The heads of state and government of the world’s seven leading advanced economies (G7) and 20 major economic and political powers (G20) meet annually at the invitation of the country holding the presidency that year.
The meeting of the G20 finance ministers and central bank governors and the annual meetings of the IMF and the World Bank took place in Bali (Indonesia) from 11–14 October 2018. German finance minister Olaf Scholz was in attendance. The discussions focused on issues such as the mounting risks to global economic growth and the ways in which they can be addressed through joint action.
While the G20’s decisions are not legally binding, its members make voluntary commitments which carry considerable political weight. We have put together an overview of the communiqués from the meetings of finance ministers and central bank governors, as well as some key documents and summit declarations issued since 2008. These documents are available for download in PDF format.
The Group of Seven (G7)/Group of Eight (G8) is an informal forum of the world’s leading economies. The heads of state and government of these countries formulate joint positions on global policy issues when they meet for annual summits.
The Compact with Africa was initiated under the German G20 Presidency to promote private investment in Africa, including in infrastructure. Its primary objective is to increase attractiveness of private investment.
The Africa Investment Forum took place from 7–9 November 2018 in Johannesburg, South Africa, with the German Finance Ministry represented by State Secretary Wolfgang Schmidt. The aim of the forum was to assess the impact and role of the G20 Compact with Africa (CwA) in facilitating private sector investment in Africa. A key driver in transforming Africa into a dynamic marketplace, the CwA also boosts inclusive growth.
On 30 October 2018, the heads of state and government of the African countries participating in the Compact with Africa attended a high-level conference hosted in Berlin by German Chancellor Angela Merkel. Olaf Scholz, who is advancing the initiative in cooperation with the other G20 finance ministers, welcomed the fact that German businesses are making a stronger commitment to Africa.
G7 finance ministers and central bank governors met in the Canadian resort town of Whistler on 1–2 June 2018, with German Finance Minister Olaf Scholz and Bundesbank President Jens Weidmann representing Germany. The meeting’s main topic was the current trade dispute with the US. Various other issues relating to international cooperation in the area of finance were also discussed.