7 June 2013

G20 Finance Ministers’ and Central Bank Governors’ Deputies discussed issues of the global economic growth

The G20 Finance Ministers' and Central Bank Governors' Deputies Meeting under Russia's Presidency was held on June 6-7, 2013 in St.Petersburg. The main purpose is a preparation of the G20 Finance Ministers and Central Bank Governors Meeting scheduled for July 18-19, 2013 in Moscow.

The recovery of global economic growth and facilitation to job creation were the key issues of the discussion. To address these problems participants reviewed progress and difficulties in implementation of countries' commitments adopted under the G20 Framework for Strong, Sustainable and Balanced Growth, which include perspectives of elaboration of credible medium-term debt strategies by the G20 economies, assessment of spillover effects from accommodative monetary policies of advanced economies etc.

Special attention was paid to seeking a solution of effective policy mix ("calibration") aimed at stimulation of economic growth and boosting employment. There was also an exchange of views on further G20 efforts in modernizing international financial monetary relations - approaches to the IMF quota and voice reform, update of the IMF-World Bank "Guidelines for Public Debt Management", discussion on responsible lending principles for low-income countries etc. Further steps to promote the topic of long-term financing for investment were outlined. In addition, preliminary results of financial regulation reforms and the outcomes of the seminar on the financial benchmarks and credit-rating agencies held on the eve of the Deputies' were summarized.

The G20 Deputies also focused on the issues of providing energy sustainability, commodity markets transparency and climate finance, as well as the problems of tax base erosion and profit shifting. Discussion on possible structure and contents of the St.Petersburg Leaders' Declaration was initiated by the G20 Chair.