Date: 16/12/1999Communiqué Meeting of G20 Finance Ministers and Central Bank Governours

Year: 1999

Presidency: Germany

Level: Finance Track/Ministers' Language

Download: Communiqué Meeting of G20 Finance Ministers and Central Bank Governours_16121999.pdf (120.72 KB, PDF)

MEETING OF G-20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS: COMMUNIQUÉ

Berlin, December 15-16, 1999

G-20 Finance Ministers and Central Bank Governors

1. Finance Ministers and Central Bank Governors of the G-20 held their inaugural meeting on December 15-16, 1999 in Berlin, Germany. The meeting was chaired by Canada’s Finance Minister, Paul Martin, and hosted by German Finance Minister Hans Eichel. (A list of participants follows).

2. The G-20 was established to provide a new mechanism for informal dialogue in the framework of the Bretton Woods institutional system, to broaden the discussions on key economic and financial policy issues among systemically significant economies and promote co-operation to achieve stable and sustainable world economic growth that benefits all.

3. Ministers and Governors welcomed the improvement in global economic conditions. They reaffirmed the importance of continued progress by the WTO toward multilateral liberalization of trade in goods and services that would bring broad-based benefits to the global economy.

4. Ministers and Governors at this inaugural meeting discussed the role and objectives of the G-20, and ways to address the main vulnerabilities currently facing their respective economies and the global financial system. They recognized that sound national economic and financial policies are central to building an international financial system that is less prone to crises. They noted the importance of strengthening national balance sheets to help cushion against unexpected shocks. They encouraged steps to strengthen sovereign debt management, and greater attention to the impact of various government policies on the borrowing decisions of private firms. They recognized that unsustainable exchange rate regimes are a critical source of vulnerability, and that a consistent exchange rate and monetary policy is essential. They discussed a range of possible domestic policy responses to the challenges of globalization, and exchanged views on the role of the international community in helping to reduce vulnerability to crises.

5. They welcomed the important work that has been done by the Bretton Woods institutions and other bodies toward the establishment of international codes and standards in key areas, including transparency, data dissemination, and financial sector policy. They agreed that the more widespread implementation of such codes and standards would contribute to more prosperous domestic economies and a more stable international financial system. To demonstrate leadership in this area, Ministers and Governors agreed to undertake the completion of Reports on Observance of Standards and Codes ("Transparency Reports") and Financial Sector Assessments, within the context of continuing efforts by the IMF and World Bank to improve these mechanisms. This commitment will help mobilize support for measures to strengthen domestic capacity, policies and institutions.

6. Members of the G-20 asked their Deputies to consider existing work in other fora (including the Financial Stability Forum) and to examine further ways to reduce vulnerabilities to crises. Deputies will report on their progress at the time of the next meeting of G-20 Finance Ministers and Governors, to be held in Canada in autumn 2000.

Annex: LIST OF PARTICIPANTS

Argentina

Finance Minister:

Jorge Remes Lenicov

Minister of the Economy and Works and Public Services

Central Bank Governor:

Sr. Mario Blejer

President, Central Bank of the Republic of Argentina

Australia

Finance Minister:

Peter Costello

Treasurer

Central Bank Governor:

I.J. MacFarlane

Governor, Reserve Bank of Australia

Brazil

Finance Minister:

Pedro Sampaio Malan

Minister of State Ministry of Finance

Central Bank Governor:

Armínio Fraga Neto

Governor, Central Bank of Brazil

Canada

Finance Minister:

John Manley

Minister of Finance

Central Bank Governor:

David Dodge

Governor, Bank of Canada

China

Finance Minister:

Xiang Huaicheng

Minister of Finance

Central Bank Governor:

Dai Xianglong

Governor, People’s Bank of China

France

Finance Minister:

Laurent Fabius

Minister of the Economy and Finance

Central Bank Governor:

Jean-Claude Trichet

Governor, Bank of France

Germany

Finance Minister:

Hans Eichel Minister of Finance

Central Bank Governor:

Ernst Welteke

President, German Federal Bank

India

Finance Minister:

Jaswant Singh

Minister of Finance and Chair of the G- 20

Central Bank Governor:

Bimal Jalan

Governor, Reserve Bank of India

Indonesia

Finance Minister:

Dr. Boediono

Minister of Finance

Central Bank Governor:

Sjahril Sabirin

Governor, Bank of Indonesia

Italy

Finance Minister:

Mr. Giulio Tremonti

Minister of the Treasury and Budget

Central Bank Governor:

Antonio Fazio

Governor, Bank of Italy

Japan

Finance Minister:

Masajuro Shiokawa

Minister of Finance

Central Bank Governor:

Masaru Hayami

Governor, Bank of Japan

Korea

Finance Minister:

Yun-Churl Jeon

Minister of Finance and Economy

Central Bank Governor:

Seung Park

Governor, Bank of Korea

Mexico

Finance Minister:

Francisco Gil Díaz

Secretary of Finance and Public Credit

Central Bank Governor:

Guillermo Ortíz Martínez

Governor, Bank of Mexico

Russia

Finance Minister:

Alexei Leonidovich Kudrin

Minister of Finance

Central Bank Governor:

Sergei M. lgnatiev

Chairman, Central Bank

Saudi Arabia

Finance Minister:

Ibrahim Abdulaziz Al-Assaf

Minister of Finance and National Economy

Central Bank Governor:

Hamad Saud Al-Sayari

Governor, Saudi Arabian Monetary Agency

South Africa

Finance Minister:

T.A. (Trevor) Manuel

Minister of Finance

Central Bank Governor:

T.T. (Tito) Mboweni

Governor, Central Bank of South Africa

Turkey

Finance Minister:

Kemal Dervis

Minister of Treasury and Economic Coordination

Central Bank Governor:

Süreyya Serdengeçti

Governor, Central Bank of the Republic of Turkey

United Kingdom

Finance Minister:

Gordon Brown

Chancellor of the Exchequer

Central Bank Governor:

Eddie George

Governor, Bank of England

United States

Finance Minister:

Paul Henry O'Neill

Secretary of the Treasury

Central Bank Governor:

Alan Greenspan

Chairman, Board of Governors, Federal Reserve System

European Union

European Union Presidency

The European Union Presidency is currently held by Denmark. Greece will hold the presidency from January 1 to June 30, 2003.

European Central Bank

Wim Duisenberg

President

Bretton Woods Institutions

International Monetary Fund (IMF)

Hörst Kohler

Managing Director, International Monetary Fund

International Monetary and Financial Committee of the IMF

Gordon Brown

Chancellor of the Exchequer for UK and Chair of the International Monetary and Financial Committee of the IMF.

World Bank

James D. Wolfensohn

President, World Bank

Development Committee of the IMF and the World Bank

Mr. Trevor Manuel

Minister of Finance for South Africa and Chair of the Development Committee.