Antalya, 16/11/2015 (Agence Europe) - On Monday 16 November, the twenty largest global powers renewed their commitment to macro-economic policies which will support “robust and inclusive” growth, with the target of additional wealth creation in 2% by 2018.
“Our top priority is timely and effective implementation of our growth strategies”, the G20 leaders declared after the summit of Antalya (Turkey), noting with satisfaction that more than a third of the strategies have come to fruition since the Brisbane summit of 2014. The Antalya action plan comprises revised growth strategies and a timetable for the measures to be taken, in order, amongst other things, to stimulate investment in infrastructure and innovative sources of funding for SMEs. Aware that social inequality reduces the growth prospects, the G20 has set itself the objective of reducing the proportion of young people risking exclusion from the employment market by 15% between now and 2025. It also undertakes to tackle the “opportunities and challenges” stemming from international worker mobility and the ageing population.
In order to boost the capacity of the economies to risk future financial shocks, the G20 finalised the total loss-absorbing capacity buffer, which the 30 largest systemic banks - 12 of which are located in the EU - will be obliged to hold from 2019 in order to absorb any losses (see EUROPE 11427). It argues in favour of increased regulation for the shadow banking sector and approves of the work on the resolution of the central clearinghouses for derivative financial products.
The G20 also approved the BEPS action plan of the OECD, which aims to step up the fight against aggressive tax planning by multinational companies (see EUROPE 11407). “This is probably the greatest success of the G20”, a senior European civil servant commented. All eyes will now be on the monitoring of the promises made. As the EU called for, the OECD has been tasked with creating, by early 2016, a framework to ensure the “widespread and consistent” application of the BEPS action plan, “particularly as regards the exchange of information on cross-border tax rulings”, and covering all non-G20 countries wishing to come on board with the procedure. More generally, the G20 renewed its commitment in favour of an automatic exchange of tax information at international level by 2018 of the latest. (Original version in French by Mathieu Bion)