France’s action at the G20

The G20

Objectives

The G20 has met at the level of Heads of State and Government since the 2008 financial crisis (Washington Summit on 14-15 November 2008) and it contributed to its management and resolution. Beyond the immediate management of the crisis, the G20 has become an important forum in which to conduct informal discussion and manage the world economy and global issues.

The G20 meets at the level of Heads of State at an annual summit held in the second half of the year. Special summits can be convened by the presidency if the political climate so requires. The G20 also meets at ministerial level to address, with an independent agenda, the main international issues under a given ministerial remit (finance, agriculture, trade, etc.). The meetings of Heads of State and those of Ministers conclude with a public statement that highlights the main points on which the G20 countries have agreed.

Membership

The G20 is often presented as the “premier forum for international economic cooperation”. It brings together 19 countries (Argentina, Australia, Brazil, Canada, China, South Korea, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States) and the European Union, and welcomes representatives from the IMF and World Bank.

Presidency

The G20 has existed since 1998 at the level of finance ministers and central bank governors. In 2008, France promoted the G20 meeting at the level of Heads of State and Government and held the presidency in 2011 (Cannes Summit). France see in the G20 a unique forum of dialogue for developed countries and big emerging countries where they can address pressing and future economic issues.

France’s actions, positions and commitments

In this forum, France encourages a wide range of action of the G20, including on issues that are not strictly economic, such tackling climate change(building on the COP21), the social sphere (Taskforce on Employment created under its presidency), the agricultural sphere (food security and the response to the demographic agriculture challenge), development and promotion of the Sustainable Development Goals (SDGs) and G20 dialogue with regional organizations (AU, ECOWAS, ASEAN, APEC) and the United Nations.

In the economic area, France supports G20 efforts to dissuade trade protectionism, to promote a sustainable trajectory in public debt management and to encourage domestic demand in the country whose debt is sustainable. It also promote the implementation of strengthened and better coordinated regulation and supervision of markets and financial institutions in legislative frameworks of Member States. It would like to see the international financial governance rebalanced in the Bretton Woods institutions (thanks to a representation that reflects each country’s influence in the world economy more accurately).

In the financial and tax sector more specifically, France supports the G20 action to regulate and supervise financial institutions (institutions of systemic importance globally and nationally, banks and insurances). It has also taken the lead in the fight against non-cooperative jurisdictions (the Panama Papers case has shown the importance of fighting tax havens), the regulation of the parallel banking system (institutions that do not have the status of banks but serve as financial intermediaries), the regulation of rating agencies and efforts to curb the volatility of commodity prices (energy and agriculture) and fighting terrorist financing.

Updated: 24 April 2018