Conclusion of the meetings of the G20 finance ministers and central bank governors

Bern, 19.04.2013 - Federal Councillor Eveline Widmer-Schlumpf took part in the meetings of the G20 finance ministers and central bank governors on 18 and 19 April 2013 in Washington. She was accompanied by Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank (SNB). The discussions focused on the outlook for the global economy, reform of the international financial architecture and progress in financial market regulation. Moreover, the G20 took note of a report from the Global Forum on Transparency and Exchange of Information for Tax Purposes.

A key item on the agenda concerned the global economic outlook and the financial market risks. The ministers and central bank governors noted that the global recovery remained sluggish and that unemployment was still too high in many G20 countries. While emerging market countries are posting comparatively solid growth rates and activity in the US private sector is recovering, the eurozone is confronted with declining growth.

Against this backdrop, the G20 is calling for the foundations for economic growth and the sustainability of monetary union in the eurozone to be strengthened. In the advanced economies, in particular Japan and the United States, credible medium-term fiscal consolidation strategies must be developed. From Switzerland's perspective, these demands are to be welcomed.

The G20 ministers and central bank governors discussed the reform of the international financial architecture. They called for all countries to ratify the governance reforms of the International Monetary Fund (IMF) agreed in 2010. They also undertook to conclude the current examination of the IMF quotas and their calculation by 2014. For Switzerland, it is crucial that discussions in this regard take place in the IMF decision-making bodies intended for this purpose.

Furthermore, investment financing and its impact on growth was discussed, as was progress in financial market regulation, based on the report of the Financial Stability Board. Here, Switzerland referred to the key importance of capital requirements for banks - in particular for systemically important institutions - as well as the need for the swift and comprehensive introduction of the Basel III regulatory framework.

Finally, the G20 took note of the progress report of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Federal Councillor Widmer-Schlumpf made it clear that Switzerland is committed to the globally applicable standards. She explained that the Federal Council has already initiated solutions for the issues criticised by the Global Forum. Federal Councillor Widmer-Schlumpf also emphasised that internationally accepted standards must be complied with and implemented by all countries. She specifically referred to the beneficial owners of Anglo-Saxon trusts, whose identification urgently has to be improved in many countries.

Switzerland is taking part in the G20 financial meetings this year at the invitation of the Russian presidency. Along with the ministerial meetings, this also includes participating in the working groups and in the meetings of high-ranking officials.


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