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G20 meet of finance ministers and central bank governors to begin in Germany

Mar 17, 2017 13:16 IST

The finance ministers and central bank chiefs from the Group of 20 economies (G20) are due to meet in Baden-Baden in Germany from 17-18 March 2017.

The meeting is expected to focus on strengthening economic resilience in finance and digitalisation and to promote investment in Africa.

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Key Highlights

• The meeting will provide a preliminary discussion platform for the finance ministers and central bank governors to discuss their points ahead of the G20 Summit of heads of state and government that will be held in Hamburg, Germany from 7-8 July.

• All the focus will be on whether they are able to agree to work together to promote free trade between themselves despite the protectionist tendency of the United States.

• This meet will be the first such gathering of leaders to discuss global economic challenges since Donald Trump took over as the President of United States in January 2017.

• While most of the G20 nations have been in agreement that encouraging free trade is the way to foster the world economy, Trump administration has been seen taking a protectionist stance on the same, saying it is a part of their effort to save jobs in the US.

• The results of the meeting will be shared by German Finance Minister Wolfgang Schaeuble and Bundesbank President Jens Weidmann in a news conference, which is to be held on 18 March 2017.

• The G20 finance ministers and central bank chiefs will be convening again at the International Monetary Fund's spring and annual meetings in April and October 2017 in Washington DC.

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About G20

• It is an international forum comprising governments and central bank governors from 20 major economies.

• It was founded in 1999 with the aim of achieving international coordination on policy issues to promote international financial stability.

• The group seeks to address issues that are beyond the responsibility of a particular organisation.

• Some of the member economies include the United States, the United Kingdom, Brazil, India, China, Australia, Germany, Japan, Saudi Arabia and Russia.

 

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