After the unveiling of Panama Papers make the largest industrialized and emerging countries at drying of tax havens seriously. Under threat of “defensive measures” calling for the G20 finance ministers and central bankers in all countries, financial centers and overseas territories to accede to the automatic international exchange of information on tax and financial data immediately. Britain’s Finance Minister George Osborne sees the threat as a “hammer blow against those who hide their taxes in dark corners”.
The G 20 get it at the Spring in Washington also applauded by the hosts – the International Monetary Fund (IMF) and World Bank. In Panama the appeal showed first effects: After long refusing the Central American country said at a bilateral exchange of information ready and wants to talk about multilateral transparency. The US, after all, the world, according to the Tax Justice Network in third place of tax havens, for the time being does not participate
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The G20 ministers also call to make backers of letterbox companies and certain company constructs public and to network companies register. This is crucial in order “to protect them from abuse by corruption, tax evasion, terrorist financing and money laundering,” the international financial system, according to the final declaration of the meeting. The initiative in Washington was 5 starting from the so-called group of G from Germany, Spain, Italy, France and Great Britain.
In order to boost growth and strengthen confidence, calls for a mix of structural reforms and monetary and fiscal policy measures, the Group of States. As the end of February in Shanghai emphasize the G 20, the monetary policy of central banks will indeed continue to support the economy and ensure price stability: “But monetary policy alone can not lead to a balanced growth.”
The G 20 see the global economy while continuing to grow. But they pointed out that the growth was only moderate and uneven, and there are downside risks and uncertainties. As risks to the global economy they call, among other geopolitical conflicts, terrorism, the refugee crisis and again the “shock” of a possible EU exit Britain.
German Finance Minister Wolfgang Schaeuble and Bundesbank President Jens Weidmann warned against excessive pessimism. The world economy has not deteriorated substantially, Schaeuble said. “There is no reason for excessive nervousness.” The frequent forecast adjustments IMF fueled uncertainty, he criticized. Confidence of investors and consumers is, however, important for sustainable economic growth.
The IMF had lowered its forecast for the world economy for the second time this year: to 3.2 percent for 2016 and to 3.5 percent for 2017. Weidmann said relatively light Corrections. However, the global economic expansion set continues: “There is no reason for alarmism or exaggerated pessimism.”
The public debate about the zero interest rate policy of the European Central Bank (ECB) keep Weidmann and Schäuble justified. However, the independence of the central bank should not be questioned, both stressed. IMF chief Christine Lagarde defended the policy of ultra easy money. The depositors would have to swallow the bitter pill of extremely low interest rates. But the central bank policy to carry with to make the whole system back on its feet. Also Weidmann emphasized: “The Governing Council must base its decisions on the needs of the entire euro area.”
The ECB and its president Mario Draghi are for weeks, especially in Germany massively in the criticism. Draghi has pressed the key interest rate in the euro area to zero. Commercial banks have to pay fees if they park their money in accounts of the ECB. Not only savers get nothing. The lack of interest also not encouraged for private provision. On the other hand benefit among other builders and the public finances of the ECB policy. Schäuble and Draghi were to meet on the margins of the G20 consultations and IMF spring meeting.
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