Introduction sectionG20 Finance Ministers and Central Bank Governors’ third meeting under the Italian Presidency
G20 Finance Ministers and Central Bank Governors’ third meeting under the Italian Presidency
On Friday 9 and Saturday 10 July 2021, the G20 Finance Ministers and Central Bank Governors (FMCBGs) gathered in Venice for their third official meeting under the Italian G20 Presidency. This was the first in-person Finance Track meeting since February 2020.
G20 members continued their discussions on issues related to global economy and health, and on the efforts to promote economic recovery and the transition towards greener and more sustainable economies and societies. The debate touch also upon issues related to the support to the most vulnerable countries, international taxation matters, financial sector issues and sustainable finance.
G20 members recognised that the global outlook has further improved, mainly thanks to the roll out of vaccines and continued policy support. However, this recovery is still uneven between countries and regions and prone to risk. FMCBGs reaffirmed their willingness to use all available policy tools and to continue to sustain the economic recovery for as long as required, to address the adverse consequences of the pandemic, especially on the most impacted groups of the society. As part of the G20 comprehensive response to the COVID-19 crisis, G20 members remained committed to ensuring that the financial sector provides adequate support to the recovery while preserving financial stability.
Ministers and Governors also reached an historic agreement on a more stable and fairer international tax architecture. The commitments made at G20 Finance Track level are detailed in the Official Communiqué issued at the end of the meeting.
While working to tackle the current challenges, the G20 welcomed the Report of the G20 High Level Independent Panel on Financing Global Commons for Pandemic Preparedness and Response, in which: the Panel calls for a public funding increase in international financing of at least US$75 billion over the next five years, or US$15 billion per year, to plug major gaps in pandemic prevention and preparedness , doubling current spending levels. The four pressing preparedness gaps identified by the Panel are: infectious disease surveillance, resilience of national health systems, global capacity to supply and deliver vaccines and other medical countermeasures, and global governance.
From Thursday 8 to Sunday 11 July, a number of side events were held on the occasion of the G20 Venice FMCBG meeting. These included the Global Forum on Productivity, co-organised by the G20 and the OECD, the G20 High-Level Tax Symposium and the International Conference on Climate Change.
After this important meeting, the intense activities of the G20 finance track will continue with the 4th Finance and Central Bank Deputies Meeting on 13-14 September, working group meetings and with the joint meeting of the Health and Finance Ministers on the ahead of the G20 Leaders Summit scheduled in Rome on 30-31 October 2021.