G20 Finance Ministers and Central Bank Governors Meet in Baden-Baden
G20 Finance Ministers in Baden-Baden March 17-18
The G20 Finance Track
The largest and most important event in the Finance Track under the German presidency in 2017 is the meeting of the finance ministers and the central bank governors in the German city of Baden-Baden on March 17 and 18. Their meeting kicked off on Friday with the high-level symposium “Global Economic Governance in a Multipolar World.”
Baden-Baden: G20 Communiqué
After four days of in-depth talks, the G20 finance ministers and central bank governors adopted the official communiqué summing up the outcomes of their summit in Baden-Baden. The declaration by the 19 largest advanced and emerging economies, together with the European Union, focuses on key issues such as improved crisis prevention in the financial sector, the challenges of digitalisation, and international tax policy. It also places a particular priority on boosting investment and improving infrastructure in Africa (the Compact with Africa).
Schäuble: Germany, the G20, Protectionism and the Compact with Africa
"In my view, the G20 is the best forum for increased and inclusive cooperation. Of course, the G20 is not perfect, but it is the best institution we now have for achieving a form of globalization that works for everyone. Through it, the world’s main industrialized and emerging countries have worked together toward constructing a shared global order that can deliver increasing prosperity. Indeed, the G20 is the political backbone of the global financial architecture that secures open markets, orderly capital flows, and a safety net for countries in difficulty."
Finance Minister Schäuble: Embracing Fair Globalization
By assuming this year’s G20 presidency, Germany is taking on responsibility for international cooperation at a very significant time. In an op-ed in DIE ZEIT newspaper, Finance Minister Wolfgang Schäuble outlines the G20 Finance Track priorities and emphasizes the importance of cooperation with Africa.
"Globalization requires a regulatory framework that benefits everyone across the world," Schäuble writes. "To ensure long-term security and prosperity, we need to continue to narrow the enormous gap between the world’s richest and poorest countries, especially on the African continent. The Group of 20 is well placed to pursue global governance of this kind, as its membership includes both advanced and emerging economies. It is the best and most efficient forum we have for this purpose."
Germany's G20 Presidency in 2017: Shaping an Interconnected World
"Shaping an interconnected world": That is the motto of Germany’s G20 Presidency in 2017. The highlight of the Presidency will be the leaders’ summit on July 7 and 8, 2017, in Hamburg.
Germany would like to use its G20 Presidency to intensify international cooperation. It is the G20’s job to ensure that globalisation benefits everyone. The aim is to strengthen the benefits of globalisation and worldwide interconnectedness, and to ensure that more people reap benefits. The German government is thus setting a course diametrically opposed to isolationism and any return to nationalism.