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18 October 2017

Last G20 Fi­nance Min­is­ters Meet­ing un­der Ger­man Pres­i­den­cy

On 12–13 October 2017, the finance ministers and central bank governors of the leading advanced and emerging economies gathered in Washington, D.C., for their last meeting under the German G20 presidency. Germany can look back on a successful presidency. It succeeded in placing the issue of resilience firmly on the international agenda, thereby giving new impetus to efforts to carry out structural reforms and reduce debt levels.

Last G20 finance ministers meeting under German presidency
Source:  Thomas Koehler/photothek.net

The G20 initiative for a “Compact with Africa”, which was launched at Germany’s initiative in October 2016 under the Chinese presidency, and was designed to improve investment conditions, especially private investment, in African countries, is now fully under way and was at the heart of discussions in Washington, D.C. Representatives from seven African compact countries (Ethiopia, Côte d’Ivoire, Ghana, Morocco, Rwanda, Senegal and Tunisia) had already participated in June’s high-level G20 Africa Conference in Berlin and have most recently been joined by another three countries (Egypt, Benin, and Guinea). They, too, will now be negotiating individual investment partnerships (“compacts”) with partner countries and the international organisations World Bank, IMF and the African Development Bank. All ten participating compact countries showed great commitment in Washington, D.C.

The G20 also took steps under Germany’s presidency to strengthen the international financial architecture, and made significant progress towards improving the effectiveness and efficiency of multilateral development banks. Other achievements under the German G20 presidency include new initiatives for new instruments to enhance the responsibility of donor and recipient countries with the aim of preventing another debt crisis in the least-developed countries. We have also succeeded in boosting the resilience of capital markets and taken action to make the global financial safety net more robust. Another success under the German presidency was the clear commitment that was reiterated in Washington, D.C., by all G20 members to implement the agreed reforms in the area of financial market regulation – consistently, in full, and on time.

Additional progress in the fields of tax policy, remittances and cybersecurity was also achieved at the meeting in Washington, D.C. As for taxation, the ministers and central bank governors welcomed the first successful automatic exchange of tax information with around 50 states participating on 30 September 2017.

Stocktakes on the issues of remittances and cybersecurity were presented by the Financial Stability Board. The German presidency, in consultation with the G20 member states, was able to give the FSB a mandate to carry out further work on these issues.