Brussels, 06/02/2015 (Agence Europe) - In Istanbul on Monday 9 and Tuesday 10 February, G20 finance ministers and central bankers will discuss the global economic situation, the reform agenda for the world of finance, reform of the IMF and the fight against tax avoidance.
“We welcome the aim of the Turkish G20 presidency to make 2015 the year of implementation of the growth strategies. We support the presidency's intention that G20 members agree on a shortlist of measures with the highest growth impact on which further monitoring would focus,” explain EU terms of reference for the G20 endorsed by the Eurogroup at the end of January. In November 2014, the G20 Summit in Brisbane, Australia, adopted an action plan to increase global growth by 2% by the end of 2018 compared with the current level (see EUROPE 11198). Europe believes it is also time to put the G20 commitment into practice to “consider changes in the composition and quality of government expenditure and revenue to enhance the contribution of fiscal strategies of G20 members to growth.”
When it comes to finance and investment, Europe says that by 2019, the EU is planning to introduce a union of capital markets to diversify and boost sources of finance for companies in general and small businesses in particular (see EUROPE 11243).
The EU wants the G20 to continue to focus on reform of financial reform such as rules to cover the 'too-big-to-fails,' recovery and resolution of non-bank financial institutions such as central counterparties (the European Commission will be unveiling draft legislation in this connection by June), regulating shadow banking and equivalence decisions about prudential rules covering derivatives.
Progress is expected to be made at the summit on tackling tax avoidance (see related article). On the fringes of the summit in Istanbul, Europe's financial leaders will discuss the latest developments in Greece. (MB)