
Policy Area
International Finance and Economic Recovery
POLICY BRIEFS
Policy Briefs contain recommendations or visions and cover policy areas that are of interest to G20 policymakers. The majority of the Policy Briefs has been developed by a corresponding T20 Task Force.
T20 Recommendations Reports tie related policy proposals made under different G20 Presidencies into a common policy advice framework. They aim to leverage connections between T20 research organizations as well as other stakeholders to address well-defined global problems, in order to support G20 policymakers and to aid business and civil society organizations in complementing G20 policy efforts.
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G20 2022
The Role Of The IMF In Facilitating Green Energy Transitions -
G20 2022
Addressing The Needs Of Tax Incentive Reform Under Pillar Two – Global Minimum Tax Model Rules -
G20 2022
Enabling Pragmatic Policies: Leveraging ESG Frameworks Towards A Just Transition -
G20 2022
Inclusive Economic Development Principles For Integrating Central Bank Digital Currencies In G20 Countries -
G20 2022
International Financing Framework To Bridge The Climate Financing Gap Between Developed And Developing Countries -
G20 2022
For An African Stability Mechanism -
G20 2022
International Standardisation Of Institutional Framework Of Fintech -
G20 2022
Supporting Energy Transitions And COVID-19 Recovery: The Role Of International Financial Institutions -
G20 2022
Policy Proposals For External Debt Management And Sustainability In Developing And Low-Income Countries -
G20 2022
Debt Relief For A Green And Inclusive Recovery -
G20 2022
Resolving Debt Crises In Developing Countries: How Can The G20 Contribute To Operationalising The Common Framework? -
G20 2022
ESG Investing: Beyond The Standards -
G20 2022
Digital Payments, Decentralised Finance And The Design Of A New Normal For Financial Stability -
G20 2022
Digital Payments And Cross-Border Capital Flows: Policy Actions To Safeguard Macrofinancial Stability -
G20 2022
Sharpening The Profile And Scope Of The Global Financial Safety Net For Better Performance And Governance Of The Financial Sector -
G20 2021
Global framework for regulating state-owned multinational enterprises (SOMNES) -
G20 2021
International standards and the role of central banks in global financial governance -
G20 2021
Ensuring ESG impact: four actionable recommendations for a dependable path -
G20 2021
A world recovery fund to overcome developing countries post-Covid debt woes? -
G20 2021
Using risk securitization to ensure against pandemic-related risk -
G20 2021
The need for a development-centred climate change policy at the International Monetary Fund -
G20 2021
The emergence of new monies and the need to prepare the financial system for the digital age -
G20 2021
Strengthening the global financial safety net by broadening systematic access to temporary foreign liquidity -
G20 2021
Resetting the global financial safety net for the Covid-19 recovery -
G20 2021
Policies for managing a wave of sovereign debt crises -
G20 2021
Mitigating and managing the effects of climate change on macro-financial stability and sovereign risk -
G20 2021
Exiting the Covid global recession: policy proposals -
G20 2021
Addressing governance in the token tconomy -
G20 2021
Countercyclical sovereign financing mechanism for EM economies post Covid-19 recovery: opportunities for multilateral action by the G20 -
G20 2020
Covid-19 crisis: How should the G20 support heavily indebted low-income countries? -
G20 2020
Assessing the impact of stablecoins on the international monetary system: G20 and IMF to study the impac of Facebook’s libra project -
G20 2020
Time to implement a tech-driven sovereign debt transparency initiative: Concept, design, and policy actions -
G20 2020
Monitoring countrie’s commitment against illicit financial flows -
G20 2020
Digital money is here: G20 (Thinking) must go digital. A systemic agenda is necessary to steer the risky transition process and reap long-term benefits -
G20 2020
Bigtech companies: An inclusive and global regulatory framework is needed -
G20 2020
Monetary policies, strategies, and the Covid-19 crisis -
G20 2020
Expanding the global financial safety net -
G20 2020
Digital Money Is Here: G20 (‘s Thinking) Has To Go Digital, Too -
G20 2020
Monetary Policies Strategies and the COVID-19 Crisis -
G20 Japan
Forming a Cohesive Fintech Agenda for the G20 -
G20 Japan
Expanding Data Collection to Streamline MSME (Micro, Small and Medium Enterprise) Lending -
G20 Japan
The Macroprudential Policy Framework Needs to Be Global -
G20 Japan
Strengthening the International Monetary Fund for Stability and Sustainable Development -
