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25 July 2018

Meet­ing of G20 fi­nance min­is­ters and cen­tral bank gov­er­nors in Buenos Aires

The G20 finance ministers gathered again in Buenos Aires on 21–22 July 2018 under the helm of the Argentine presidency. Their talks focused in particular on the risks posed by trade disputes. During the discussions, Finance Minister Olaf Scholz reiterated his strong support for free and fair global trade and underscored the importance of international cooperation. At the meeting, the G20 also endorsed a set of policy options for the future of work.

Family photo with German Finance Minister Olaf Scholz at the meeting of the G20 finance ministers and central bank governors
Source:  Federal Ministry of Finance/Thomas Koehler

German Finance Minister Olaf Scholz participated in the third meeting of the G20 finance ministers and central bank governors, which took place in Buenos Aires on 21–22 July 2018 under the helm of the Argentine presidency. At the meeting, he underlined in particular the risks that trade disputes create for the global economy and called for international cooperation. Speaking on the future of work, a key issue under the Argentine G20 presidency, Scholz welcomed the Menu of Policy Options for the Future of Work endorsed by the ministers and governors later on. The Menu lists a number of policies available to the G20 members in responding to the challenges created by technological change, and especially the advances in digital technology. While Scholz emphasised the new opportunities opened up by digital technology, he also stressed that fears of job losses needed to be taken seriously. On this topic, he also underscored the importance of investing in education and training. He added that policymakers’ efforts to keep older employees in the workforce need to be continued, and asserted that employers have a responsibility to hire older workers, too.

In addition, the Communiqué sets out the consensus that was reached by the 19 member countries of the G20 and the EU concerning a range of other economic and fiscal policy issues that were discussed at the two-day meeting: Emphasising the current strength of the global economy, the Communiqué also warns against financial market excesses, high debt levels, rising trade and geopolitical tensions, global imbalances, inequality and structurally weak growth, particularly in some advanced economies. The G20 finance ministers and central bank governors also voiced their concern for debt vulnerabilities in low income countries. Furthermore, they reaffirmed their commitment to continue working together with the IMF, the World Bank and the Paris Club to enhance debt transparency and sustainability and to improve sustainable financing practices by debtors and creditors, both public and private. To boost investment in infrastructure, the finance ministers and central bank governors endorsed the G20 Principles for the Infrastructure Project Preparation Phase, which forms part of a roadmap to make financing infrastructure projects more attractive to private investors. The Communiqué also addressed ongoing work on international tax policy, financial market regulation, capital movements and the fight against money laundering and terrorist financing.