G20 Finance Ministers and Central Bank Governors meeting

The G20 Finance Ministers and Central Bank Governors (FMCBGs) have had their third official meeting under the Italian G20 Presidency. Highlights include:

• The global outlook has improved, mainly thanks to the roll out of vaccines and continued policy support. However, the recovery is uneven across and within countries and remains exposed to downside risks;
• Tackling climate change remains an urgent priority and poses increasing risks to the global financial stability. The G20 Sustainable Finance Working Group will deliver a multi-year G20 Roadmap for sustainable finance which will be presented to FMCBGs at their October meeting;
• G20 members remain committed to ensuring that the financial sector provides adequate support to the Covid-19 recovery whilst preserving financial stability;
• The G20 reaffirmed its commitment to a timely and effective implementation of the G20 Roadmap to enhance cross-border payments and reiterated that no so-called “global stable-coins” should commence operation until all relevant legal, regulatory and oversight requirements are adequately addressed;
• The G20 welcomed the progress made by the Global Partnership for Financial Inclusion in advancing the 2020 Financial Inclusion Action Plan, recognising financial literacy as an essential skill for the empowerment of people, especially the most vulnerable and underserved; and
• Each G20 member committed to making additional contributions to strengthen the FATF-style Regional Bodies and the AML/CFT frameworks of their membership.