The G20 Finance Track remains on track after the Hamburg Summit. The final statement reads: “An open and resilient financial system, grounded in agreed international standards, is crucial to supporting sustainable growth”. Sounds familiar? It should. Leaders recognized the need of “effective and representative global economic and financial institutions to underpin growth and sustainable development”. No news here, either.
In the immediate aftermath of President Trump’s decision to leave the Paris agreement, the sixth largest economy of the world, California, signed an agreement with China to fight climate change.
While non-binding, such cooperation represents a “trickle-up” approach to global climate change governance and is part of a wave of initiatives from non-state actors including civil society, the private sector and local authorities.
Time to align: The forces of globalisation, technology, and financial growth need to be reset for the future
Next week PwC will be represented at the Think20 (T20), a gathering of global think tanks in the lead-up to this year’s Group of 20 summit in Germany. The T20’s mission is to deliver a series of reports and thought leadership to aid the G20 leadership and inform the thinking of all the member governments at the summit.
Access to Financial Services But Without the Skills to Use Them: The Importance of Financial Literacy
At the 2010 G20 summit in Seoul, leaders recognized greater financial inclusion as a core component of global development in both rich and emerging economies, and established the Global Partnership for Financial Inclusion (GPFI). Following the recent GPFI meeting under Germany’s G20 Presidency over May 2-4, Annamaria Lusardi explores some of the costs of financial illiteracy, and makes the case for G20 leaders to expand financial literacy education services.
Enhancing the role of Multilateral Development Banks (MDBs) in sustainable global economic development has been an important issue for G20 leaders since their first meeting in 2008. For leaders, the primary purpose of revitalizing the MDBs was to counter the cyclical effects of the crisis. As the subprime crisis receded, the focus of leaders and the overall G20 agenda since 2010 has shifted towards growth, for which infrastructure financing has been highlighted as a key driver.