Federal Councillor Ueli Maurer at meeting of G20 finance ministers in Venice
Bern, 10.07.2021 - On 9 and 10 July 2021, Federal Councillor Ueli Maurer, together with Swiss National Bank Chairman Thomas Jordan, took part in the third meeting of G20 finance ministers and central bank governors under Italian presidency. The main topics included the uneven economic recovery after the pandemic, the reform of international corporate taxation and the challenges facing the financial market as a result of climate change. For the first time under Italian presidency, the meeting took place in hybrid form, both in person in Venice and virtually.
The G20 finance ministers and central bank governors discussed the increasingly uneven global economic recovery in advanced and developing economies, as well as proposals to help poorer countries in light of the ongoing pandemic. A high-level panel of experts will submit a report on financing global measures to counter future pandemics to a joint meeting of G20 finance and health ministers by October 2021.
The key parameters for taxing the digital economy that were published by the OECD on 1 July 2021 were welcomed. At the same time, the G20 finance ministers expect a detailed report from the OECD's Inclusive Framework on the implementation of international corporate taxation by the next G20 meeting in October 2021. Federal Councillor Ueli Maurer called for the interests of small, innovative countries to be appropriately taken into account. Further topics included a common basis for reporting on climate risks in the financial sector and the strengthening of the resilience of the non-banking sector.
Federal Councillor Ueli Maurer highlighted the importance of an economic policy stance that is viable for the long term. He stressed that sound economic policies and structural reforms are needed in addition to liquidity assistance. The interplay between climate change and financial systems should also be presented more clearly in order to be able to address risks effectively. Finally, he emphasised the role of the financial sector in achieving climate goals.
Following Italy's invitation in 2020, Switzerland is once again involved in all work of the G20 Finance Track. This includes participation in working groups at the technical level, as well as attendance at meetings of finance ministers and central bank governors and their deputies.
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