After two days of deliberations, the finance ministers and central bankers of the G20 gave on Sunday demonstratively confident that if the Proposed referendum on United Kingdom membership of the European Union-voting creates additional uncertainty for the global economy. “The G20 countries are well positioned to proactively address potential economic and financial implications arising from the vote in the United Kingdom,” it said in the final declaration in Chengdu, China.
“hope for the future we know that the United Kingdom is a close partner of the EU is “, it said in the paper. With their deliberations finance ministers and central bankers were preparing the G20 summit on 4 and 5 September in the Chinese city of Hangzhou before. China holds first time this year the G20 Presidency before being taken over the next year from Germany.
WEIDMANN
but yet draw no rapid line for an outlet of Great Britain from the EU from said German Finance Minister Wolfgang Schaeuble. He was nevertheless confident that there would be a “good cooperation in difficult negotiations”. “But the problem is not solved yet.” He had met in Chengdu for the first time the new British finance minister Philip Hammond. Although
Bundesbank President Jens Weidmann sees uncertainty by the Proposed referendum on United Kingdom membership of the European Union-vote, but there was consensus in the G20 that the world economy “is likely to continue its recovery path” – with a total of muted pace and a slight gain in 2017. in Germany, the economy was further vigorously. For 2017 and 2018 but was “a limited braking action” to be expected by the Proposed referendum on United Kingdom membership of the European Union recommendation.
TURKEY
Although the situation after the coup in Turkey was discussed in Chengdu, but different as initially planned, there was no passage to the final declaration. Turkey was hoping for support, but insisted other G20 countries on constitutional and democratic principles. At the end there was no agreement on a formulation. Schäuble informed the Turkish Deputy Prime Minister Mehmet Simsek, the concern in Germany and Europe on the development.
How growth can be created, was the focus of the meeting. The G20 set to the words of Schäuble intensified on fundamental reforms to promote economic and employment. “We need sustained investment, we need structural reforms”, said Schäuble. The debate was shifting increasingly in this direction. Of course, the financial and monetary policy to play a role. But they had no substitute.
SCHÄUBLE WILL INTRODUCING A TAX ON FINANCIAL TRANSACTIONS ON GLOBAL LEVEL
The discussion about socially just tax systems used Schäuble for a surprising German proposal to introduce a tax on financial transactions to global level. A European solution alone is pointless. All were agreed that it would be right to introduce a tax on financial transactions worldwide. His charge had succeeded, Schaeuble said. If mitzögen the largest economies and financial centers, this might increase the pressure on other financial centers and tax havens.
The G20 ministers stress in their final statement that the global economic recovery while continuing translate, but “weaker than desired” round will be , Risks for the global economy would continue to pose by fluctuating commodity prices and low inflation. The fluctuations in the financial markets remained high. There would also be geopolitical conflicts, terrorism and refugee flows,
The G20 speak Reiterates its wish to take both structural reforms and monetary and fiscal policies -. Individually and collectively, to the “objective of a strong, sustainable, balanced and inclusive growth “to achieve. but monetary policy alone can not lead to balanced growth.
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