Outcomes from G20 Finance Ministers and Central Bank Governors Meeting
Last weekend B20 representatives presented to the G20 Finance Ministers and Central Bank Governors Meeting in Cairns on B20 infrastructure, investment and financial regulation recommendations.
It is hard to gauge the B20’s direct impact on G20 thinking, but the G20 communiqué released at the conclusion of the meeting contained a number of commitments that correspond closely with B20 recommendations, in particular the G20 statements on:
1. the need to focus on growth and jobs
2. the commitment to establish a Global Infrastructure Initiative
3. finalisation and consistent implementation of core financial regulation
We suggest you review the IMF surveillance note and the OECD/IMF report on quantifying the impact of G20 members’ growth strategies, particularly the second document which gives a greater feel for the approach to, and content of, the country growth plans.
Some elements of the country growth plans implicitly adopt aspects of specific B20 recommendations, for example labour market reforms in relation to the B20 Human Capital Taskforce recommendations.
The G20 communiqué demonstrates clear progress towards meeting the two percent additional growth target, and adoption of a number of the key B20 recommendations but there is scope in the time remaining before the leaders meeting in Brisbane to encourage further commitments on growth, infrastructure and investment, and to broaden the agenda to cover human capital and trade commitments.
If you have meetings with G20 officials in your country to help progress this agenda, we would appreciate hearing back from you on the outcomes of your discussion at this link.
Richard Goyder AO
MD & CEO, Wesfarmers