G20 Japan
Capital Flows and International Financial Architecture -
G20 Japan
Mainstreaming Natural Capital Valuation -
G20 Japan
Mind the Gap: Making Basel Standards Work for Developing Countries -
G20 Japan
Central Banks and the G20 Agenda: Ensuring Policy Coherence -
G20 Japan
Forming a G20 Fintech Association Forum to Broker International Partnerships Promoting Financial Inclusion in Developing and Emerging Economies -
G20 Japan
Review of Fintech Strategies for Financial Inclusion in Sub-Saharan Africa -
G20 Japan
Designing a governance framework for the global financial systems – Regulations and Promotion
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Global Solutions Journal G20/T20 Italy 2021 Edition
The Global Solutions Journal G20/T20 Italy 2021 Edition focuses on Italy’s G20 priorities, overcoming the challenges of the COVID-19 pandemic, Digital Governance and New Measurement.
Authors from various sectors – politics, research, academia, business, and civil society – have contributed to this multifaceted edition.
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S20 Saudi Arabia Communique
S20 Saudi Arabia 2020: Read the Communique here.
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B20 Summary of Recommendations
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Final Report by the United Nations Secretary-General’s Task Force on Digital Financing of the Sustainable Development Goals
Read the full report: People’s Money: Harnessing Digitalization to Finance a Sustainable Future.
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G20 International Financial Institution Reform Commitments and Compliance
This research report systemically analyses the G20 Research Group’s database on G20 commitments and compliance on IFI reform, covering the first G20 summit in 2008 through to its 11th in 2016. During this time, the G20 made 120 politically binding, collective, future-oriented commitments on IFI reform in the collective documents it issued at each summit in the leaders’ name.
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The Threat To Global Banking Standards
The 2008 financial crisis gave a big boost to the global standard-setters. But there are now dangerous signs that the commitment to strengthening global standards – indeed, to any common standards at all – may be on the wane.
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COVID-19 and Global Capital Flows
The COVID-19 crisis has triggered major disruptions for exchange rates and global capital flows.•Cross-border portfolio investment stopped in many emerging markets as well as in some advanced economies in March 2020.•Countries have not had to resort to capital controls. To support foreign currency liquidity, several emerging markets have intervened inthe foreign exchange market and relaxed rules on capital inflows.
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EU solidarity in exceptional times: Corona transfers instead of Coronabonds
The countries hit hardest by the COVID-19 crisis already have too much debt. Lending from the European Stability Mechanism or via Coronabonds would add to that debt, potentially making it unsustainable. This column suggests that European solidarity should take the form of transfers, not credit. A substantial transfer could be organised via the EU budget simply by exempting the weakest countries from their contributions to the EU budget for the duration of the programming period 2012-2027.
EU Solidarity in Exceptional Times: Corona Transfers instead of Coronabonds
By Daniel Gros (CEPS)
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The Helicopters Are Coming
With the economic situation in many advanced economies rapidly deteriorating, policymakers are rolling out unprecedented stimulus programs, setting the stage for what amounts to a massive experiment with hitherto unorthodox Modern Monetary Theory. Today’s extraordinary problems, it would seem, require extraordinary solutions.
By Willem H. Buiter (Columbia University)
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This is what the economic fallout from coronavirus could look like
The shock to the global economy from COVID-19 has been both faster and more severe than the 2008 global financial crisis (GFC) and even the Great Depression. In those two previous episodes, stock markets collapsed by 50% or more, credit markets froze up, massive bankruptcies followed, unemployment rates soared above 10%, and GDP contracted at an annualized rate of 10% or more. But all of this took around three years to play out. In the current crisis, similarly dire macroeconomic and financial outcomes have materialized in three weeks.
