19 November 2013

Coordinated and integrated public policies are crucial to achieving economic growth

On November 18-19, 2013 the Seminar on "Consistency between macroeconomic and labour policies" organized by the Government of Argentina within the framework of the Russian G20 Presidency took place in Buenos Aires. This meeting was aimed at holding a deep and consistent discussion of ways to ensure coordination and integration between macroeconomic and labour market policies, as well as assessing possible effects of such coordination.

In the G20 Leaders' Declaration adopted at the 2013 St.Petersburg Summit it is emphasized that coordinated and integrated public policies are crucial to achieving strong, sustainable, and balanced growth, and restoring confidence in the global economy. The Leaders endorsed the recommendations of Finance, Labour and Employment G20 Ministers to mobilize, coordinate and integrate the whole range of national policies (macroeconomic, financial, fiscal, education, skills development, innovation, employment, social protection) oriented to promote creation of quality jobs, while increasing productivity and granting full respect for Fundamental Principles and Rights at Work, and to ensure higher employment levels and a sustained decline in unemployment, underemployment and informal employment.

The participants of the Seminar considered such issues as growth and jobs trends since the financial crisis; employment and social protection as a dimension of macroeconomic strategies; policies and financial instruments for stimulating growth, employment and income distribution; Latin America's experience in stimulating growth and employment from a comparative perspective; and possible further steps for an integrated G20 agenda on growth and employment.

The event brought together members of the G20 Task Force on Employment and representatives of the Finance Track, representatives of international organizations (World Bank, IMF, ILO, OECD and others), and social partners, as well as leading experts in the sphere of macroeconomic policy development and development of financial and other instruments for achieving economic growth. Additionally, Labour and Employment Ministers of a number of Latin American countries also took place in the discussion.