburg. The G20 finance ministers met at an informal working dinner held on the margins of the summit. In addition, the G20 reaffirmed their commitment to international economic and financial cooperation and to the objective of strong, sustainable, balanced and inclusive growth.

G20 finance ministers sitting together in a conference room
Source:  photothek.de, Thomas Koehler

In order to achieve this goal, it is crucial to enhance the resilience of the G20 economies and thus of the global economy. To this end, the G20 finance ministers and central bank governors had adopted a set of resilience principles at their March meeting in Baden-Baden. On the basis of these principles, the G20 members then developed national action plans, which were presented at the Hamburg summit.

With respect to the summit’s focus on Africa, the work undertaken within the Finance Track also played a major role, in particular, the Compact with Africa. Seven African countries are currently working together with international financial institutions, interested G20 members and other partners to develop investment compacts aimed at mobilising private investment. With regard to the international financial architecture, the heads of state and government adopted the “Hamburg Principles and Ambitions” to promote the crowding-in of private investment in development projects.

On financial market regulation, all the G20 countries reaffirmed their determination to finalise all the agreed reforms and to ensure their full, consistent and timely implementation. They also welcomed the analytical framework developed by the Financial Stability Board (FSB) for evaluating the financial market reforms implemented so far. Furthermore, there were extensive discussions on cybersecurity in financial markets as well as on climate-related financial risks.

The G20 confirmed its previous agreements on international cooperation in tax matters and included the strengthening of tax certainty as a new item on its agenda. In addition, the G20 launched a debate on the tax and regulatory challenges of the digital economy and will continue to work on this issue. Finally, G20 leaders agreed to improve the international exchange of information on beneficial ownership, which is an important tool for fighting tax evasion as well as corruption, terrorist financing and money laundering.

The decisions adopted within the Finance Track can be found in the relevant sections of the summit communiqué as well as in two annexes to the communiqué entitled “Hamburg Action Plan” and “G20 Africa Partnership”.

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