This is what the economic fallout from coronavirus could look like
By Nouriel Roubini (Stern School of Business)
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The Greater Trade Collapse of 2020: Learnings from the 2008-09 Great Trade Collapse
World trade experienced a sudden, severe, and synchronised collapse in 2008 – the steepest drop in recorded history, and the deepest fall since the Great Depression. This column argues that 2020 will show a trade collapse that is far larger since the ‘COVID concussion’ is both a demand shock and a supply shock while the 2008-09 collapse was driven mostly by a demand shock. Key learnings from the last Great Trade Collapse are highlighted.
The Greater Trade Collapse of 2020: Learnings from the 2008-09 Great Trade Collapse
By Richard Baldwin (Graduate Institute Geneva)
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Will COVID-19 Remake the World?
No one should expect the pandemic to alter – much less reverse – tendencies that were evident before the crisis. Neoliberalism will continue its slow death, populist autocrats will become even more authoritarian, and the left will continue to struggle to devise a program that appeals to a majority of voters.
Will COVID-19 Remake the World?
By Dani Rodrik (Harvard University – Kennedy School of Government)
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The fiscal response to the economic fallout from the coronavirus
The various lock-down measures in response to coronavirus have halted economic activity in certain sectors and harshly disrupted others. The resulting job losses and bankruptcies are likely to create major economic strains for millions in Europe and worldwide.
In the euro area, the European Central Bank has reacted with strong monetary policy and supervisory measures announced on 12 and 18 March 2020. Governments throughout the European Union have started to announce and implement various fiscal measures to contain the economic fallout. European state aid rules and fiscal rules have been suspended.
In this dataset we summarise and compare the discretionary fiscal responses of EU countries, the United Kingdom and the United States. We consider only adopted measures. Other measures under discussion will be added to our comparison when adopted.
The fiscal response to the economic fallout from the coronavirus
By Julia Anderson, Enrico Bergamini, Sybrand Brekelmans, Aliénor Cameron, Zsolt Darvas, Marta Domínguez Jíménez (Bruegel)
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Supply and Demand Shocks in the COVID-19 Pandemic: An Industry and Occupation Perspective
We provide quantitative predictions of first-order supply and demand shocks for the US economy associated with the COVID-19 pandemic at the level of individual occupations and industries. To analyze the supply shock, we classify industries as essential or non-essential and construct a Remote Labor Index, which measures the ability of different occupations to work from home. Demand shocks are based on a study of the likely effect of a severe influenza epidemic developed by the US Congressional Budget Office. Compared to the pre-COVID period, these shocks would threaten around 22% of the US economy’s GDP, jeopardise 24% of jobs and reduce total wage income by 17%. At the industry level, sectors such as transport are likely to have output constrained by demand shocks, while sectors relating to manufacturing, mining and services are more likely to be constrained by supply shocks. Entertainment, restaurants and tourism face large supply and demand shocks. At the occupation level, we show that high-wage occupations are relatively immune from adverse supply and demand side shocks, while low-wage occupations are much more vulnerable. We should emphasize that our results are only first-order shocks – we expect them to be substantially amplified by feedback effects in the production network.
Supply and Demand Shocks in the COVID-19 Pandemic: An Industry and Occupation Perspective
By Anton Pichler, François Lafond, J. Doyne Farmer, R. Maria del Rio-Chanona, Penny Mealy (University of Oxford – Institute for New Economic Thinking)
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A Coordinated, Unlimited and Flexible Insurance Policy to Respond to the Pandemic
The COVID-19 global pandemic has the potential to trigger a systemic economic crisis. A coordinated and rapid International (and European) response is essential. This analysis details the economic policy objectives that should form part of the response and its toolkit in the areas of monetary, fiscal and trade policy. Governments must be on the front line of this economic battle, working in close alignment with the steps taken by the health system to fight the pandemic, providing a coordinated, unlimited and flexible insurance policy to minimise the economic impact.
A Coordinated, Unlimited and Flexible Insurance Policy to Respond to the Pandemic
By Gonzalo García-Andrés (Elcano Royal Institute)