G20: SHAPING AN INTERCONNECTED WORLD (2017 | Issue 2)

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Keeping It Steady

KEEPING IT STEADY

Ensuring economic stability and resilience is one of the three pillars of Germany’s G20 presidency. Under each pillar there is a list of priority areas. What’s Up, Germany? gives you a quick run-through of the areas that fall under the first pillar, which are largely economic in nature.

THE HEAVYWEIGHTS

The G20 is made up of the strongest economies in the world. Its members are powerful drivers of the global economy who are on a mission to stabilise the economy. Recognising the need for stability, Germany’s G20 presidency is focussing on enhancing the global financial system’s efficiency, as well as reducing debts and forging ahead with structural reforms. The idea is to make the world economy more robust and resilient to sudden crises. After all, the world can’t afford another financial crisis like the one after the collapse of Lehman Brothers!

BIG ON REFORMS

To promote sustainable, inclusive growth, all policy tools at the disposal of the G20 countries—monetary, structural and fiscal—need to be leveraged. The German G20 presidency will concentrate on strengthening the international financial architecture and the financial safety net, while removing barriers to cross-border capital flows. It is looking to reduce excessive global imbalances and promote greater inclusiveness and fairness in pursuit of economic growth.

German Chancellor Dr Angela Merkel

“As G20 partners, we must ask ourselves what we can do to ensure that everyone stands to benefit. How can we cooperate better in the future for the sake of our citizens? What fears and challenges are associated with globalisation, and what can we do to address these? How can we safeguard inclusiveness and ensure that the fruits of prosperity and growth are distributed fairly?”
— German Chancellor Dr Angela Merkel

FAIR ENOUGH!

The G20 comprises the most successful exporting countries in the world. Together, they account for three-quarters of global trade! As part of the G20, these countries play a decisive role in strengthening international tax rules and improving tax fairness. Under its presidency, Germany will push for measures to tackle harmful tax competition between countries and foster transparency. It will also work towards facilitating an open trading system. For the first time, the impact of digital technology on trade will be discussed.

GAINFULLY EMPLOYED

Another important goal is to create jobs in the private sector and promote quality employment. Germany will give special emphasis on improving the quality of women’s jobs and on integrating migrants and refugees into the labour market. It will also address global supply chains sustainability for the first time, since socially responsible processes are good for both the environment and long-term profitability.

“We are a profoundly interconnected species, as the global economic and ecological crises reveal in vivid and frightening detail. We must embrace the simple fact that we are dependent on and accountable to one another.”
— Parker Palmer, writer & teacher

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