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.
At their meeting in Chantilly (France) on 17 and 18 July, the G7 finance ministers and central bank governors discussed the risks associated with stablecoins. They reiterated the importance of a fair international tax system and, for the first time, agreed on the introduction of a global minimum effective corporate tax as an explicit aim.
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.
At the G20 meeting of finance ministers and central bank governors in Fukuoka (Japan) on 8 and 9 June 2019, German Finance Minister Olaf Scholz expressed his strong support for the introduction of a global minimum tax for companies. His initiative was supported by all the other G20 members. The aim is to prevent large corporations from avoiding their tax responsibilities. An agreement on this is to be concluded in 2020.
Social inequality is a central subject in debates over economic and social policy. Along with inclusive growth, it has been on the G7 and G20 agenda for a number of years. In Germany, disposable income inequality is relatively low compared with other countries, even though the country performs less well when it comes to equality of wealth. The German government supports France’s initiative to make tackling inequality a key focus of its G7 presidency.
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.